So Now, You Own an NFT. What’s Next?

AT last count, the NFT market recorded transactions totalling over $40 billion and is currently worth roughly this amount. But, you already know this.

NFTs are undoubtedly all the rage right now, and while jumping on the trends bus is the worst investment advice you can ever follow, we can speculate that since cryptocurrency and the blockchain technology have survived for so long –in spite of the former’s volatility – and are evolving to become indispensable parts of our lives, NFTs, which employ the same technology, are here to stay.

But what can you do with your virtual tokens beyond holding on to them and selling them when their value goes up, or just keeping them stashed away in a folder gathering virtual dust?

Luxury brands and stakeholders in the luxury space have managed to find creative uses for them in real life. Here are some examples of how brands and people are making theirs work for them, and whether you already own one or are looking to make your first purchase, these real-life uses of NFTs will inspire you and force you to re-evaluate your stance on them.

NFTs as real-life unique jewellery pieces.

We have none other than Alexandre Arnault, current VP of Tiffany&Co, to thank for this idea.

Tifffany&Co cryptopunk pendant for Alexandre Arnault
Own the rights to the CryptoPunk due on your screen? Turn him into a unique jewellery piece. Image courtesy of TIffany&Co

Earlier this month, the son of LVMH’s head announced that he has converted his token, a CryptoPunk NFT #3167 into a golden, glittering pendant. Made from rose-gold and enamel, the pendant uses baguette-cut sapphire and Mozambique ruby for the glasses and a yellow diamond for the earring.

Not sure what to do with your NFT? How about you borrow a diamond (or two) from Alexandre and convert your digital image into a bespoke, one-off jewellery piece?

NFTs as tools for creating and fostering a community.

This is by far the most common feature of NFTs, the metaverse and digital assets. From the CryptoPunk enthusiasts to the Pudgy Penguins, virtual tokens have succeeded in creating bonds between people from all over the world so strong that the communities are sometimes considered cults.

The gold DG family box NFT
D&G is using NFTs to create a community of loyal fans. Image courtesy of Currency

Dolce&Gabbana aims to lead the luxury fashion world in this regard. After successfully partnering with UNXD in 2021 to launch ‘the world’s first couture NFT collection’, it has once again teamed up with the marketplace for a new project. This time, it is offering DG Family Boxes, NFTs that confer unto its holders special benefits while inducting them into the DG family.

Looking to invest in NFTs? Look out for offers that grant you exclusive privileges virtually and in real life. Or create an NFT that offers exclusive access to a thriving community.

NFTs as the unifying force between people of different interests

As NFTs and virtual tech continue to evolve, more and more players in the luxury space are seeing how useful they are in uniting people who are just as passionate about tech as they are about other interests.

A bowl of caviar and sushi
The FlyFIsh Club uses NFTs to grant members access tp its restaurant. Image courtesy of the FlyFish Club

The FlyFish Club by the VCR Group is for crypto/NFT enthusiasts who love fine dining. The members-only restaurant will only be available to those who have purchased or can lease the NFT pass card come 2023.

NFTs are not just for techies or investors. If you’re looking for tokens to purchase, look out for one that allows you enjoy other things you’re passionate about.

NFTs as the keys to themed experiences.

The Bored-Ape Yacht club is perhaps one of the more popular NFT communities, and now, thanks to Andy Nguyen who, earlier in 2022, spent USD$267,000 to purchase Bored Ape #6184 and two Mutant Apes, everyone with NFTs in either community can access free meals.

Food from the bored and hungry restaurant that uses NFTs
NFTs can be the idea behind unique concepts, like this Bored-Ape-themed restaurant. Image courtesy of Bored and Hungry

The key takeaway? NFTs might be virtual entities, but they have and are still evolving from mere digital items to powerful products that can grant you exciting benefits here in the real world.

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