We believe successful NFTs have things in common. It’s not just luck or timing that makes an NFT go to the moon. Here’s a few characteristics of what we believe make successful NFTs
NFTs that are just pretty pictures don’t have staying power as investments. Sure, you could do well for yourself off of FOMO or scarcity, but good NFTs represent real-world use, especially use in the metaverse.
They are tickets to special events. They give you access to a community, or voting rights within that community. A good example of this is the Team NFTs released by the new Fan Controlled Football League. Own an NFT, get the right to vote on the plays that the team runs, real time. That’s utility.
Another way of saying “Utility” is “Workable”. Successful NFTs are workable. They have value beyond just holding onto them.
Passive is not going to be profitable, in our opinion. Everything good in life requires that we work it, and that principle is true of NFTs as well. Why? Because this is how you create community. When an NFT is workable, and it requires the hodler to expend effort (even slightly) to maximize its reward potential, the holder is to feel proud of that effort, and want to share it with the community. This is how you build community around NFTs, and community is a huge part of what makes any blockchain project successful.
This is part of utility, but it goes even deeper. We believe the future of NFTs is that they can be “mined” in ways that produce digital rewards. That’s why we invented the Element NFMT. NFT stands for “Non-fungible token”. NFMT stands for “Non-fungible, mineable token”. It’s what we believe all Web3 NFTs will become. An NFMT isn’t just a pretty picture, it can be “worked” and “mined” to produce $ELEMENT digital reward. That reward can be used on the Element blockchain for all sorts of uses. This is how we digitize gold, and unearth possibilities.