Sixty Four Percent NFTs Have Multiple Utilities, Finds Dibbs

After comparing trade volumes from OpenSea’s top 100 collections of all time with those over a 30 day period in Q4 2022, Dibbs has uncovered a set of NFT utility facts and insights.

The data revealed an increasing interest in NFT utility types beyond PFPs, particularly content, events, and rewards distribution, after each collection was analyzed to establish how utility types are evolving.

Exclusive content is the fastest-growing utility for NFTs. 64% of NFTs, which account for 73% of all trading volumes, have two or more utilities. This data indicates that NFT collections with multiple utilities trade at higher values and faster rates than collections with only one utility—which account for just 28% of trading volume—as demonstrated by the rising popularity of utilities beyond PFPs.

A growing interest in NFTs that have both physical and digital utilities is one of the more intriguing findings. More than 25% of NFT sales volumes over the recently studied period were for collections with both physical and digital utilities, compared to 14% of all-time sales.

These findings are consistent with Dibbs’ most recent NFT Sentiment Report, which revealed that 84% of NFT adopters would buy NFTs if they could be redeemed for tangible goods.

Ben Plomion, Chief Marketing Officer, Dibbs, said: “Many people think of NFTs as a one-hit-wonder, with value only having been present in PFPs or other digital content-related opportunities, but in fact the NFT market is dynamic and fascinating in terms of the utilities that are possible, and emerging. It’s more essential than ever to fully understand the key drivers and trends that are having the most impact on NFT sales and trading.”

“OpenSea’s data supports that real-world use cases for NFTs are emerging and that overall sentiment toward the market is improving as consumers see more NFT relevance and utility in both the physical and digital worlds. We’ve also seen similar trends across our platform, and look forward to seeing more utilities unfold alongside the progression of Web3 and the metaverse,” Ben added.

Ten distinct NFT utilities, including content, event access, commerce, real estate, custom content, art, PFP, voting, gaming, and rewards, were discovered as a result of Dibbs’ analysis.

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