- Content-based collections have grown tremendously despite PFP collections ruling trading volumes for top 100 collections of OpenSea.
- Future collections must provide multiple utilities to survive the competition.
- In comparison to 14% sales of all time, more than 25 percent of NFT sales volumes are for collections that have both physical and digital utilities.
Today, we are revealing a set of NFT utility data and insights after comparing trading volumes from OpenSea’s top 100 collections of all-time with those over a 30-day analysis period.— DIBBS (@dibbs_io) January 5, 2023
🗞️ Read all about: https://t.co/OTykrLAUPm | #nfts #nftcommunity #nftutility https://t.co/8mGI8HG5f3
After evaluating each collection to decide the way utility types are emerging, the data showed a rising interest in NFT utility types that’s beyond PFPs and include events, content as well as distribution of rewards.
There’s no doubt that in the current time, content is the fastest-expanding utility in terms of non-fungible tokens. 64% of NFTs include two or multiple utilities; thus, covering 73% of entire trading volumes.
According to the data, NFT collections that have multiple utilities have higher trading values and faster rates as compared to collections that have just one utility. To maintain pace with the competition, it is important for future collections to provide multiple utilities.
Moving on to other relevant findings, there’s been an increase in NFTs that include physical as well as digital utilities. In the recent period, 25% plus NFT sales volumes are for collections containing physical and digital utilities.
The insights are in line with a NFT Sentiment Report by Dibbs via its marketplace data that observed that 84% NFT adopters will buy non-fungible tokens, provided they can redeem them for physical goods.
Though the NFT market is both dynamic and wonderful when it comes to evolving utilities, a number of individuals consider non-fungible tokens with value being in PFPs or digital content-based opportunities only.
Chief Marketing Officer at Dibbs, Ben Plomion, said that it is extremely important to understand the major pillars and trends that influence both NFT sales and trading.
Based on the data from OpenSea, the real-world applications for non-fungible tokens are increasing and the entire point of view regarding the market is refining with consumers finding NFT significance and utility in real and digital worlds.
As part of analysis by Dibbs, the company figured out ten distinct NFT utilities including- real estate, voting, event access, art, rewards, content, gaming, custom content, merchandise and PFP.