The value of NFTs, simply put, is derived from either community, status, utility, or a mix of the three.
Probably the most misunderstood of these use-cases is utility. That’s largely because the broad nature of the term can mean many things, and within the world of NFT projects, there’s been a diverse range of interpretations.
Projects like Jenkins the Valet’s Writer’s Room and Autograph.io are offering members vastly different interpretations of utility, but still both fall under this bucket.
One project that has quietly pioneered a unique path in this space has been Buster Scher through his project “The Buster Show Utility Mics.” Each NFT is an originally-drawn mic representing an episode from Scher’s podcast.
For example, if you’d like to own the corresponding NFT to The Buster Show’s episode with Metta World Peace, you’d buy TBS Utility Mic Ep #32. Or, for the episode with AJ Vaynerchuk — TBS Utility Mic Ep #68.
When it comes to the utility for mic holders, it’s surprisingly tangible. Of course, that fits Scher’s work as a podcaster and social media influencer within the collectibles community — taking on topics ranging from sports cards to Lincoln autographs.
So, in that spirit, one of the benefits to holders has been real-life airdrops. Unlike an OpenSea notification, these community rewards arrive in the mail and come stuffed with rare coins, vintage sealed wax, and modern cards of today’s biggest stars.
“I want to overwhelm everyone who buys in with gifts, access, fun, equity and community.”
The Buster Show podcast started back in 2018. And when Scher saw the emergence of social media influencers launching their own NFTs, he saw most were missing a massive opportunity to tie the NFTs to their work.
“Seeing the lack of projects in the space around pre-existing IP was shocking. Everyone was making new stuff instead of attaching it to what they were already doing.”
The most exciting part of the project is still to come, with plans to announce a way for mic holders to benefit directly from their NFTs in the form of passive revenue generated directly from their corresponding podcast.
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