We believe that NFT projects are more likely to be successful if they have certain key characteristics. It’s the secret sauce that makes an NFT project really resonate with fans and the blockchain marketplace. Here’s part two of what we believe makes a desirable, collectible NFT.
(You can read about the most important characteristic, utility, in part one.)
Another way of saying this is that good NFTs have longevity to their utility. They provide some service – as a ticket to a special event, as access to a community, as a staked entry into a metaverse game – but then they keep providing that utility. An NFT that continues to give exclusive access to a unique community is eventually going to be more desirable than an NFT that only gives access once. Does your favorite NFT have multi-use utility?
It’s human nature to want to improve and upgrade what is ours. We all have an innate sense of stewardship. Who doesn’t love taking that ugly duckling NFT, or that sort-of-good looking NFT, and upgrading it over time into a super rare beauty. Everyone loves creating something unique for themselves.
Digital spaces exist so we can play out our goals for self-improvement, virtually. This also applies to NFTs. A digital asset that improves over time, through secondary purchases or community involvement, is going to be extra rewarding and desirable.
It’s nice to get that dopamine reward by upgrading an ugly-duckling customizable NFT into a truly awesome digital asset. It’s even nicer when that upgraded NFT starts producing tokens for you within a blockchain community, game, or marketplace. Does your favorite NFT project produce rewards by holding it? Or by using it in a browser game or app?
This is next-level thinking with NFTs, and we believe it’s going to be a hallmark for NFTs in the metaverse. What’s even better? When the tokens produced by staked NFTs can be exchanged for rewards in the real world. Stay tuned to our digital gold discord to see how we’re working hard to make it happen with upcoming Element United NFTs: