Start claiming collectibles now
Collect this article as an NFTUnderstanding NFTs with utility
NFTs can be much more than digital art and collectibles that are bought, sold, and traded. While NFT artists and the NFT sector would argue that digitally scarce art has utility — which is hard to argue with — utility-based NFTs go beyond the artistic realm.
Utility-based NFTs are typically NFTs that allow access, data/identity verification, or some other functionality not previously associated with art-focused NFTs. For example, an NFT could provide you with NFT-gated access to exclusive content, private communication channels, or limited sale items.
Sometimes, an NFT with utility can also be digital art. For example, Bored Ape Yacht Club (BAYC) Ape NFT holders get special access to certain online areas, in-person events, and exclusive merch drops.
However, these BAYC perks were released after the popular NFTs gained notoriety. Membership NFTs are a type of utility NFT designed from the onset to provide preferential or exclusive access to a platform, community, or other benefits.
Far more than a cool artistic drawing, even Web3 newcomers can see the value in creating transferable NFT memberships that can be bought and sold on the open market. These NFT memberships can provide access to VIP music experiences, private golf course access, and a whole lot more.
The Onchain Founding Membership — discussed below —- is a membership NFT that is designed to offer exceptional onchain and off-chain perks to its members.
Utility-based NFT use cases
With the security, transferability, and transparency of blockchain technology, NFTs are providing real-world solutions to pain points left unresolved by Web2 solutions. Let’s look at a few promising use cases.
- Token-gated community access: A utility NFT can serve as an onchain digital key that unlocks access to exclusive online communities, channels, and group chats.
- Token-gated marketplace: Sometimes an NFT can grant you access to exclusive merch, collectibles, and items that are only available to associated NFT token holders.
- Token-gated content: In addition to interactive forums and channels, utility NFTs can grant access to exclusive articles, videos, research reports, and other media.
- NFT identity: Some utility NFTs can serve as soul-bound tokens (SBTs), which are typically used to verify one’s identity and information. For example, you could buy an age-restricted product (lottery ticket, alcohol) without disclosing your name or birthday.
- RWA ownership: A utility NFT can also prove ownership of real-world assets (RWAs). It could represent ownership of real estate — or even ownership of media rights or intellectual property (IP).
In some ways, a utility NFT would take the place of a password, online purchases, or access to subscription-only or paywalled content. However, utility NFTs have some advantages. For example, many utility NFTs can be transferred to confer the same ownership rights. So, you could sell your utility NFT to someone else if you no longer wanted it — sometimes for a profit. You generally can’t sell or transfer a paid annual subscription.
The Onchain NFT membership
Onchain has decided to release their own utility-based NFTs to grant access to their comprehensive suite of reports, articles, and tools. The Onchain Founding Membership is strictly limited to 2,500 NFTs. Once they sell out, you may be out of luck — more on that later.
Let’s cover some of the key NFT membership benefits and perks.
- Future token airdrops
- Access to a token-gated Onchain Discord channel
- Lifetime discounts on Onchain Store items and in-person events
- An artistic NFT drop that can also serve as your profile picture (PFP)
- Complete access to all current and to-be-published research reports at Onchain
- A personal copy of every printed edition of Onchain Magazine, issue #1 is a hundred pages packed with high-quality articles and interviews
Web3 Insights Marketplace
An additional benefit worth highlighting is that these Onchain NFTs will grant users access to the world’s first and only Web3 Insights Marketplace — a decentralized marketplace for Web3-focused research. It is packed with top-shelf research that merges Web3 with the real world.
But that’s not all. We want you to actively take part and evaluate, comment, or even request content. By commenting and rating the available insights, you’ll help improve the overall quality of available Web3 research.
Furthermore, you’ll be able to do more than just consume. Designed with interactivity in mind, our upcoming Web3 Insights Marketplace will let you publish your own analyses and be compensated for your contributions.
For example, you could publish your own short insights or in-depth articles on a novel blockchain use case. You can be rewarded based on their quality and insightfulness. These tokenized rewards are designed to benefit all parties participating in our collaborative platform and marketplace. Again, rating and commenting from others will ensure quality and help you grow your audience and reputation. We’re bringing everyone providing and in need of Web3 knowledge together in one place.
To learn more about Onchain Insights, please visit our vision page.
Onchain’s utility-based NFT
To not miss out on this one-time-only drop, be sure to follow Onchain on X and LinkedIn, so you don’t miss the NFT membership sales launch announcement.
The benefits, perks, and utility of the Onchain NFT membership go beyond what is listed above. Like other NFTs, these Onchain NFTs will be tradeable on secondary NFT marketplaces. This optionality will allow you to sell it if you so choose — but you’d lose the associated benefits as well.
Likewise, if you want an Onchain NFT and regretfully didn’t purchase one before they sold out, you may be able to find a willing seller. Or you may find yourself out of luck.
As a crypto wise man once said: “Don’t continuously regret the past. It’s immutable. You can only take action from the present onwards.”
Don’t miss out. Add your name to the membership waitlist now.
