7 Best Utility NFTs to Invest in
The following discussion will explain what utility NFTs are, and list the seven best utility NFT projects to invest in.
Non-fungible tokens, or NFTs, attracted the attention of the whole tech community in 2021 with a 70 million dollar art auction. The total trading volume of NFTS was $200 million in 2020, and the same number climbed to more than $12 billion in the first quarter of 2022. This makes experts think that utility NFTs may offer the next big leap in the advancement of the NFT landscape.
What Are Utility NFTs?
Utility NFTs are distinguished by the scope of their potential that is not limited to the title of a typical ‘digital collectible.’ ‘Utility’ is the word where the heart of this asset class lies. In other words, utility NFTs are virtual assets that offer privileges, benefits, or rewards to their owners which are otherwise not available for use.
Let’s explain this with an example. Imagine you have planned a concert with around 800 available spaces with 800 paper tickets. Instead of paper tickets, you issued utility NFT tickets for the entry. All the tickets are unique as they bear a unique ticket number and seat number. However, every ticket piece serves the same utility, i.e., entry to the event. It goes without saying that NFTs are way better than paper tickets because:
- You do not have to bother about losing them as they are digital.
- NFTs have an in-built track on the blockchain to ensure originality.
- Only the owner can claim the ticket.
- Each utility NFT ticket cannot be duplicated.
Security, immutability, and transparency are the core characteristics of NFTs. Utility NFTs have both the basic features of NFTs and some added privileges. NFTs can be used to represent anything and everything starting from images, videos, music, real estate, merch, gaming content, etc.
Investing in the best utility NFTs are less risky as they hold value far better than collections based purely on art or hype. As it is a rather difficult task to find top utility NFTs we’ve done the research and compiled a list of the top 7 utility NFTs that offer investors rewards and a range of other benefits.
1. Tamadoge – Overall Best Metaverse Project
Tamadoge is a utility NFT as it isn’t just another coin added to the doge ecosystem; it has utility. It enables players to earn rewards in the form of TAMA tokens while entertaining themselves, and they do it by nurturing their digital pets.
Players buy NFTs to feed and breed digital pets and also buy toys to entertain them. This crypto game platform ranks players on the leaderboard according to their pet’s development. Players who have developed their pets the most will receive the highest rewards from the prize pool.
The player can use the pet to battle other players to collect TAMA tokens when the pet grows into an adult. P2E Arcade games and an augmented reality app are further developments to this platform to make the interaction between the player and the pet more realistic.
Tamadoge is a successful NFT project as its crypto presale sold out ahead of schedule. It was scheduled to last until the end of Q4 2022, but overwhelming demand sold out the TAMA tokens in less than two months.
Battle Infinity is one of the top utility NFTs because it provides investors access to six platforms such as Battle Stake, Battle Arena and Battle Swap to earn rewards. Besides building up teams and winning competitions, monetizing land and staking their IBAT tokens players can use VR head devices to walk in the Metaverse and meet other players to chat in real-time.
To enter the IBAT Premier League, players will need NFT passes – assets with attached values. They’re available in the NFT Marketplace. Players can also use their NFTs to stylize their avatars with fashion accessories and unique hairstyles.
Highly active players are rewarded with IBAT, the platform’s token, that can be exchanged for fiat currency on Battle Swap, the platform’s decentralized exchange. IBAT sold out within 25 days but was scheduled for 90 days. With a current market cap of $40 million, Battle Infinity is expected to see more price pumps in the coming weeks and months.
3. Real Estate Investment Club - Top NFT Real Estate Education Platform
Real Estate Investment Club (REIC) is another promising NFT project consisting of NFTs created by some of the designers from the GTA and Red Dead Redemption teams. Owning an REIC NFT entitles holders to memberships providing access to an elite team and a community providing support regarding real estate.
Here members can attend private events globally and receive education about real estate, crypto and blockchain. Apart from having access to the Digital Asset Property Group (DAPG), NFT holders may receive giveaways such as Ethereum mortgage payments, consultations with finance and real estate professionals, and invites to seminars.
REIC – MetaCity was created using Unreal Engine 5, the same gaming engine used to create Fortnite. This means it has lifelike animations. The center of the metaverse will house the REIC HQ building, designed by a team of architects and developers. There, the team will host regular meetups and education services, and provide future investment opportunities. The main goal of REIC – MetaCity is to bring real estate investments to the blockchain.
At first Lucky Block was a platform offering luxury watches and holidays to draw winners but it has progressed to an NFT competition platform offering main prizes such as a Lamborghini, $1 million in Bitcoin and a home worth $1 million.
One must have a Lucky Block NFT to enter draws. The Platinum Rollers Club NFT is limited to 10,000 NFTs, with some being limited editions. Lucky Block provides daily rewards even if participants don’t win the major prizes and just have their NFTs in their wallets.
The native token, LBLOCK, surged more than 1,100% when it started trading on PancakeSwap. To date, LBLOCK has been listed on LBank, Uniswap, MEXC and Gate.io. Lucky Block CEO Scott Ryder announced that a monthly 1% token burn would commence on 30 September 2022. The aim of the burn was to increase the token’s value.
The Sandbox, is one of the most famous Metaverses in existence. There are a massive number of NFTs within The Sandbox ecosystem, including both wearables and plots of virtual land. You can find almost anything in The Sandbox, from NFT Metaverse casinos to interactive games, and even fairground rides.
The Sandbox provides users with the tools to create buildings, attractions, and wearables like jumpers on the platform. This means the players fuel the game’s economy through a massive amount of possibilities.
Users can sell their creations on the in-game marketplace and earn funds that can then be exchanged for fiat. On the whole, The Sandbox is more than just another game as it enables users to create almost anything.
Decentraland, The Sandbox’s largest competitor, offers an NFT Metaverse-based virtual world for users to explore and create. The Decentraland ecosystem is home to over 100,000 NFTs in the form of both wearables and plots of land. Here people can purchase land and build experiences. Moreover, However, more companies have made it home in comparison to The Sandbox.
With MANA being the 33rd largest cryptocurrency on CoinMarketCap, it’s clear that investors have high hopes for the NFT real estate Metaverse. Although it’s slightly larger than The Sandbox in terms of price, both are leading Metaverses that are worthy of investment.
The creators of Silks wanted to mimic real-world thoroughbreds and did so by tracking the births of horses and relaying them to a digital platform. Silks also tracks the progress of each horse to ensure its physical appearance and capabilities are reflected on the platform. A Silks horse is a derivative NFT linked to a real thoroughbred racehorse, which investors can potentially profit from if the horse wins races.
Rewards are offered with The platform’s native token is $STT. Players can breed horses and then groom them to become racehorses. Once the horse’s value has increased due to its stature, investors can sell the horse for a profit.
Buying land and transforming it into horse farms is another way to earn. By buying NFTs, investors can add infrastructure to their land and make it more valuable. Investors can sell the land or rent it.
Besides just being images on a blockchain network, non-fungible tokens are cryptographically unique. Utility NFTs are non-fungible tokens with applications beyond the representation of unique digital assets.
Utility non-fungible tokens discover more and more use cases. For example, NFTs can replace season tickets, health insurance cards, loyalty cards, etc. Businesses can use NFTs for advertising purposes by offering discounts to owners. Similarly, many other industries can explore innovative utilities with NFTs.
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