Explore why tokens that grant entry and access are part of the exciting future of non-fungible tokens
At the beginning of 2021, Everydays: The First 5000 Days, created by digital artist ‘Beeple’ (Mike Winkelmann), was sold for a record $69.3 million, making it the most expensive NFT to date. In fact, it’s one of the most expensive pieces of art to have ever been sold. But, while more individuals wake up to the reality of NFTs, thanks in part to stories like these, it is the actual usability of these digital tokens that often gets lost among the plethora of big-money sale headlines. As attention and interest in the space surges, it is important to recognise the greater significance and usefulness that NFTs can have, besides simply buying and selling. And, this is where Access NFTs come into play.
WHAT ARE ACCESS NFTs?
Non-fungible tokens are certainly cool, but what more can you do with your NFT? What utility could it enable? One category of NFTs that is swiftly emerging, yet still hugely underdeveloped, are Access NFTs. What are they? Well, as the name suggests, Access NFTs are a form of token that offers its owner access to communities, experiences or goods in both the digital and physical world. In other words, these types of NFTs can be used as access tickets for entry and their applications are endless across digital and physical spheres.
WHAT ARE SOME CURRENT EXAMPLES OF ACCESS NFTs?
Unlike collectable art NFTs, there is currently not a huge amount of existing Access NFT examples. Early examples and use cases have shown that NFT access tokens can look just like your usual event ticket. By issuing verifiably unique tickets across a blockchain where ownership can easily be tracked, it’s clear to see how digital Access NFTs can provide access to real-world experiences such as live music concerts and meet-and-greets with your favourite influencer.
Speaking of influencers, one notable Access token is VeeFriends who uses Access NFTs to sell access to Gary Vaynerchuk’s upcoming events, digital gifts and even Gary’s time is up for grabs with VeeFriends. This could include anything from a one-on-one moment with him or admission to a group workshop.
Earlier in 2021, Kings of Leon became the first band to release an album as an NFT, dropping three types of tokens alongside the delivery. Each of these tokens offers a unique attraction with one being a special album package, another offering front-row seats for life, and the third meant for exclusive audiovisual art. The band’s purpose and drive towards exploring Access NFTs is to accentuate better direct-to-fan relationships while bringing more value back to music — nice!
Unlike our previous two examples, The Metakey is a premiere example of how Access NFTs work primarily in the digital space. The Metakey grants owners access to 100s of curated experiences and limited edition items in the metaverse. By partnering with other NFT projects, which include the likes of Decentraland, CyberKongz and The Sandbox, The Metakey allows for collectors to gain access to a host of exclusive resources across virtual worlds.
WHY ARE ACCESS NFTs IMPORTANT AND SPECIAL?
Imagine this. You are an artist or content creator who decides to make the content you created only accessible to fans who own a specific NFT. Anyone who buys one of these NFTs will also gain special access depending upon the properties you associate with that particular token. These buyers are paying for something more than just a digital asset, they are becoming a part of a community. In essence, it is this community of owners that is the most special aspect of an Access NFT. These communities are integral to Access NFTs for the following reasons:
Access NFTs act as a powerful marketing vessel — Community owners and organizers have an extensive collection of active collectors providing a perfect opportunity to promote new projects, create hype and drop new NFT updates instantly.
Access NFTs provide exposure with minimal effort — By owning an Access token you often get exposure to other projects in the space.
Access NFTs are more enticing than traditional subscriptions — Unlike the traditional subscription model, once you get tired of the access, or have seen that its value has appreciated you can simply sell your Access to someone else instead of fulfilling the cost of your unwanted subscription.
Access NFts can be platform agnostic — Creators no longer need to be tied down to the monetization model of a single platform like YouTube. If YouTube ad revenue begins to decline, a YouTuber could make private videos, and then sell NFTs for access through token-gate URLs (but more on that next time).
The use cases for Access NFTs in both digital and real-world applications are huge. As technological innovations and our understanding of these improve, so will the possibilities of what can be done with Access NFTs in the future. Exciting!
HOW WILL ACCESS NFTS REVOLUTIONIZE THE SPACE?
Perhaps the most common question that seems to arise with the discussion of NFTs is — why the craze? Sure, 2021 has proven that the everyday person can profit from discovering quirky collectables and digital art creations but this year has also shown that NFT applications can be taken a step further — to ultimately offer unique rewards and a proof-positive ownership record of limited-edition digital goods. But maybe, the experience is more than the thing — something that Access NFTs are beginning to illuminate. One sector that Access NFTs are already revolutionising is the events industry. Although the industry (because of a global pandemic) is again returning back to live settings, there is no escaping that the digital world is now even more intertwined with the physical. This symmetry between the two worlds is heavily echoed in non-fungible tokens, and especially Access NFTs. Today, Access NFTs can be a unique representation of someone’s ‘ticket’ to a real-life event. Once a transaction is recorded on a blockchain and tied to a specific digital wallet, that ‘ticket’ is uncompromisingly safe. It can never be copied and therefore can never be stolen — the NFT owner is set in code. Sounds safer and more efficient than your traditional entry pass, right? But, the application of Blockchain secured NFT tickets goes beyond mere security, providing extensive access, upselling opportunities, rewards and even a method for crowdfunding. While purely practical uses for Access NFTs is an appealing prospect for event organisers, potential uses can also extend towards creating emotional attachments, acting as memories of an experience that you want to treasure.
ACCESS NFTs MAKE NON-FUNGIBLE TOKENS MORE POWERFUL
Access NFTs are all about community, acting as a great way for brands and creators to uniquely engage with their following. And that opens up a sea of possibilities. NFTs are no longer completely fixed to the virtual world, they have a physical embodiment, in a sense, with the ability to enjoy and provide value to them in the real world. Experiences can make NFTs even more powerful and that’s exactly what Access NFT’s are all about. For us at WEYU — that means opportunity. And, as our journey to become the world’s leading multi-chain NFT platform develops, we are certainly keeping a sharp eye on Access NFTs.
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