UTILITY OF NFTS: THE AFROBUBBLE CASE
In 2021, the marketplace for NFTs grew to $22 billion. The NFT boom is billed to reach a high point in 2022. Last year was the time for this innovation to gather momentum and we are set to experience the unleashing this year. The increasing daily transactions volume on notable NFT marketplaces fuels the growing interest in NFTs.
NFTs as digital tokens present a huge opportunity for greater utility use cases. NFT comes across as a repository of value and possesses varying market variables that confer bigger benefits on it than a fungible cryptocurrency. Unlike Fungible tokens like bitcoins, NFTs are definitive products that represent the output and Innate creativity of an individual (creator) within a period and serve as the conduit of VALUE from the point of creation through the time of existence of that particular piece of work (either in the form of the image, sound and video).NFTs make the future possible. It has a lease of content and represents UTILITY in its entirety.
The utility is a state of being useful, profitable, or beneficial; functionality over attraction. Both functionality and attraction can coexist in the quality profile of an NFT project. Unfortunately, very few projects possess both qualities. Most are just pleasing works of art with zero functionalities.
NFTs should represent something more than visually-pleasing art pieces. There are a lot of pointless projects that are only lurking around to exploit the naivety of newbies to make quick bucks and fizzle into thin air. Beyond the sales value, a good project should project noble values and stories that enrich knowledge and inspire cultural or social awareness.
Many of the projects in the marketplace lack content and will soon die off. At this early stage, only a few projects will make fortunes for its members. True utility proposition will create a balanced market that favors the majority. A good project must be big on UTILITY.NFTs are not just about the number of coins they can pull in the marketplace. The bigger flex is how many use cases one can apply the NFT, the benefits and perks one enjoys as a member of the community, the royalties they command to one’s purse, and the real-life transactional use cases.
NFT is the answer to the identity issue associated with fungible tokens. In NFTs, almost anything can be tokenized and serve as a standard of gaining more liquidity.
The persistent problem of ownership and claims dispute in real estate can be solved by NFTs.The non-fungibility of NFTs can be explored in consolidating property ownership and the rights to the property digitally tied to the owner. In this way, the legitimacy of property ownership is digitally stored and value is stored and retained.
NFTs as an embedded store of value can be used in apportioning exclusivity of service access in a club or community. Access to tourist parks, resorts, hotels, and events can be tied to a community-based NFT ownership. This stimulates members’ interest in these clubs and adds a touch of innovation to the way people interact and socialize in an ever-dynamic world.
Beyond the high resale value, thriving communities like @afrobubble give subscribers an unmatchable opportunity to experience Defi in a more local sense. Part of their utility roadmap entails members having exclusive access to resorts and hotels in choice locations across Africa, discounted deals on holiday packages, and an equitable royalties-sharing arrangement that returns significant earnings to members.
With a great commitment to quality, the afrobubble community has a clear value and a range of novel utilities to take over the NFT segment in Defi. The project continues to filter through different utilization to cases such as comics and gaming to deliver more earnings to the members. Afrobubs are not just here to make up the numbers, they are here to be a force.
We are still early, the future is bright!
