What are Utility NFTs? Successful Examples ( BAYC + VeeFriends )
As I quickly mentioned the definition of Utility NFTs in my previous blog post “how NFTs are sold and prices are determined”
Utility NFTs are Tokens that provide value beyond their digital asset values. Utility NFTs offer exclusive access, opportunities, and other benefits to the holders. The best way to explain this is perhaps by giving examples. So in this blog post, I will give you two example utility NFT projects.
We talked about the Bored Ape Yacht Club (BAYC) in the previous post, but let’s look at this project as an example again. Perhaps utility is another reason BAYC became so popular. Beyond the right to the art of ape itself, BAYC members, ( token holders) can, not only, resell the token for a profit but also sell spinoff products of their character as long as they own the NFT; the owners of the NFTs have the full commercial usage rights over their NFTs.
BAYC members have also received perks for being the community members in two particularly note-taking ways.
Free Bored Ape Kennel Club dog NFTs
Bored Ape Kennel Club introduced a dog edition of NFTs to BAYC members for free.
It gets lonely in the swamp sometimes. That’s why every ape should have a four-legged companion. To curl up at your feet. To bring you a beer. To fire a missile launcher at that fucking monkey Jimmy.
That’s why we’ve started the Bored Ape Kennel Club, and why we’re offering up a dog for adoption to every single member of the BAYC – for free (you only pay gas). - BAYC
This offer lasted only for one week starting from 6 pm EST on June 25th, 2021. The BAKC contained a 2.5% royalty fee for every secondary sale the dog NFTs made, but 100% of this profit went to animal helping organizations including The Giving Block and Wright-Way Rescue.
BAKC, just like BAYC, consists of 10,000 versions of dogs. ( by the way, there is AI to make NFT arts nowadays)
A “mutant serum” NFT that generated a Mutant Ape Yacht Club NFT.
Another NFT airdrop BAYC had for its members was “mutant serum” which allowed them to mint a free “Mutant” version of their owning NFT to the members who decided to hold on to their original token.
Yuga labs also listed 10,000 new Mutant Apes for sale that non-members can also buy which generated $96 million.
Next, we will talk about Token from our favorite influencer at LifeUpEducationTV GaryVee!
VeeFrieneds offer its token holders different forms of utilities, namely access, gifts, and admissions. The most VIP level of access includes alone time with Gary!
These “VIP’ Token holders can go to garage sales with Gary, have dinner with Gary, and work out with Gary, just to name a few, all on a 1 on 1 in-person basis. These are more personal experiences with Gary. There is also a series of tokens that let the holders have a chance to win a personal mentorship from Gary himself and his professional network.
Gift token offers an exclusive gifting experience curated by Gary Vee and Vee Friends team. A minimum of 6 gifts consisting of physical gifts and airdropped NFT will be sent to the token holders per year for three years until the token expires in May 2024.
Lastly, all token holders receive a three-years access to VeeCon. VeeCon is a multi-day event exclusively available for NFT holders.
The official website describes VeeCon as
The conference will be focused on business, marketing, ideas, creativity, entrepreneurship, innovation, competition, and of course, fun. Gary’s focus is to curate the best experience for his community, bringing enormous access and informational value to all the VeeFriends token holders in attendance. If you own two VeeFriends tokens, this means you have two tickets to VeeCon.