How do Utility NFTs work?

Utility NFTs are NFTs that provide functions other than acting as unique digital assets. These are NFTs that give their owner access to advantages, rights, or rewards that they would not otherwise have.

The easiest way to understand utilities NFT is probably by an example. For a show with 800 seats available, you may hand out 800 paper tickets. Because each paper ticket will have a different ticket number, they will all be separate or non-fungible. Each unique paper ticket, however, grants the same privilege, right, or service. In this case, that utility is admission to the concert.

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