Usability and utility is the hottest trend in NFT

Maciej Zieliński

23 Aug 2022
Usability and utility is the hottest trend in NFT

NFT is gaining popularity not only in the new technology sector but also in the real business world. Currently, NFT can be divided into two groups: 

  • Collectible items - these are tokens intended to be collected and owned - such as artwork, celebrity merchandise, entertainment content, Twitter names/domains, and memorabilia
  • Consumables are things or rights that can be realistically used, e.g., the right to download limited edition music, the right to share products and content, etc. 

What this means in practice is that an NFT with a utility function realizes its value based on services provided, consumption, and cooperation between companies. How does NFT create value? When do products become helpful, and how can they be used - we write about this below!

How does NFT create value?

We should remember that quantitative and qualitative factors influence NFT value. In practice: 

  • utility, 
  • rarity,
  • liquidity is the main factor of value creation. 

The market is shaping to treat utility as the primary value, which determines the approximate range of benefits obtained from owning NFTs. In addition to utility, rarity also increases their value. Typically, NFTs are issued in limited quantities - sometimes unique - gaining additional cache among collectors, so even a small increase in demand can lead to a rise in their price. It's important to remember that NFT transactions rely on liquidity, just like existing cryptocurrencies. This is important because liquidity makes people willing to take the risk of holding NFTs at high prices, thus increasing their value.

Emotion, and value and utility in NFTs 

The primary factor affecting the value of NFTs in terms of utility is the emotional charge that accompanies a product or service. Emotions show people's broad interests and tastes. It should be noted that an emotional approach in NFT arises when it is backed by, for example, social status, finances, property rights, great experiences, etc. When the above factors combine, the emotional appeal of an item leads to increased demand.

Utility of NFT for business

The usefulness of NFTs lies in their use of blockchain technology. With it, all rights and ownership of NFTs are extraordinarily secure and guaranteed. Smart contracts, blockchain, and NFT are gaining popularity in everyday life. It's easy to imagine a world where all contracts, movables, and real estate are reflected in NFT—selling a house using NFT? Nothing more straightforward - once the amount is booked, the smart contract will automatically transfer the rights to the new buyer, skipping all the red tape and selling a car. NFT will transfer, register and transfer ownership of the vehicle to the buyer once the funds are booked. It's a completely secure, fast, and transparent solution. No one will break blockchain technology, forge the title deed, sales contract, etc. Instead of looking for documents to prove ownership, this NFT will give you an actual record of the entire ownership history of the item.

The utility of NFT, and documents 

Nowadays, most people know that paper transactions are inefficient, require more staff, and are easy to lose (fire, flood, lost documents). Nevertheless, the paper has an advantage over documents in the cloud - confirming the authenticity of classic documentation is easier. In addition, documents stored online can be hacked, copied, or altered, which happens very often and generates high costs for companies. NFT transactions can solve both of these problems. They provide another form of security to digital commerce while making the entire process more efficient. Everyone involved in the transaction can follow the path from the creation of the NFT to the final version in real-time and know who else is involved. Identity theft can be a thing of the past. The assets represented by the NFT are tracked and verified for existence, increasing the confidence of all parties that transactions are carefully planned.

Advantages of utility in NFTs 

NFTs themselves carry some advantages. The following are benefits that can be directly linked to utility:

  • They can significantly reduce transaction processing costs for buyers and sellers of goods or services.
  • NFTs are easy to create, and a person can enter a few NFTs per hour - something they can't do with physical documents or even a large number of digital documents.
  • Enhanced security - no possibility of forged documents thanks to blockchain technology. 
  • No bureaucracy - the process is automatic using smart contracts. 
  • Interoperability - NFT helps keep all rights, settlements, and ownership between the consumer and the company in one place. 

Utility in NFT improves the brand-consumer relationship

Whether the NFT in question is musical, artistic, or collectible, it can be used to improve the relationship between artists and fans. Artists, in many cases, give preference to their art to fans who are in their clubs. NFT makes it easier to identify fans and even presents a history of their brand loyalty. Usability in NFT also allows communication between seller and buyer, which can be used to promote or pay for the artwork. 

Problems with utility in NFT 

We wrote earlier about the emotional charge associated with NFT. Like any solution, usability in NFT can carry some drawbacks. The first of these is undoubtedly the availability of the product. This is because blockchain technology and NFT (although constantly developing) are still known in a closed environment. The process, from creating a decentralized wallet to purchasing the final NFT, is complex. Having to double or triple fees along the way can be very inconvenient, especially for the general public. Additionally, many countries have legislative problems regarding NFTs. There are different criteria for interpreting NFTs as virtual assets, and many countries are having trouble regulating them. Although it appears to be a complicated sector, it can significantly facilitate many areas of the economy in practice.  

Examples of utility in NFT 

Some companies are implementing NFT usability into their businesses, moving with the times. Below are examples of sectors that are already using it: 

  • Art - Art Blocks is a leader in next-generation art. The listed platform supports the projects of the most innovative digital artists, combining creative coding with blockchain technology to establish a new paradigm of artistic creation and ownership. Through NFT's utility, collectors can participate in the realization of an artist's vision, resulting in unique algorithmic artworks. This symbiotic relationship and shared experience are the foundation of a vibrant community. 
  • Socks - is a sales project affiliated with Uniswap, where the purchase and sale of socks are made real by NFT. SOCKS are ERC-20 tokens and can be used like any other ERC-20 token on Ethereum. Uniswap created an initial liquidity pool of 500 SOCKS and 35 ETH to facilitate user trading. It's an exciting and humorous concept combining NFT with a real product. 
  • Jewelry - Tiffany & Co, a luxury jewelry company, intends to sell NFTs that give CryptoPunk holders the right to turn their NFTs into custom pendants containing gems and diamonds. It's a concept that works in reverse to SOCKS because here, you are really buying a charm that you can then wear in the CryptoPunk metaverse. 
  • GMI hoodie - Each hoodie contains an IYK chip that can be scanned upon receipt to obtain a combined NFT token and $1 GMI token. You don't need to download the application to make a claim. If you sell your hoodie, the new owner can pull the NFT from your wallet into theirs. This exciting project combines broad movable property rights - both classic and digital - in one place. 


The utility of NFT is one of the most important features of this kind of technology. It allows the transfer of property rights, improves the relationship between consumers and creators, and minimizes bureaucracy. Some companies are already taking advantage of NFT's usability - others are just analyzing the possibility of implementing this system into their corporation. It is undoubtedly one of the most exciting topics in 2022, so it is worth learning about its advantages and disadvantages!

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What is Account Abstraction?


10 Nov 2023
What is Account Abstraction?

Account abstraction is a new way of thinking about how users interact with blockchains. Instead of using traditional externally owned accounts (EOAs), account abstraction allows users to create and manage their accounts using smart contracts. This has a number of potential benefits, including improved security, enhanced privacy, and increased flexibility.

What is account abstraction?

Account abstraction is a concept that, at its core, aims to simplify the user's interaction with blockchain networks. It is a transformative approach that seeks to mask the technicalities of blockchain operations from end-users. It is making transactions as straightforward as sending an email. Account Abstr. allows users to interact with the blockchain without worrying about the underlying technical details.

How does account abstraction differ from the traditional model?

In the traditional account model, each user has an EOA. EOAs are controlled by private keys, which must be kept secret in order to protect the user's funds. Acc. abstraction allows users to create and manage their accounts using smart contracts.

Historical Context

The journey towards acc. abstraction began with the first generation of blockchain technologies, characterized by their "one-size-fits-all" approach to account management. Bitcoin, for instance, introduced the concept of accounts and transactions in a form that was accessible to tech-savvy individuals but remained perplexing to the layperson. Ethereum expanded on this by introducing smart contracts, which opened the door to programmable transactions but did not alter the fundamental account structure. The idea of acc. abstraction has been discussed in the Ethereum community for several years as a part of various Ethereum Improvement Proposals (EIPs), particularly as a feature to be potentially implemented in Ethereum 2.0. It is a direct response to the need for a more versatile and user-centric design that can cater to a broader audience and spur the widespread adoption of blockchain technology.

The Technicalities of Account Abstraction

Account abstraction is not merely a theoretical construct but a technical innovation with specific mechanisms underpinning its operation. In essence, it alters the way transactions are initiated and executed within a blockchain network.

How Account Abstraction Works

Under traditional blockchain models, initiating a transaction involves an externally owned account (EOA) signing a transaction with a private key. This transaction is then broadcast to the network for validation and inclusion in the blockchain. Account abstraction, however, replaces this process with a more flexible one. Here, every account is a smart contract, and transactions are messages sent through these contracts. These smart contracts can encode complex rules for transaction validation, beyond what EOAs can do, such as multi-signature requirements or conditional transactions based on certain triggers.

The technical crux of account abstraction lies in the smart contract’s ability to define its own conditions for transaction execution. This means that user accounts can have unique security protocols or automated operations without the user needing to understand the underlying smart contract code.

Hey! Are you interested in the latest technologies in the blockchain area? be sure to read the article 'Top Zero-Knowledge Proof Projects to watch in 2023'

The Benefits of Account Abstraction

The implications of account abstraction are profound, offering a range of benefits that can enhance the blockchain experience for users and developers alike.

Improved User Experience

One of the most significant advantages of account abstraction is the improvement it brings to user experience. By abstracting away the complexities of key management and transaction rules, it presents a more intuitive interface for users.

Enhanced Security Features

Account abstraction also allows for the implementation of advanced security measures. Since each account can define its own logic, users can tailor their security settings to their specific needs. For instance, one might set up an account that requires additional verification for transactions exceeding a certain value or restricts withdrawals to certain addresses.

Future Implications

The future implications of account abstraction are vast. As the technology matures, it could become a standard feature of blockchain networks, potentially making the current distinction between user accounts and smart contracts obsolete. This could lead to a new wave of blockchain applications that are both powerful and accessible, bringing us closer to the vision of blockchain technology as a seamless part of everyday life.

Challenges and Considerations

Technical Limitations

One of the primary technical challenges of Acc. abstraction lies in its integration with existing blockchain protocols. Current networks are optimized for the EOA model, and introducing a new account structure necessitates significant changes to the core protocol. This includes modifications to the way transactions are propagated in the network, how gas fees are calculated, and how the state of the blockchain is managed. Ensuring that these changes do not compromise the network's performance or security requires careful planning and extensive testing.

Compatibility with Current Systems

Another consideration is the compatibility of account abstr. with the vast ecosystem of existing blockchain applications and services. Wallets, exchanges, and other services have been built around the traditional account model. Transitioning to an acc. abstraction model will require these services to update their infrastructure, which may be a complex and resource-intensive process. Furthermore, there is a need for standardization across the industry to ensure that different implementations of account abstr. can work seamlessly together.


Acc. abstraction represents a significant leap forward in the quest for a more user-friendly blockchain experience. By streamlining the transaction process and offering enhanced security features, acc abstraction has the potential to make blockchain technology more accessible to a broader audience. However, the path to widespread adoption is not without its obstacles. Technical challenges and compatibility issues must be carefully navigated to integrate it into the existing blockchain landscape.

Key Takeaways

How to Add Gnosis Chain to MetaMask: A Simple Tutorial


03 Nov 2023
How to Add Gnosis Chain to MetaMask: A Simple Tutorial

As the cryptocurrency ecosystem expands, there is an increasing need for various blockchains with distinct capabilities. Gnosis Chain enters the scene, offering a selection of unique characteristics. By integrating Gnosis Chain with MetaMask, users can access a more comprehensive array of decentralized services. We will walk you through the steps to add Gnosis Chain to your MetaMask wallet in this tutorial.


Setting up MetaMask

Before exploring the integration of Gnosis Chain, it is crucial to have MetaMask installed and operational:

  • Download and Install: If you have not done so already, visit the official website to download and install the MetaMask browser extension.
  • Setup Account: After completing the installation, create your account and make sure to remember the provided seed phrase. This phrase serves as your primary means for account recovery, so keep it secure.
  • Secure Your Account: Protecting your MetaMask account is of utmost importance. Use a robust password and never disclose your seed phrase to anyone.

Gnosis Chain

It is always helpful to have a basic understanding before incorporating any new blockchain into your wallet:

  • Gnosis Chain Overview: Gnosis Chain, a rising star in the blockchain world, brings a range of decentralized solutions to the table, such as prediction markets and decentralized trading platforms.
  • Benefits & Features: Among Gnosis Chain's main selling points are its accelerated transaction speeds and potentially lower fees when compared to congested networks.

Tutorial: How to Add Gnosis Chain to MetaMask

In the top right-hand corner of your browser, you'll find the wallet. If pinned, click on the MetaMask fox icon; if not, click the three dots in the top-right corner. The following screen will appear:

An option to expand the wallet to a new browser page is available by clicking "Expand view:"

This action will launch MetaMask in a new tab:

By clicking on the ‘Ethereum mainnet’ in the top left corner, you can add another network. Click ‘Add Network’

Choose option ‘Add a network manually’

Then, input the information below:

Network Name: Gnosis Chain formerly xDai


ChainID: 100

Symbol: XDAI

Block Explorer URL:

After saving the settings, Gnosis Chain will be added to your network.

The Benefits of Adding Gnosis Chain to MetaMask

With multiple blockchains becoming more common, integrating Gnosis Chain with MetaMask offers numerous advantages:

Expanded Capabilities: Accessing Gnosis Chain through MetaMask opens up a collection of exclusive applications and features inherent to this particular blockchain, which may include unique dapps or cutting-edge financial products.

Diversification: The crypto domain is extensive and constantly growing. By incorporating various chains like Gnosis into MetaMask, you broaden your potential investment opportunities and decentralized application experiences, ensuring no opportunities are missed.

Speed & Cost-Effectiveness: Network congestion and high gas fees on established platforms like Ethereum can discourage many users. Gnosis Chain's architecture has the potential to provide relief through quicker transaction times and more affordable fees.

In summary, as the possibilities within the crypto sphere continue to evolve, tools like MetaMask grant users access to this expanding world. By adding chains like Gnosis, users can stay ahead in this decentralized revolution.


By bridging platforms like Gnosis Chain with accessible tools like MetaMask, individuals not only amplify their engagement with decentralized applications but also fortify their position in this expansive realm. The integration of Gnosis Chain to MetaMask epitomizes the evolution of the crypto landscape – a testament to its ever-growing diversity and potential. As we continue to delve deeper into the decentralized future, tools and integrations like these will undoubtedly play a pivotal role in shaping our digital experiences and opportunities. Whether you're seeking more efficient transactions, diverse dapp interactions, or simply a broader understanding of the crypto ecosystem, this guide's steps open doors to a new horizon.