How Utility Focused Crypto’s and NFTs Will Shape The Future
As the world of blockchain and decentralized technology evolves, so too does the landscape of how we interact with it. One area where blockchain is making a significant impact is in providing utility where today there are many projects and concepts out there that allow investors of cryptocurrencies and NFTs to not only gain from the value of the underlying asset but also utilize them to access additional features, perks or services. Such assets can be seen to provide more than just an investment opportunity for holders by also giving them other privileges such as governance rights, staking, and farming opportunities, and more. Let’s dig deeper into some popular models.
Football Fan Tokens
You may have already seen them on the news or heard about them from your favorite football team. Football Fan Tokens are a type of cryptocurrency utility asset that gives holders access to membership benefits of their favorite football club. This can include voting on club decisions and merchandise designs to access exclusive rewards. So far, 24 football clubs across five different European leagues have launched or are close to launching their own unique fan tokens, and more than $350 million has been spent by fans on these assets so far. Many more football clubs are also keen on rolling them out in the future.
Founders’ tokens leverage blockchain technology to garner interest or incentivize the development of a future project. They can be in token or NFT form, and those who hold them can get exclusive perks of the project in question, allowing them to become part of its ecosystem and governance. A great example can be seen from our very own Doctor Who: Worlds Apart Founders Token, which grants holders and investors a wide range of perks, discounts, airdrops, and access to our upcoming Doctor Who: Worlds Apart NFT card game. For more info on how to take part, click here.
NFTs as Utilities
The Non-Fungible Token (NFT) market has grown astonishingly from a small sub-culture of the blockchain and cryptocurrency space to a multi-billion dollar a year industry that has enabled vast amounts of profits to be made by creators, investors, and traders alike.
In fact, NFT’s have become so popular that there are literally hundreds of thousands of them being created and put on the market every day. But what does one do with them after buying them? Well, there is a growing movement today to find ways that NFTs can be utilized to create additional value.
One way is by making them reverse utilities or redeemable assets that can be swapped for physical or digital goods or awarded in return for an action like making a donation. Neither of these are new concepts but have already gained some popularity and use in the public domain.
Another way is by leveraging the power of DeFi to give NFTs passive staking and yield-generating utility features, which can be done on various platforms like WhenStaking and also within a number of blockchain games.
Crypto and NFT Utility in Blockchain Games
Many key players in the cryptocurrency and blockchain space today think that it is in fact blockchain gaming and the further development of the Metaverse that will lead towards mass adoption.
There are many examples of very successful blockchain gaming projects out there such as AXIE Infinity, The Sandbox, and Decentraland to name a few. Moreover, such games have also already created many ways crypto and NFT assets can be utilized in new ways and are set to create thousands more ways in the future.
Whether it be staking your crypto game tokens to support the network and gain rewards or acquiring an NFT gun to shoot an enemy, a piece of NFT art to decorate a virtual house, or an item of digital clothing for your character or avatar, blockchain games in themselves present numerous ways how utility focussed crypto and NFTs could shape the future.
What to Expect in the Future?
We are living at the cusp of a digital revolution where such technologies have already made a significant impact but are still in their infancy. Today, utility focussed cryptos and NFTs are being used to provide a whole variety of additional benefits and services rather than just being investment assets. These perks can include exclusive membership, governance, and participation privileges alongside staking and farming opportunities that allow holders to access new passive income streams and essentially “utilize” their investment for more than just that. This is all very positive and sets a precedent for how such technologies will continue to be used and developed in future systems.
However, at Reality gaming Group, we also believe that the sky’s the limit and that some of the ways they will be used are currently unknown and yet to be discovered. But, what we do know is that with the further exploration of blockchain applications alongside the integration of technologies like VR and AR, which will be streamlined into the Metaverse in years to come, the power and utility of such digital assets will gain even more momentum and relevance as they will be key tools that empower individuals to navigate, earn and participate in this new digital economy.
About Reality Gaming Group
About Reality Gaming Group Reality Gaming Group is an award-winning developer and publisher of blockchain-based games, NFT digital collectables and bespoke marketplaces for global brands. Key releases via the Reality Studios publishing label include Doctor Who: Worlds Apart, Smighties Universe, Reality Clash and Emojibles. Reality Gaming Group’s Digital Asset Trading (DAT) Platform is also available for license by third parties, enabling the creation of fully-managed NFT experiences across multiple content types. The Reality Gaming Group leadership team has more than 20 years of experience across Mobile, PC, Console, AR and VR games. The company is listed as a Top 50 blockchain games publisher by industry bible BlockchainGamer.biz