Are We About To Witness A Paradigm Shift In the NFT Industry?

It’s no secret that, at the moment, the NFT industry is not doing so well, to say the least. Without delving too deep into a plethora of external factors, which contributed to the NFT sales drop from their peak to almost 92% this month, I would like to consider a different aspect. Namely, the question of utility and how the existing projects are reconstituting it to meet the needs of their audience while remaining relevant amidst the ruthless world of JPEGs. The following editorial will exemplify how projects like Bored Breakfast Club (BBC), BeerDAO and Big Eyes (BIG)achieve that through different strategies.

NFTs

NFTs or Non-fungible tokens are digital assets containing specific information recorded in smart contracts on a blockchain. The data they communicate makes NFTs unique because NFTs are not like (BTC) or (ETH), which can be swapped like for like, because no NFTs are alike. They also typically cannot be divided into separate parts. 

However, some projects started experimenting with fractionalized NFTs, but for the sake of brevity and your time dear reader, let’s concentrate on the traditional JPEGs collectibles. Another core feature that makes NFTs special is that they are, in one way or another, connected to a specific asset, such as ownership of digital items like game attire. Let’s now look at NFT projects that go beyond the aforementioned definition.

Bored Breakfast Club (BBC): Coffee Subscription Around The Clock

The NFT project BBC teamed up with craft roasted coffee company Yes Plz and launched the first-of-its-kind blockchain-based coffee membership for BBC NFT holders. Anyone with at least one NFT from 5000 digital images recorded on the Ethereum blockchain is eligible for a free coffee ship worldwide all year.

Each NFT token also serves as a membership providing access to a community of coffee-loving individuals and collectors and exclusive live events, digital content, and discounts.

Each BBC coffee blend arrives in an exclusive, limited-edition bag with licensed NFTs owned by current community members. Further, all subsequent coffee shipments will be funded via a transparent community wallet facilitated by royalties from all secondary  market sales of the NFTs.

BeerDao: Thirsty For Another Round?

Munich-based Metabrussociety (MBS) offers (NFTs) and voting rights on business decisions of a physical brewery through a decentralised autonomous organisation (DAO), which is fully powered by the community. As part of the future project’s development, MBS will also offer tokenized “beer share” certificates. Each certificate would account for different levels of governance over a physical brewery in Munich, which will also be present in the Sandbox Metaverse.

MBS plans to launch a total of 6,000 NFTs in two phases, with the first access being granted to whitelisted members at an unspecified date in the foreseeable future. According to the project founders, such concepts as DAO and NFTs will assist modernization, enabling the creation of dedicated fan-based communities that actively drive a company’s trajectory. 

Big Eyes (BIG): Cuteness Powered By DeFi

Among the aforementioned projects, Big Eyes (BIG) has probably embraced the new notion of NFTs to the greatest extent. By utilising the power of meme coins, its community, comic books, social media, and other additional perks, the Big Eyes (BIG) token aims to achieve a diverse range of goals. Suppose you want to lock your tokens in a liquidity pool, mint unique NFTs, or adore a little kitten by purchasing the token it represents – all of it can be achieved within the Big Eyes ecosystem.

Ultimately by acquiring the Big Eyes (BIG)token, you do not purchase any kind of utility but rather the additional perks that come with it. While creating a distinct loveable character, that’s sure to ingratiate itself with the public they are simultaneously engaging in complex DeFi operations like yield farming, the community behind this project will only continue to thrive. This is a very creative business model, where people come for a coffee but stay for a 7-course meal, and the best part –  everybody wins!

 What To Make Of It

The only controversial aspect to these cool features is that instead of saddling value on to NFTs, they become the value itself, the NFT becomes the thing to be added. Subsequently, instead of complimenting the final’s product utility, they produce an opposite effect by devaluing the NFT. Judging by the success of the projects mentioned above, however, this was an inevitable step for NFTs long-term survival. 

Published By : APN News

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