During the prime days of the NFT bull run in 2021, selling a 1/1 art piece or a 10,000 collection was fundamentally more easy than it is today. Why? It was early and every new project that launched was another chance to potentially join the next BAYC or CryptoPunks.
But since then, demand has changed and after many collectors have watched their NFTs plummet, they have realized that utility is required for projects to last in the long term.
Furthermore, where marketing was seemingly minimal in the early days, today it is has become a contributing proponent for the success and take-off of a project. In this article, we will outline the importance of utility, in addition to the ways in which projects and brands utilize marketing in the space.
Interestingly, for NFTs, there is no clear definition of what utility is, often it is the success of one project that defines what utility is, whereby other projects follow and mirror the said ‘utility’.
There is certainly a ubiquitous buzz surrounding the word and in many cases, the utility that is promised is often not utility at all with many collectors accepting that a lot of projects will eventually go to 0. That being said, there are cases of real utility, where collections offer something pertinently different from the rest.