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How utility tokens are reshaping the future of NFTs

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By Kameshwaran Elangovan

The past couple of years have witnessed a massive growth in the interest and valuation of NFTs… And the best part is that it is not confined to just one corner of the world! We have seen a lot of renowned NFT projects attract the attention of celebrities so much that they ended up purchasing NFTs that resembled them. These acts have also influenced the market and the price-appreciation of NFTs… not just the ones belonging to that particular project but the entire global landscape.

However, people have slowly come to realize that while the authenticity and the rarity of the NFT they have purchased remains indisputable, the question of whether or not the rarity and the authenticity translate into any assured tangible value still largely remains in a hazy territory. Therefore, in a lot of cases, NFTs that purely represent art (of course, with the attributes of rarity and authenticity) have ended up becoming a burden for collectors rather than a point of bliss.

While the graph of these NFT prices have shown steady skyrocketing until recently, the…

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