During the last few months, the NFT industry has experienced remarkable expansion, pioneering the transformation of the digital asset landscape. NFTs began as digital art, but with the evolution of the technology, certain utilities were added and use cases increased over time amplifying their value.
Exclusive access to specific events can be granted through NFTs. This is applicable to both digital and physical events. One essential application of NFTs is the capacity to offer access. Because they are non-fungible and easily trackable through the blockchain, they are the optimal solution for replacing physical tickets with a digital, trackable, and traceable choice when used as a ticket stub. You can also use the smart contract’s features to write in a ticket’s terms and conditions, expiration dates, and any other restrictions. Both parties can easily maintain track of their tickets and the information they contain.
NFTs, like coupons, can be used as a membership token to give access to limited-edition products, and one-of-a-kind services. An NFT membership is frictionless, transparent in its intent, and can be bought, sold, and traded for any other asset on the blockchain with ease.
In general, NFTs can act as digital private members’ club keys, granting entry to events, and experiences, as well as access to unique discord channels and other private groups. They could act as a new way to issue membership badges, acknowledgment pins, or achievement medallions with varying levels of privileges for holders. They may have a collectible and resale value. Moreover, NFTs can further be used as a proof of belonging to a community, winning a competition, or loyalty to a certain brand.
For certain “closed” clubs, exclusive access is only granted in the form of an NFT. This NFT is the membership key to the club as well as an access pass to cultural and social experiences. We can expect to see more of these use cases become more mainstream and widespread.
One such use case is Gary Vaynerchuck’s NFT project. All VeeFriends token holders gain access to VeeCon — a multi-day event exclusively for VeeFriends NFT holders.