There are so many use cases for NFTs all around the world. I was wondering some people are just selling out some random NFTs to rich folks just because they can afford them without having any proper use case for it. But I recently came to know that NFTs are considered to be one of the most important factors when it comes to party invites.
The Bored Ape Yacht Club is one such example it seems. I used to get a lot of spam on my discord from random users about these NFTs and a link to join their discord. I never really read that or even tried to understand what that was all about. Today that project is rocking with some unique real-world integration as well. These are some of the projects that take NFTs to the next level.
Real-world integration
This is the most important thing when it comes to crypto projects. People should be able to have some use cases for their NFTs. Mostly it can be a game-based NFT or it can be a rare collectible. But most of the projects who create such NFTs don't go beyond that and have a real-world use case for the same.
But there are certain projects that have some good real-world integration. It would be something like they sell the NFTs to the folks online and for all means, the NFT numbers would be minimal and initially at an affordable price. After that, they integrate some real-world stuff and membership to that NFTs and make them powerful. During the first sale, those NFTs would have been ordinary collectible but after they come up with a real-world need for them, the demand increases and the price also increases. This is when people trade some of their NFTs to enjoy the real-world benefits or book profits out of them.
Club memberships
We all would have heard about how club memberships work. We have a few membership-only clubs in our locality as well. The members will have to pay a premium membership every month or yearly based on their needs. With the membership, they will be able to visit the clubs frequently, and also they will be able to bring their friends based on the membership plan. The clubs will usually be in such a way that anyone who knows about such clubs would be interested to visit them.
Today these club memberships passes are becoming NFTs. There are a few limited edition memberships and people who have those NFTs have premium access to them. I believe many clubs would start adopting this model and onboard members only based on the NFT membership passes.
The clubs usually know their capacity and they make sure only a certain amount of NFTs are in circulation. People who would really want to attend the club should purchase the membership by purchasing the NFTs during the initial sale or from someone who already owns it and wants to sell it for an insane price.
NFTs as party passes
Party passes are the next use case for NFTs. There are different models in which this operates. People who would like to throw a party create NFTs make people purchase those NFTs if they want to attend their parties. It is more like a party invitation but a digital one. Just because it is an NFT, nobody would be able to create a fake one or manipulate it. This way it is the best use case for NFTs and also serves it well for the party organizers too.
Parties are usually temporary ones but there are a few organizers who sell limited edition NFTs that act as a pass for all their parties. These NFTs are usually a one-time sale. After it is sold out, if people would like to attend the party, they have to trade it with others who already have the pass and attend it. This becomes a good trading opportunity and people who got them cheap make a lot of money out of it.
The world is going to be slowly digitalized in ways like these and we have to be ready for the same.
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This is one way we intend to use NFTs with the @blocktunes project is by selling tickets to exclusive metaverse shows, etc.
That's great. Selling tickets as NFTs is definitely the best innovation. 👍
That's totally true.
NFTs are a way to spread art and a restricted stuff to make areas accessible to people.
What's your opinion on the matter? Would you be up for collab on that?
Not just art, we need more ways to spread many things as NFTs.
This definitely is the good part of it and a nice investment as well
Yes many people see that as a good investment opportunity.
NFTs as party passes are very good! They will replace also the club memberships
Yes and it will give more exposure to the crypto world.
Huh so they may actually be useful for something after all.
Yep but not all the NFTs though 😉
What an interesting use-case! Thanks for mentioning this! 😃
The pleasure is mine. Thanks 👍
A pass is fungible (it can be exchanged for another).
It can also be made non-fungible. It depends on the project owner.
It does make sense and it would stop a lot of scalpers and such as well. Even tickets, parties, sporting events, concerts etc all could benefit from the NFT world.
Oh yeah I didn't think of sports events and concerts. Everything can be Incentivized.
Cool use case which enforces why NFTs will have a great future!
Yes indeed. 🙂
The nfts as a VIP status. I hope we find more nobles ways to use those. Something revolutionary as the technology itself.
Yeah people will keep on finding innovative ways to use them in real world.
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I really found your post very interesting, thanks for sharing
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Wow... Seems pretty creative as a party pass but at the same time feels like an abuse. It means the NFTs wouldn't necessarily be something of value then.
Honestly I wonder why people bought these funny faces by paying thousands to millions of $$$. Atleast now it can use for something useful :D
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The India government definitely noticed this - that is why they has specifically called out to tax it :)
That is a nice use case but I don't know how well that would do for business right now. I guess as a event, it might work though. We do need more real life use cases like these before it can be mainstream.
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Interesting post. Thanks for sharing
A party pass seems like a good start. But it'll need a few more use cases in the corporate world as well.
I can see what you mean for events. People usually have a physical badge and once the event is over the badge is worthless and usually sold online for collectors if the event is something everybody wanted to join. But if its an NFT it could go way further! It could be a status symbol and if the art for the badge is great enough people will want to showcase if even more on their online spaces/verse. I think you are correct, as NFTs evolve the demand for them will skyrocket. Interesting post and thank you for sharing your thoughts on the matter.