What is the Value of an NFT?

One way to understand and gain insight into your customers is to just ask. Recently, my former team at VaynerMedia asked a really interesting question:

“What do you care about most when looking at NFTs?”

A strong majority of 41% of poll respondents answered, “Utility.”

Much has been made this year (here and here) on NFTs, but lately the token craze has thankfully calmed down and gone from euphoria to calm acknowledgement that we are now in the explore-phase.

It is time to learn the power of the NFT; enter Utility.

Whether it is events, access, discounts, or something else, the true virtue of a digital asset is both financial (lifetime royalties) and utility (access to something). I believe there is still something to be said about the community and some of the DAOs recently (have you seen Links DAO?) have begun to show how powerful a unified mission can become.

But the next phase of the NFT development will be Utility.