Crypto & NFTs are changing lives 🔥
UP police partners with Polygon
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We’re reporting back for duty! From the ever-bustling land of web3, we have picked and created everything that matters, so this week we have:
Weekly Web3 news
What are utility NFTs?
Web3 jobs & events
Estimated reading time: 2:39 mins
Weekly Wrap: Numbers & News 🗞
Quick web3 updates curated for you: (updated 07 Oct)
Google partners with Coinbase for cryptocurrency payments for cloud services.
You can now search for blockchain addresses on Google.
CNN closes its NFT marketplace, and collectors are calling it a ‘rug pull.’
$114 Mango Markets Exploiter outs himself and returns $67 M.
Firozabad Police (UP) launches a web portal with Polygon for immutable & transparent complaints.
Can utility NFTs improve our lives?
The total trading volume of non-fungible tokens (NFTs) went from $200 million in 2020 to over $12 billion in the first quarter of 2022. For that value to be sustainable, there needs to be more to NFTs than just market hype and FOMO.
What are utility NFTs?
Utility NFTs are NFTs with use cases beyond just being unique digital assets. They grant you privileges, rights, or rewards which you would not otherwise be able to access.
In March 2021, Kings of Leon became the first band to release an album, “When You See Yourself”, as a series of NFTs.
One type of NFT included digital artwork and a digital download of the music that could also be redeemed for a real-life physical limited edition vinyl copy of the album.
Another type of NFT offered as part of the series could be redeemed for top seats at Kings of Leon shows.
Then why can’t they guarantee year-round tickets at football matches, effectively replacing season tickets?
It’s less about the technology itself and more about the application of that technology. Even BAYC first launched as nothing more than a series of NFT images and now has become access passes to exclusive events and rewards.
What are some examples of utility NFTs?
🧑🤝🧑 VeeFriends: NFTs from Gary Vaynerchuk that provide holders with tickets to the VeeCon conference via NFT ticket airdrops.
☕ Crypto Baristas: An “all-encompassing caffeine experience” that entitles NFT holders to discounts at future cafe locations, at an online store and on merchandise.
👩 World of Women: An NFT project seeking to support and educate women and increase female participation in Web3; the holders get access to benefits like invitations to real-life events.
🌲 GainForest: An international nonprofit based in Switzerland that aims to use blockchain to help preserve rainforests. You donate, receive NFTs corresponding to actual areas of the forest, track the forest’s health, and mint governance tokens.
The future of utility NFTs
Utility NFTs are in their early stages right now, but in the future, they could replace everything from health insurance cards to loyalty cards to season tickets. Businesses could incentivize sales with NFTs that can be redeemed for discounts or freebies in the future, consigning paper discount tokens to the history books.
What do you think, should utility NFTs be the norm, or should NFTs remain about art?
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Funding in focus
Pillow is the easiest way to build your crypto portfolio and explore assets to maximize returns in a few simple clicks! And now they’ve raised an $18.1M series A.
Meme of the week 🤠
That’s a wrap for This Week in Web3, see you next week! 🚀
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