Are NFTs Dead? Art vs. Utility

by | Nov 8, 2022 | HelloVacay, NFTs and Travel | 0 comments

When the word NFT is brought up, a few things may come to mind. Some minds might bring up images of drooling monkeys or digital kittens, others may see SCAM in their head blinking in red light, and yet most probably would ask—what exactly is an NFT?

An NFT (or non-fungible token) is a virtual identifier of authentic ownership. In simple terms, it’s a stamp that says you own something digitally.

"Are NFTs Dead?"—NFT Concept Image

NFTs rose to popularity in 2017, and even more so in 2021, when the technology was paired with digital pieces of art. Highly collectible and limited in quantity. This led to sky high prices (and serious returns on investment) for many NFTs. In short, this offered a new way to invest in both art and technology that hadn’t been seen before.

And yet, why the strong backlash against them? If you’ve heard of NFTs you’ve probably heard from the naysayers who boo them asking, “are NFTs dead?”

Many saw NFTs as nothing more than a fad without substantial artistic depth, or worse yet a rug pull scam, with many of the most popular collections blowing up based on rarity and collectibility rather than the art itself or any real utility. Some saw the art as crude and unsophisticated. And yet, the same artistic criticisms were said about pop artists like Andy Warhol over 50 years ago. Still other investors are less concerned with artistic merit and more concerned with capturing a piece of technological history, or just making a buck.

In the last year since the bull run of 2021, we’ve seen the decline of the larger cryptocurrency market and NFT market along with it, all while an even larger economic call for impending recession looms. This has left many sitting with the question—are NFTs dead?

But are we looking at it wrong? Is collecting digital art all that NFTs are good for? Or is there a more substantial utility to the technology that has yet to be seen in mainstream adoption?

"Are NFTs Dead?"—Representation of Blockchain

A Case for the Hard-Working NFT

I’d like to paint a new picture of what NFTs could be in the coming future of Web3. Picture if you will the hard working everyman, a laborer who lacks all pretension but provides extreme practical value to their community. They make their living off the sweat of their brow, they probably look something like John Wayne and aren’t too fond of fanciful talk either. Okay, I’m getting carried away but my point is there is a new emerging identity for the NFT that strays quite far from their impractical roots.

The reality is, NFTs can be highly practical and utilitarian when used in the right way, and that’s not just a fantasy of mine. Rolling Loud, a company that hosts some of the largest music festivals on the planet, just recently announced a new NFT collection that will grant users free access to all of their festivals for LIFE… so long as you continue to own the NFT in question.

NFT technology can be used to provide digital tickets and access to events, own items in the gaming or digital world, stream exclusive music, television and movies, get discounts on products and more. Even beyond the world of entertainment and retail NFTs are the most sophisticated technology we have for authenticating priceless documents like birth certificates and social security numbers.

But, do we have to surrender the artistic side of things? Let’s face it, part of the reason NFTs boomed in the first place is because they’re creative and fun! Is there not some inherent value in that alone, some utility in beauty?

"Are NFTs Dead?"—NFT Concept Image

“Are NFTs Dead?”—Where Art and Utility Meet

For this next section, I’m going to do some shameless self-marketing and use our company as a use case for an NFT that does both. Our company HelloVacay is nearing release of an NFT collection that pairs both art and utility.

Our Utility: Thanks to partners like Priceline and Booking.com, those who hold our NFT can get up to 70% off the usual online prices at hotels and resorts internationally. In short, our utility is providing genuinely discounted rates on travel.

Our Art: For this reason we have named the NFTs in our collection ‘Passports’, because they allow our community to travel through our network of deals. These Passports aren’t boring government documents though. All of our passports are pieces of art, with most depicting a specific city or world monument. These specific cities do not limit your discounts (if you own the Paris Passport, you still can get discounts at London or Tokyo or anywhere internationally), but we do have specific perks in the works for certain cities and collections. Check out a few examples below.

Now, as much as I’d like to keep tooting our horn, we're not alone. There are a few NFT projects that are innovating now and combining Art and Utility.

All this NFT talk leaves you feeling some FOMO, asking yourself “why don’t I have one of these”? Or do NFTs bore you but you love the idea of having VIP rates at resorts and hotels all over the world?

Either way join our Whitelist for free today and earn a FREE Pilot Passport as soon as our NFT collection releases! Check out the link in our bio to join.

Congrats on being in the right place at the right time. 🥳🙌

Click here to enter our whitelist and get a free Pilot Passport upon our launch.

0 Comments

Submit a Comment

Your email address will not be published. Required fields are marked *

About The Author

Bradley Beachum

Bradley Beachum

Bradley Beachum is a content marketer, entrepreneur and artist whose interests range from blockchain technologies to filmmaking. His passion for emerging technologies and media, and the way these forces will shape our day to day lives in the near future, bleed through in all his work.

The information provided on this website does not constitute investment advice, financial advice, trading advice, or any other sort of advice and you should not treat any of the website’s content as such. HelloVacay does not recommend that any cryptocurrency should be bought, sold, or held by you. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.

Level Up Your Trips With 19 Essential Travel Apps

Planning a trip can be extremely time-consuming and even stressful. Thankfully, there are some fantastic apps that will make trip planning...

Forget Paris! 8 Spellbinding European Destinations That Rival the Popular Hot Spots

Europe is filled with dazzling destinations that top many travelers' bucket lists, from the Eiffel Tower in Paris to Big Ben in London....

Moving Up: Tips for Scoring Upgrades on Flights

Flying can be uncomfortable, especially on long haul flights or when you get stuck in a cramped middle seat in economy class. Upgrading to...

Exploring the World with Children: Seven Family-Friendly Destinations

Embarking on a family vacation is an opportunity to create lasting memories, strengthen bonds, and witness the world through your...

Unlocking the Secrets to Longevity in the Blue Zones of the World

Have you ever wondered what allows certain communities around the world to live remarkably long and healthy lives? The answer may lie in...

Outsmart Jet Lag: A Guide to Adjusting Your Body Clock

Jet lag can really put a damper on the start of a dream vacation or important business trip. Your body's internal clock is thrown off by...

Autumn Escapes: Embrace the Magic of Fall with These Unforgettable Getaways

As the summer heat starts to fade, a new chapter of travel opportunities opens up—it's the perfect time to embark on an unforgettable...

Flight Hacks: How to Get the Best Airfare Deals

When planning your dream vacation, finding affordable flights can significantly impact your travel budget. At HelloVacay.com, we...

Escape and Rejuvenate: 11 Wellness Tourism Spots in the USA

With stress levels on the rise, it is no wonder that wellness tourism has become increasingly popular in recent years. There are plenty of...

Ticket for One: 5 Unbeatable Destinations for Solo Travelers

Are you ready to embark on an extraordinary journey all by yourself? Solo travel is an exhilarating experience that allows you to explore...