When we think of blue-chip NFT projects, a few big names come to mind: BAYC, CryptoPunks, Beeple. These projects often attract new investors and artists into the crypto space, confident that all they must do to succeed is create a collection of cool apes and start a new Discord community.
In reality, most projects that mint on any blockchain come nowhere near blue-chip status, even when their artwork is worthy of it. There are many reasons for this, but a big one is the lack of meaningful utility. An NFT that has utility is one that has an application beyond the artwork within a defined ecosystem. Common utility NFTs relate to real estate, metaverses and fine art, but what constitutes ‘utility’ is constantly changing.
One NFT project that’s redefining what it means to be a utility NFT is Drunken Monkey Members Club. Built on Ethereum and founded by serial investor and entrepreneur Gavin Berry, Drunken Monkey offers its holders lifetime access to a real-life concierge network
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