NFT Utilities

What ‘are’ NFTs with utilities? At the simplest level, holding an NFT with utility allows you to do something you wouldn’t be able to do without being a holder of that NFT.

Organisations and individuals from music, sports, live events, the arts and anyone with a fanbase or a community, are looking for ways to Increase engagement, reward loyalty and monetize these relationships. Utility engages the owners of the NFTs through exclusive rewards that are only available to these individuals. These rewards can be combined with memberships providing a greater motivation for fans to be a part of performing artist or event organizer programs.

As far as monetization opportunities go, NFTs with utilities allow new ways to cross sell physical and digital products. This can be combined with specific experiences allowing for an upsell to tickets and events in general.  Additionally, the providers of these products could participate as sponsors of NFTS opening another avenue to increase revenue around events beyond ticketing.

The Opportunity and the Challenge

$21Bn 2022
-
$212Bn 2030

(total market)

Global NFT market growth

Skyquestt

64% of NFTs

have 2 or more utilities

(2023)

Dibbs Analysis of OpenSea Collection data

Dibbs

> 77%

believe that utility is important in their decision to buy an NFT

Need for utility

Coin Gecko

Physical & Digital Experiences & Products

NFT utilities can allow access to digital assets, but also physical assets. Some of you may have heard of the term phygital – this brings together the physical and digital world as you would expect. Utility also gives event organizers new opportunities to drive additional revenue by selling sponsorships to partners who desire to have their ‘utility’ associated with a specific event.

Event NFTs with Utilities

The basic layer of topics is associated with entry to an event via the ComeTogether ticketing platform.
Utility can enhance experiences during an event such as:

ComeTogether NFTs for Exclusive Access

Access to VIP / Exclusive Areas

Use NFTs to manage access to VIP areas within an event and also provide proof of attendance not only to the event but in a VIP area that can be kept as memory for the future and shared on social media.

ComeTogether NFTs for Meet & Greet Utility

Meet and Greet

With performers or sports personalities. In general the same concept as the previously mentioned utility, but to enable personal interaction with performers or sports personalities.

ComeTogether NFTs for Exclusive Content Utility

Exclusive (gated) Content

NFTs can allow attendees to access gated content. Some possibilities include music tracks from performers, commentary of sports moments – winning goals, etc., and video highlights from the event. These are just a few examples. The key is that an NFT unlocks access to the exclusive content, while also providing proof of ownership.

ComeTogether NFTs for Physical Merchandise Utility

Merchandise

Similar to the concept above although the reward is physical vs digital. This can include special collectibles created for the event or other merchandise associated with the experience.

ComeTogether NFTs for Food & Drinks Utility

Food and Drinks

A certain amount of consumption included with the ticket or possibly an overall discount on these purchases.

ComeTogether NFTs for Discount Utility

Discounts across Purchases

Enable discounts for purchases within an event for food, drinks, or merchandise.

Stand-alone NFTs with Utilities

Not all utilities need to be associated with attendance of a specific event. By allowing the holder of the NFT to do/access something they couldn’t otherwise, this can be broadened beyond events. Some ideas to facilitate this migration could include:

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Online Event
Access

Maybe you would like to host mini-online events to build excitement for upcoming in-person events, an NFT could provide the key to access them.

ComeTogether Gate Community NFT

Access Gated

Communities

Create an exclusive ‘invite only’ discord group that is only accessible through your branded NFT. Share ideas, promote upcoming events/merchandise and enable them to chat with their favorite performers or sports personalities.

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Metaverse
Access

Do you already have a Metaverse presence or are you thinking of creating one? Is your goal to open it to all who would like to join or do you want to control access? Maybe you only want to control access to certain areas of the metaverse?

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Online Gaming or
Betting Platforms

NFT holders could accumulate credits for use on online gaming platforms based on the number of events attended and/or expenditures during those events. The NFT could allow for a discounted purchase or a direct reward. These credits could then be applied for use in gaming platform partners.

ComeTogether NFTs for Advanced Notice Utility