An issue that has been highlighted by plenty of people both in the NFT space and on the outside looking in has been that a ton of NFTs really lack utility and instead are currently riding either hype or long-shot promises. Inevitably this will lead to different projects becoming worthless. Those that survive will either need to have utility or a dedicated following much like Modern Art to have any value whatsoever.  One of the biggest names in the space Gary Vee has said that this will be the case going forward, especially as the market becomes increasingly saturated. 

Projects are becoming increasingly aware of this as established projects are offering such things, as well as many new NFTs, are being launched with utility built right on in. A prime example of this is Flyfish Club. These NFTs that were created and sold were much like a card a member would get at a club as you have to be a holder of the NFT to actually eat at the restaurant. Where it differs is that you can sell your "membership" or NFT to another and make a profit if you want. 

Video games could be considered another example but I want to stay focused on physical things that NFTs a purely digital thing can gift a holder. One pretty unique and interesting way I have recently stumbled across was a hotel booking startup that is using NFTs and partnering with different resorts and hotels in destination locations. Their business model if it works is amazing. Say you wanted to get a hotel room in Hawaii and you go through this service. You will receive a slight discount compared to the price of the fully refundable room price. From there if you are unable to go or your dates change you can sell your NFT to someone else who might be looking to either upgrade or is changing their stay as well. From an owner/operator standpoint it does not matter as once they sell the NFT the money they have is locked in and they do not have to worry about a refund as the NFT platform will purchase the NFT if it is unable to be sold to anyone else allowing owners/operators to have a base of income.

Now building upon this is The Weeknd's new world tour which is being sponsored by Binance and is being touted as crypto-powered. An NFT collection is going to be released based on the tour. For concert-goers, they will get a virtual ticket stub that can be used to redeem commemorative NFTs! Earlier this year The Weeknd first jumped into NFTs and so it makes sense to see him build upon it and work with the world's largest exchange to create an artist/fan interaction that has not yet been seen but is made possible by NFTs! As an added plus The Weeknd and Binance are going to team up and release additional NFTs with 5% of the sales going to his humanitarian fund. 

This type of development is critical to the future of NFTs and it is extremely encouraging to see. While there is still a ways to go for most of the NFT market seeing significant individuals partake in this is vital. I hope we continue to see things like this continue to happen and innovation continues to occur. This innovation opens a number of doors and a number of possibilities for the space. 

Please know I am not a financial advisor and make sure you do your own research! If you enjoyed this article and would like to further support me below are a few referral links that if you used when signing up I would appreciate it! Also, follow me on Twitter @Cje95_

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