Hot off the presses of Gary Vee’s NFT project VeeFriends, another project is starting to create excitement around Utility based NFTs. The Meta Key is attempting to position itself as a resource for collectors to gain access to limited edition items across virtual worlds, NFT platforms, and more. From special items in Decentraland to VIP access to 3LAU’s virtual club, there are a myriad of use cases and hype building around these ideas. We’re excited about this project but want to better understand what incentives popular artists and platform have embracing Meta Key versus a company like Larva Labs who can essentially create the same type of Utility with their own “key.”
One Key To Rule Them All?
As projects like the Bored Ape Yacht Club and others start embracing Utility around projects, it is going to be interesting to see if these types of access keys create bucketed exclusivity or if there will be some combination of factors where by if you own an Ape and a Meta Key you get additional access to features, drops, and more.
Some of the key highlights the Meta Key website discusses about the Utility of this pass include:
- One Metakey can give you multiple perks across Decentraland, Sandbox, Somnium Space, Cryptovoxels!
- There will be 100’s of games and experiences across the metaverse. We’ll try integrate a use case for each one!
- The Metakey can be membership ID’s that can give you access to web3 enabled websites!
- Imagine all the businesses that build products whether it’s digital screens for art or toys for Metakey users. Discounts and coupons will be worked in for Metakey holders.
NFT Utility in the Real World
Whatever the outcome of this project, we love seeing these ideas continuing to grow in the NFT space. Gary Vee previously used an analogy of a Pizza shop letting customers collect NFTs for pizza discounts and then have the ability to sell or transfer them to another customer if they move. While the Meta Key still focuses primarily on the Digital space, the real world applications of these types of projects is equally exciting. We are working on scheduling an interview with the Meta Key team to learn more about their project.