In 2021 we experienced a surge in NFTs, and we have already seen many of their possible applications. But, as they are the fashion of the moment, everybody is coming up with their versions and reinterpretations, making it difficult to glimpse which projects might turn out to be game-changing and interesting.
We already know that not all NFTs projects will make it. Right now, we’re in hyperdrive, and unfortunately, not everyone will make it.
But, with so many NFT initiatives to pick from, how can one know which one would succeed? How can you tell which ones will be successful and which will fail?
NFTs — interactive utility
What we should look at is NFTs’ utility. A utility NFT may represent a service, exclusive access to an event, exclusive in-person memberships, or future use in the digital world (like gaming). So we end up having three categories:
- Access NFTs: Step into exclusive online and offline experiences, such as events with celebrities and athletes, premium content, voting on brand choices, and more.
- Community NFTs: Access to unique fan networks via a pass that consists of an NFT. If desired, the ownership can be transferred.
- Users compete for gamified NFTs that drop as a bonus for their activities or as part of a gaming world. The Sandbox is the most well-known example of in-game NFTs.
Do you remember the Soho House club concept brought in the ‘90s? If not here’s a small recap:
When a location above his modest French restaurant Café Boheme became available in 1995, restaurateur Nick Jones built the first Soho House in London. The location was just right for a private club’s entrance.
Soho House, a members-only club, was designed to stand out from the stodgy clubs that dominated the London social scene. The company now operates clubs, hotels, and venues around the world, and in 2015 changed from SOHO House Group to Soho House & Co. Membership is selective and members are drawn mainly from the media, arts, and fashion industries.
Now, instead of lengthy application and interview processes, admission to clubs is solved with the use of NFTs, as our society is steadily shifting to a new and fast digitalized era.
Here is what we think are the NFT membership-based projects you should keep an eye on in 2022 (this is not a ranking but rather a random list).
Flyfish Club
The Flyfish Club will open in 2023 and will be a private club where access will be available only to those who buy their non-fungible tokens: the tokens will represent works depicting yellowfin tuna or 7 types of sushi (the most expensive ones). After an initial launch phase in which the sale was reserved to project partners, the tokens are now available to anyone who wants to join this new and exclusive club in Manhattan.
There are two types of memberships: the regular one on sale for 2.5 ETH (around $8K) and the Omakase membership for 4.25 ETH ($13,5K).
You can reserve a table for up to 8 non-token holding guests with a regular Flyfish membership. You can book a table for the same number of guests with the Flyfish Omakase option, but you can only invite one visitor to the omakase room.
Coachella
Coachella music festival is the latest to launch its non-fungible token collection. The festival has come up with 10 unique NFT keys that will provide customers with a forever admission to the festival, as well as other privileges such as virtual and in-person VIP experiences.
Unique experiences for 2022 include front-row seats at the Coachella Stage, lifetime Safari camping, and a meal prepared by a professional chef in the Rose Garden.
Coachella is “excited about building new utility…for our fans with NFTs,” said the festival’s innovation lead, Sam Schoonover, in a statement. NFTs enable, he added, “true ownership of art and media on the internet. We wanted to take it one step further and use NFTs to enable ownership of experiences in the real world, too.”
The Moon Boyz
On the Ethereum Blockchain, the Moon Boyz is a collection of 11,111 distinct ERC-721 tokens. Each NFT is one-of-a-kind and 3D-designed, and it comes with a complete membership to an ever-growing community and tons of cool features.
As a Moon Boy holder, you’ll have immediate access to their unique community, which includes top NFT and Crypto gamers. This covers both live events and virtual reality gatherings where you can meet key influencers that are nearly impossible to contact elsewhere.
At the beginning of this year, the NFT platform stated that a random bearer would be sent to space. They will also give a ticket to a commercial flight with Blue Origin.
Commercial space flights, with tickets ranging from 200,000 to 600,000 dollars, are more popular and accessible to the general population. The Moon Boyz NFT team also stated that the ticket would be given away in a contest between interested ticket holders.
Crypto Baristas
Crypto Baristas is set to be the world’s first NFT-funded café. Their mission is to create a community of like-minded people that value art, caffeine, entrepreneurship, and innovation. The goal is to build a real space in New York City where art and innovation are prioritized. Beyond that, the destiny of Crypto Baristas will be decided by the holders and supporters of the campaign.
Season 1 of Crypto Barista will introduce 60 caffeine-loving people whose ownership aids in the conception and implementation of the NFT-funded Café.
Owners of a Crypto Barista NFT will receive caffeinated benefits for the rest of their lives at any future cafe location. There are also the following incentives:
- Barista Bank and governance over the café roadmap
- Season 2 releases are first come, first served.
- Voting power over future characters and the direction of the project
GCBC: Great Canadian Beaver Club
The Great Canadian Beaver Club is a private club that has released a collection of 10,420 NFTs on the Ethereum blockchain through the ERC-721 standard. Each NFT is one-of-a-kind, with more than 250 hand-drawn qualities by artist Dino Tomic. This club offers NFT staking, as well as a variety of advantages and utilities.
Canada’s first borderless club has a clear roadmap, which includes the launch of its decentralized finance [DeFi] app, which will be a free-to-use platform for all GCBC holders. Furthermore, this exclusive club aims to reward token holders by allowing them to stake GCBC NFT memberships in exchange for $PELT tokens.
To expand the use case for its NFTs, the Canadian private club built many lodges.
The Political Lodge is one of these. This lodge grants NFT holders exclusive control over the colony following a set of rules. The Beavers Den is the next lodge, which allows GCBC NFT holders to make blockchain investment decisions to diversify their portfolios.
Another exclusive lodge, the Celebrity Lodge, provides holders with special access and input for advertising campaigns and influencers. There’s also the Technology Lodge, which gives NFT holders a vote in the colony’s technical growth. The third lodge, the Party Lodge, permits members to participate in the preparation of private and exceptional annual gatherings.
A new frontier for ownership experience?
As more individuals engage with the metaverse, the demand for various virtual assets is expected to rise. Furthermore, as we have seen, virtual accessories can be used to unlock actual physical goods, and even grant holders’ access to limited-edition drops that are not available to the general public.
Since the start of the pandemic, we have felt the urge to shift to digital environments. Although the shift to virtual communities has altered the way we engage with one another, our desire to communicate with the rest of the world has not. We want our online experiences to be just like our offline ones; the rise of virtual and mixed reality has made us realize that we want to be able to use technology to enhance rather than replace our experiences. And NFTs are proving to be a simple and innovative way of doing it.
So it won’t be surprising if new projects similar to the ones we’ve reported here will stage new ways to enjoy and experience digital ownership.
At MyLime we have recognized this shift in ownership and digital needs, that is why on top of our digital passport, we can offer the possibility to digitalize your unique asset through an NFT. Already many brands are contributing to NFT speculation, but all of these virtual assets do not possess their physical counterparts.
With MyLime’s platform, it would be possible not only to ensure the authenticity of the asset, both physical and virtual, to the corresponding owner but also to guarantee the ownership and uniqueness of the same while perpetuating its value over time.
What will be the next application of NFT? And what of these projects are you the most excited about?
