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NFTs Are An Open Utility Not Just A Speculative Asset
Utilities can be assets if they can be bought and sold. The commodities markets in traditional finance are proof of this. You can buy and sell contracts in the “utilities” space (gas, electric, oil, etc). However, access to those utilities is not what is bought and sold. In fact, there are few to no markets where access to a utility (and utility here is defined as anything that allows a person to take some action) can be bought, sold, or traded.
NFTs change this.
Right now, we are living in a speculative bubble. When I see tweets like this, it reminds me of the 2017 ICO days.
And I wince. I know what's coming next. Fortunately, when the speculative market for NFTs comes tumbling down, there is already an established utility for NFTs that will prevail.
Owning an NFT can provide access. I recently wrote a tutorial for Pinata about how to use NFT ownership to gate access to content. This type of functionality can be used by small projects and big companies. There are major brands interested in doing this right now…
