This week’s featured collection is InvalidByte

InvalidByte collects Ethereum NFTs. They are a fan of Axolittle, Chill Frog, PxlFangster, Neko Daruma and more. Lots of interesting NFTs to browse on InvalidByte’s collection at lazy.com/invalidbyte

Exploring the possibilities for NFT utility

In a recent poll of Lazy.com users, we learned that utility is the #1 most valued feature in an NFT project. This week, we want to explore some of the many different ways that NFTs have added utility to their collection.

There are, at least, four kinds of NFT utility:

Exclusive perks & access to communities and tools

One of the most common forms of utility is access to exclusive perks, communities, tools, or opportunities. For instance, some NFTs can be used to unlock exclusive in-game content or rewards, or to gain access to private chats.

Financial Benefits like passive income opportunities

Another common use case for NFTs is to provide financial benefits such as passive income opportunities. For example, some NFTs earn a secondary token when held.

Fundraising and support for impact projects or charitable causes

NFTs can also be used to make a social impact. For instance, some NFTs have been created specifically to raise funds for various charitable causes. This type of utility is sometimes known as “NFTs for Good”.

Real world applications

Finally, NFTs can be used to streamline and authenticate existing services and processes. For example, a live event might use NFTs as entry tickets.

This is not an exhaustive list and more forms of NFT utility will likely be invented. If we missed anything, send us an email at info@lazy.com and tell us all about it!

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