What does crypto utility even mean nowadays?
What does crypto utility even mean nowadays?
I’m a bit lost on how much the word “utility” gets thrown around these days that it’s starting lose it’s meaning.
It sometimes is being used as the pinnacle of every memecoin project and was used a lot for the nft bubble in 2022. Every coin and or nft had to have utility.
But then looking at the “utility” of these tokens, it’s things like:
• Lock your nft for rewards from this pool we bought with minting fee • “Stake” your coins to receive rewards • Use this coin to save on your exchange fees
Yes, I see that crypto can do things, but do we need so many coins to do these things? Does crypto really have this “utility”? How can we bring this back to being a serious thing and add utility to our NFT / coins?
There are lots of smaller projects that use crypto that get mentioned all the time, they get downvoted specifically in this sub because it only affects a tiny number of people. There is plenty of utility (e.g. recent CA DMV on-chain tokenization of ownership transfers), just not anything that affects millions of users.