The Alpha:

• Portfolio tracker AssetDash just launched DashDeals, according to a Wednesday press release. It’s an asset-based rewards program modeled after Web2’s AMEX Rewards.
• To start, holders of DeGods NFTs, CryptoPunks, Bored Apes, Moonbirds, and other high-end NFT projects will be “immediately eligible” to receive rewards under the DashDeals program.
• Perks for holders of these NFTs currently include Apple gift cards, Nike gift cards, GameStop gift cards, Discord Nitro subscriptions, and more.

Why it matters

In the NFT world, the promise of utility is nothing new. Some even argue that forcing utility onto an NFT project can have a detrimental impact on its quality. In spite of that, “utility” remains a priority for new NFT projects entering the space — particularly ones with significant corporate backing.

However, at the end of the day, most consumers looking to buy something expect to be able to do something with it. As such, we’ve seen numerous projects in the past function as membership passes of sorts. Projects will say, “buy our NFT and receive X perks in the future.”

But what if a third party could step in and provide holders of specific NFTs with tangible utility? That’s exactly what DashDeals is hoping to do. Via this platform, AssetDash hopes to further encourage brands to take their first steps into Web3. “With DashDeals, investors can unlock hundreds of deals based on assets that they own, and brands easily get their product in front of the Web3 community,” said AssetDash Matias Dorta in a press release.

What’s next

For projects as huge and widely trusted as the Bored Ape Yacht Club, ownership of one of these eye-wateringly expensive NFTs also imparts an intangible — but equally valuable — perk for holders. Community. As long as you hold a Bored Ape NFT, you’re a member of the Bored Ape Yacht Club and are free to engage in all community activities from that point on. Along with that membership comes all sorts of opportunities to use your Bored Ape’s IP as you see fit.

Yes, owning a Bored Ape NFT does sound like an exciting prospect. But keep in mind that every NFT project handles the concept of utility differently. Some NFT projects don’t even offer any utility beyond its artistic merit. While that is a discussion for another day, initiatives like DashDeals are hoping to give holders more reasons to hold onto their prized NFTs instead of viewing them as mere speculative assets. To paraphrase Nifty Gateway founder Duncan Cock-Foster’s words at our State of NFTs IRL event last August, the NFT space needs to move past its primarily-speculative nature to truly catch on. So if you’re already invested in a blue-chip NFT, it might not be such a bad idea to ‘hodl’ — a free Disney Plus subscription is sure to keep you busy in the coming months, after all.

But wait, there’s more:

• The Art of NFT Memberships: A Guide For Brands and Users
• OneOf’s New NFTs Take Membership Passes to the Next Level
• Why Brands Are Refusing to Mention ‘NFTs’ During NFT Launches
• How The Rebels Beat Censorship and Built an NFT Community

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