Blue-chip projects like Bored Ape helped make NFTs mainstream, but its utility NFT projects that are set to revolutionise the industry
When we think of blue-chip NFT art projects, we typically think of giants like Bored Ape Yacht Club (BAYC) or CryptoPunks. Earlier this month, Guinness World Records famously anointed the Blue CryptoPunk the most expensive NFT of all time ($23.7 million); and the OpenSea total trading volume of BAYC currently sits at a comfortable 687,120 Ether ($829,367,582 USD).
The numbers are gigantic, but public perception of NFTs outside of the crypto space has been lukewarm at best, if not hostile. Many view blue-chip PFP (profile picture) projects as gimmicks that point to no real value or artistic merit, and its easy to see why. As it stands today, if you invest a large sum into a blue-chip PFP project and the market takes a tumble, youre left with nothing but a jpeg (and some merchandise, if youre lucky).
Utility NFTs offer a solution to a lack of real-world value
For mass adoption, NFTs must have some form of real-world utility or commodity that adds value to everyday lives. Common utilities include fractionalised ownership of fine art, NFT-backed real estate, or sometimes access to real-life events. One NFT project that has capitalised on the need for real-world utility is Drunken Monkeys Members Club, an Ethereum-based NFT project that gives holders life access to a real-life luxury concierge network.
Luxury concierge as a utility
London-based Drunken Monkeys Members Club (DMMC) gives every NFT holder access to a real-life luxury concierge membership that spans across twenty global destinations. Experience-oriented rather than tech-oriented, the DMMC membership is controlled through a user-friendly mobile application that offers members access to exclusive events and venues, assistance with travelling, personalised destination guides, corporate rates and more.
DMMC launched eight months ago and their floor price has increased month-on-month since, demonstrating a huge demand for NFTs that come with something more than digital art. While markets fluctuate, the desire for experience doesnt.
There are 5,995 NFTs in the DMMC collection corresponding to 5,995 individual concierge memberships.
Whats next for the Drunken Monkeys?
DMMC has plans to launch a Monkey DAO in the first quarter of 2023, alongside plans to enter the metaverse.
As a utility NFT, the DMMC membership itself is a 24/7 tradable asset that can be sold once the holder no longer finds use for the membership, so we can expect the floor price to hike. Also, if were lucky, we may also see some new faces enter the crypto space, tempted by the promise of experience, and not just digital art.
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