NFTs have seeped into mainstream consciousness and brought retail masses to interact with crypto for the first time. However, despite many NFT success stories, there are also many uphill challenges faced by NFT collections that led many more to fail.
The success stories of several blue-chip NFTs have inspired many other NFT collections, many of which offer no utility and are looking for a quick cash grab. In this bear market, these collections will be weeded out as collectors like us turn to collections that offer real utility. Here, we examine different categories of utilities and challenges faced by NFT collections.
Generally, NFTs’ utility can be classified into these main categories:
Now that we understand the different types of utility, let us understand the challenges faced by NFT collections.
In essence, NFTs’ utility comes in one of 5 main categories. Depending on your own preferences, some utility might hold a greater weight than the other factors. It is important for us to be able to identify good projects as there are many projects that fail to sustain. These projects often do not understand the purpose of creating an NFT and did not take adequate measures to address the challenges. Moving forward, I believe several key trends will drive NFT’s next leg of growth.
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