Looking for the best Utility based NFT? Here is the best guide to getting ahead of the NFT space.
Utility Based NFT
Utility-Based NFTs are what I call the NFTs that are more than just a collectible but also give you utility. It can be used to unlock new in-game content, etc. The best Utility-Based NFTs in 2019 will be first-to-market, can satisfy their users’ needs, and create a sustainable model.
The first-to-market advantage is by far the most important factor for any NFT being successful. Once an innovative new type of token has been created and shown to be valuable by one, other companies will be quick to follow suit. First-to-market company will have an advantage over competitors for at least 2 years.
Second place is not first place. Be first before anyone else. Third place is not second place. Be fast before others copy your idea and make it better than yours.
Fourth place is not third place. Be sustainable before others run out of resources or run out of energy to sustain their project. Because they were too greedy or too slow in the early stage.
Fifth place is not fourth place. It’s not even fifth place since it’s no longer first-to-market at this point. So, it would become sixth place by default. So be fast, be sustainable, and be good enough to win you the race to be first to market!
Satisfying Users’ Needs
Users’ needs are the second most important factor for any NFT Utility being successful after being first to market. If users don’t need what you’re offering then no matter how good your idea is it would still fail. So how do you know what users need?
You need access to a lot of different in-game content but you don’t want to pay for each one of them. You want to unlock new in-game content by doing a specific task but it takes too much time and effort for you to do so. Also, you want to unlock new in-game content but you don’t want to wait for all the players who already unlocked it before you, etc.
The Future Of The NFT industry
What I mean by “Sustainable Business Model” is that a company can generate revenues without needing more funding. Also, without having a large user base, without giving away tokens for free, etc. A company can generate revenues even if it doesn’t have a sustainable business model.
Since if a company has a sustainable business model then it’s certainly a winner in the long term. Also, much easier to keep growing than companies that need funding from ICOs every few years. Because there are 2 types of people who are joining the NFT space.
First, those who are only in it for speculation (high risk but if they win big they can win big). Second, people who are in it for appreciation (low risk but if they win big they still win big). Anyway, if the team behind an NFT has a sustainable business model then they’ll have less incentive to do bad things.
