The Functional NFT: How NFTs are Becoming Functional Digital Assets?
NFTs have been around since 2014 when Kevin McCoy and Anil Dash developed the first prototype of a system to use blockchain technology to authenticate and sell unique digital artworks. They hit the mainstream in 2021, receiving a great deal of media coverage and attracting celebrity endorsements, and they continue to generate interest and gain new fans.
Many initially thought that NFTs were nothing but JPEGS, but we've gradually learned they are much more as their usefulness in various applications becomes more apparent. "Functional NFTs" are gaining more recognition with each passing day, so in this piece, we'll discuss the functionality of NFTs as digital assets.
Many initially thought that NFTs were nothing but JPEGS, but we've gradually learned they are much more as their usefulness in various applications becomes more apparent. "Functional NFTs" are gaining more recognition with each passing day, so in this piece, we'll discuss the functionality of NFTs as digital assets.
Key Takeaways
NFTs are tradeable digital stores of value, but they offer many other opportunities apart from their market value. For example, some NFTs grant access to platforms or clubs, connect you to opportunities to receive royalties or enable you to get listings on automated market makers.
The use cases of NFTs are all-inclusive, and this inclusivity is the embodiment of NFT functionality in connection to digitalization. True to the spirit of Web3 democratization, Functional NFTs exclude no sector and make opportunities readily available for everyone.
NFTs are tradeable digital stores of value, but they offer many other opportunities apart from their market value. For example, some NFTs grant access to platforms or clubs, connect you to opportunities to receive royalties or enable you to get listings on automated market makers.
The use cases of NFTs are all-inclusive, and this inclusivity is the embodiment of NFT functionality in connection to digitalization. True to the spirit of Web3 democratization, Functional NFTs exclude no sector and make opportunities readily available for everyone.
What is a Functional NFT?
The term Functional NFT doesn't suggest there are NFTs without any utility, but it does attest to the growing utility of NFTs beyond the 'buy and sell' of JPEGS.
Undoubtedly, ownership of a unique digital work of art can be valuable because, let's face it; nobody will willingly spend money on a worthless investment. However, the phase of NFTs being solely about digital artwork is slowly coming to an end, in part because while a purchase guarantees ownership; there won't be an opportunity for profit unless you resell as a medium of exchange.
It's more like an investment that will lie dormant until you decide to trade it. Owning a unique piece of digital art can sound appealing. Still, the risks with market volatility must be considered because certain factors could cause an unpredictable drop in the worth of your fungible tokens nfts.
So, while investing in digital art might not bring you much in the way of an ROI, a Functional NFT is ever active and working for you. For this reason, many people are opting for Functional NFTs, which are distinguished by the relevance of their use cases and the benefits they offer their holders.
A Functional NFT could be a gaming asset that gives a player some extraordinary power. A restaurant might sell an NFT that works like a gift card, or a club might offer one that lets you skip the line to get in without having your ID checked.
Functional NFTs cut across various industries and can offer other exciting incentives. For example, in some communities, you can't be a member without being a holder of their NFTs, so the only way to join and access the opportunities they provide is through an NFT purchase.
Let's look at some other examples of Functional NFT use cases and the utilities they offer.
The term Functional NFT doesn't suggest there are NFTs without any utility, but it does attest to the growing utility of NFTs beyond the 'buy and sell' of JPEGS.
Undoubtedly, ownership of a unique digital work of art can be valuable because, let's face it; nobody will willingly spend money on a worthless investment. However, the phase of NFTs being solely about digital artwork is slowly coming to an end, in part because while a purchase guarantees ownership; there won't be an opportunity for profit unless you resell as a medium of exchange.
It's more like an investment that will lie dormant until you decide to trade it. Owning a unique piece of digital art can sound appealing. Still, the risks with market volatility must be considered because certain factors could cause an unpredictable drop in the worth of your fungible tokens nfts.
So, while investing in digital art might not bring you much in the way of an ROI, a Functional NFT is ever active and working for you. For this reason, many people are opting for Functional NFTs, which are distinguished by the relevance of their use cases and the benefits they offer their holders.
A Functional NFT could be a gaming asset that gives a player some extraordinary power. A restaurant might sell an NFT that works like a gift card, or a club might offer one that lets you skip the line to get in without having your ID checked.
Functional NFTs cut across various industries and can offer other exciting incentives. For example, in some communities, you can't be a member without being a holder of their NFTs, so the only way to join and access the opportunities they provide is through an NFT purchase.
Let's look at some other examples of Functional NFT use cases and the utilities they offer.
DeGods NFT
DeGods describes itself as "a deflationary collection of degenerates, punks, and misfits." It was built on the Solana blockchain, and sales started to grow once OpenSea began integrating Solana NFTs onto its platform. Purchasing a DeGod allows you to join their Discord server and gain access to certain DeGods DAO channels.
DeGods has attracted some big-name celebrity holders, such as NBA legend Shaquille O'Neal. It grabbed some headlines recently when the DAO purchased an ownership share in Ice Cube's Big3 professional basketball league.
DeGods describes itself as "a deflationary collection of degenerates, punks, and misfits." It was built on the Solana blockchain, and sales started to grow once OpenSea began integrating Solana NFTs onto its platform. Purchasing a DeGod allows you to join their Discord server and gain access to certain DeGods DAO channels.
DeGods has attracted some big-name celebrity holders, such as NBA legend Shaquille O'Neal. It grabbed some headlines recently when the DAO purchased an ownership share in Ice Cube's Big3 professional basketball league.
Fellowship NFT
The Fellowship is a community of artists, creators, entrepreneurs, and Solana enthusiasts whose aim is to provide an intuitive platform for launching NFT projects and developing tools that will positively impact the Solana NFT ecosystem.
Their CreatorMachine software can provide everything you need to launch an NFT collection regardless of technical ability by handling your art generation, metadata setup, candy machine smart contracts, bot prevention tools, and even mint website creation.
The Fellowship is a community of artists, creators, entrepreneurs, and Solana enthusiasts whose aim is to provide an intuitive platform for launching NFT projects and developing tools that will positively impact the Solana NFT ecosystem.
Their CreatorMachine software can provide everything you need to launch an NFT collection regardless of technical ability by handling your art generation, metadata setup, candy machine smart contracts, bot prevention tools, and even mint website creation.
Launch Pass NFT
The Launch Pass NFT from Uplift Aerospace is a Functional NFT by any definition, as it can literally take its holders to outer space! Minters of this NFT will get a chance to travel to space on New Shepard, the iconic rocket from Blue Origin.
Living on the Ethereum blockchain, the Launch Pass NFT allows its holders to send applications for space travel that specialists from Uplift Aerospace will evaluate. Launch Pass NFTs can also be turned into NFT avatars called Starborn, which can be used in the upcoming SPACE+ metaverse.
The Launch Pass NFT from Uplift Aerospace is a Functional NFT by any definition, as it can literally take its holders to outer space! Minters of this NFT will get a chance to travel to space on New Shepard, the iconic rocket from Blue Origin.
Living on the Ethereum blockchain, the Launch Pass NFT allows its holders to send applications for space travel that specialists from Uplift Aerospace will evaluate. Launch Pass NFTs can also be turned into NFT avatars called Starborn, which can be used in the upcoming SPACE+ metaverse.
Bored Apes NFT
The Bored Ape Yacht Club rode a tidal wave of publicity to become extremely popular and attract some high-caliber celebrity members. Ownership of the Bored Ape NFT grants you exclusive access to the private Bored Ape Yacht Club, and holders of the NFT also get access to a Discord server where they can mingle with other enthusiasts.
The club and Discord channel offer many benefits to members, such as the free airdrop of tokens from the BAYC coin launch. Holders of the Ape NFT also have access to the Bathroom, a community drawing board where Ape holders can paint a pixel every 15 minutes on a virtual bathroom wallet.
The Bored Ape Yacht Club rode a tidal wave of publicity to become extremely popular and attract some high-caliber celebrity members. Ownership of the Bored Ape NFT grants you exclusive access to the private Bored Ape Yacht Club, and holders of the NFT also get access to a Discord server where they can mingle with other enthusiasts.
The club and Discord channel offer many benefits to members, such as the free airdrop of tokens from the BAYC coin launch. Holders of the Ape NFT also have access to the Bathroom, a community drawing board where Ape holders can paint a pixel every 15 minutes on a virtual bathroom wallet.
Magic Eden
Magic Eden is a popular marketplace that connects NFT owners with enthusiasts and automates trades. Magic Eden facilitates swift and stressless transactions between token buyers and sellers, and Magic Eden allows you to connect to various wallets.
Buying NFTs on Magic Eden means you're buying from the secondary market, where current holders of the NFTs set the price for each NFT they're selling.
Magic Eden is a popular marketplace that connects NFT owners with enthusiasts and automates trades. Magic Eden facilitates swift and stressless transactions between token buyers and sellers, and Magic Eden allows you to connect to various wallets.
Buying NFTs on Magic Eden means you're buying from the secondary market, where current holders of the NFTs set the price for each NFT they're selling.
Conclusion
Functional NFTs can offer many practical applications and exclusive opportunities, and reselling can potentially net a profitable return. Ownership of a Functional NFT is entirely secure, as the record of ownership will be stored on a blockchain.
Hello NFT, enthusiasts; we hope this was educational. At Copernic Space, we deal in Space related art and fashion to create a better emotional bridge between space and the public while empowering artists and creators, making a home in the Web3 world for their digital and physical creations.
Functional NFTs can offer many practical applications and exclusive opportunities, and reselling can potentially net a profitable return. Ownership of a Functional NFT is entirely secure, as the record of ownership will be stored on a blockchain.
Hello NFT, enthusiasts; we hope this was educational. At Copernic Space, we deal in Space related art and fashion to create a better emotional bridge between space and the public while empowering artists and creators, making a home in the Web3 world for their digital and physical creations.
About Copernic Space
Copernic Space is the web3 marketplace to access ownership and opportunities in space. We tokenize space assets and ventures to facilitate economic participation and growth in the most valuable market for life on earth.
The sale of tokenized payload space on Lunar Outpost's MAPP Rover headed to the Moon is currently available on the Copernic Space marketplace.
Website | Twitter | LinkedIn | Discord
The sale of tokenized payload space on Lunar Outpost's MAPP Rover headed to the Moon is currently available on the Copernic Space marketplace.
Website | Twitter | LinkedIn | Discord
