{"id":498459,"date":"2022-10-05T16:03:00","date_gmt":"2022-10-05T13:03:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/mainstream-nft-adoption-will-be-driven-mostly-by-their-utility\/"},"modified":"2022-10-05T16:03:00","modified_gmt":"2022-10-05T13:03:00","slug":"mainstream-nft-adoption-will-be-driven-mostly-by-their-utility","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/mainstream-nft-adoption-will-be-driven-mostly-by-their-utility\/","title":{"rendered":"# Mainstream NFT adoption will be driven mostly by their utility"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a2bb65faf79b\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a2bb65faf79b\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/mainstream-nft-adoption-will-be-driven-mostly-by-their-utility\/#%E2%80%9D_Mainstream_NFT_adoption_will_be_driven_mostly_by_their_utility_%E2%80%9C\" >&#8221; Mainstream NFT adoption will be driven mostly by their utility  &#8220;<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/mainstream-nft-adoption-will-be-driven-mostly-by-their-utility\/#Users_want_utility\" >Users want utility<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/mainstream-nft-adoption-will-be-driven-mostly-by-their-utility\/#What_are_the_use_cases\" >What are the use cases?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Mainstream_NFT_adoption_will_be_driven_mostly_by_their_utility_%E2%80%9C\"><\/span>&#8221; Mainstream NFT adoption will be driven mostly by their utility  &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTAvMmVmNjFhNjYtMTM1MC00NzcwLTg2MGUtYWVkZmExNzhjYTc1LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-6ebd806f>Nonfungible tokens (NFTs) have seen a stratospheric surge in popularity accompanied by sky-high values, giving rise to legitimate and ongoing worries about a market bubble, as many projects lacked real-world <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>lication or utility.<\/p>\n<p>NFT utility is an essential component because it adds value and functionality to the <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a>. One of the most well-known use cases for NFTs is the ownership of digital art pieces like CryptoPunks. Play-to-earn (P2E) gaming is another use case that had massive popularity in 2021. <\/p>\n<p>NFTs can assist firms in various sectors with their operations since, at their core, they contain evidence of ownership and proof of provenance. In addition, collections have access to a strong branding strategy that works in conjunction with their public image due to granting commercial rights to NFT owners for their assets.<\/p>\n<p>However, the market needs additional use cases for NFT technology to reach mainstream adoption as it adds value and usefulness to NFTs, helping them to stand out among the crowded digital asset projects.<\/p>\n<p>For example, picture-for-proof (PFP) projects may have <a rel=\"nofollow noopener\" target=\"_blank\" href=\"http:\/\/v\">driven huge NFT growth in 2021<\/a>, but a lot of it was based on speculation by investors trying to make a profit. In addition, market leaders like the Bored Ape Yacht Club have actual utility, with each ape granting the owner access to events and copyright licenses to monetize their NFTs. Many copycat projects lacked any utility, apart from mimicking popular projects and promising vague \u201cfuture developments\u201d for holders.<\/p>\n<p>Furthermore, brands that want to use NFTs need a solid strategy that spans their business model and industry for particular use cases. Unfortunately, many have entered the NFT market without a proper plan or vision, rushing on the hype train or cash grabs. As a result, NFT hype has led to confusion among investors and consumers alike.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Users_want_utility\"><\/span>Users want utility<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>However, as the market has matured, it seems like it is shifting toward a focus on utility, with investors becoming savvier and expecting additional use cases for their NFTs.<\/p>\n<p>Kameshwaran Elangovan, co-founder and chief operations officer at NFT launchpad GuardianLink, told Cointelegraph:<\/p>\n<blockquote><p>\u201cPeople have also grown beyond just thinking about speculative profit. They have started to think about long-term investments. The growing knowledge and awareness about NFTs have, in a lot of beneficial ways, helped the market and the offerings shift towards NFTs that have utilities rather than the ones that just represent a gimmick.\u201d<\/p><\/blockquote>\n<p>Ted Mui, CEO at Chibi Clash \u2014 a P2E blockchain <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/game\/\" data-internallinksmanager029f6b8e52c=\"7\" title=\"Game\" target=\"_blank\" rel=\"noopener\">game<\/a> \u2014 told Cointelegraph, \u201cThe market is going to shift towards a focus on utility because people are becoming more careful with how and where to spend their money. That\u2019s why they say a bear market is for building. People will need more than the promise of good art to convince them and increase their confidence in investing their hard-earned money.\u201d He continued:<\/p>\n<p>\u201cThat\u2019s where the utility will come into play and also be the reason NFTs are adopted into wider society. As it stands, owning digital art is still relatively foreign to most people, and at most, it\u2019s a cool concept. The utility will allow the mainstream to attach a more tangible value to owning an NFT \u2014 this will ultimately be the catalyst for a more wide stream adoption.\u201d<\/p>\n<h2><span class=\"ez-toc-section\" id=\"What_are_the_use_cases\"><\/span>What are the use cases?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>When it comes to real-world utility, digital ticketing is a promising use case for NFTs. NFT tickets are essentially digital assets that save a user\u2019s credentials to provide them entrance to an event.\u00a0<\/p>\n<p>To make the experience of being a fan even more immersive, they can also provide ticket holders extra benefits, such as access to the backstage area, merchandise and other items. In addition, NFT tickets can potentially reward artists, event organizers and other stakeholders with recurring royalties, assisting in establishing a stronger link with fans.<\/p>\n<p>When using NFT tickets, everyone can follow the transactions on a blockchain ledger, making it simpler to know when and where the ticket was purchased and sold. In addition, smart contracts can enable NFT tickets to hold a fixed price, preventing ticket scalpers from inflating prices on the secondary market. As a result, the NFT ticketing market is expected to be worth $68 billion by 2025 and presents a practical use case for NFT technology.<\/p>\n<p>Organizers can put up a rule that will cause a royalty payment to be made if a ticket is transferred to a new owner. This will allow them to decide how royalties are distributed after secondary ticket sales.<\/p>\n<p>Metaverse real estate has also gained traction as an NFT utility. On a metaverse platform, an area of digital land that users may own is called NFT virtual land. Because each NFT is one of a kind and it is simple to demonstrate digital ownership, they are well suited for use in representing land ownership. In addition, people can use NFT land for various purposes including working, <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">social<\/a>izing, gaming and promoting their businesses. The value of a plot is determined by factors such as its usefulness, rarity, the project it will host and market speculation.\u00a0<\/p>\n<p>Users can acquire NFT land directly from a project via a land sale or on the secondary market through an NFT exchange like OpenSea. However, before making a purchase, users should completely understand the potential risks and benefits of the virtual property and the project that will be built on it. Benefits include being able to build on the virtual land and rest spaces to other users. One of the risks of investing in virtual land is an investor losing money if the land\u2019s value decreases over time. <\/p>\n<p>Putting more of a focus on utility will bring about several positive changes, one of which is the potential resolution to the problem of investors seeking quick liquidity and immediate returns. While cryptocurrencies and NFTs will always appeal to those seeking to get wealthy quickly, utility encourages ownership over short-term flips.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"nifty_newsletter\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/mainstream-nft-adoption-will-be-driven-mostly-by-their-utility\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Mainstream NFT adoption will be driven mostly by their utility &#8220; Nonfungible tokens (NFTs) have seen a stratospheric surge in popularity accompanied by sky-high values, giving rise to legitimate and ongoing worries about a market bubble, as many projects lacked real-world application or utility. NFT utility is an essential component because it adds value&#8230;<\/p>\n","protected":false},"author":1,"featured_media":498460,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTAvMmVmNjFhNjYtMTM1MC00NzcwLTg2MGUtYWVkZmExNzhjYTc1LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[95118,74892,74355,71407],"class_list":["post-498459","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-nft","tag-tokens","tag-adoption","tag-trading"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/498459","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=498459"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/498459\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/498460"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=498459"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=498459"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=498459"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}