Is NFT Utility a challenge? Find out how cocky sets new standards

Non-fungible tokens (NFTs) continue to attract special attention in the cryptocurrency sector, even though the initial hype around them has died down a bit, and even though crypto continues to suffer through a bear market. After the Collins Dictionary made non-fungible token its 2021 word of the year, the burgeoning NFT sub-sector continues to grow steadily, with trade volume still topping half a billion dollars per month.

But even if NFTs still manage to sell for large sums, finding a real use case for non-fungible tokens remains somewhat of an enigma. Musicians and bands have released albums in conjunction with limited-edition NFTs, while names like Bored Ape Yacht Club are branching out into new areas, but it’s arguable that non-fungible tokens have yet to find a “killer app” that provides actual benefit to its holders.

This is a valid criticism, but it is one that may not remain valid for long. Significant players in the music and gaming industries, for example, are convinced that NFTs have a meaningful future within their sectors, and there is one new player in music and entertainment that serves as a good example of this.

This is Cocky, a self-styled “lifestyle club” which uses NFTs to offer access to a variety of music events, both in-person and in virtual reality. By linking non-fungible tokens to attendance at actual events, Cocky anchors them in the real world, ensuring they will have value insofar as they refer to something other than themselves.

What is cocky and how does it connect NFTs to music events?

Launched just a few months ago, Cocky aims to use NFTs in a number of interesting ways in the context of live (and virtual) music events.

At its simplest, Cocky will issue a pool of 10,000 NFTs based on the Ethereum blockchain. These NFTs will take the form of “visually stunning” cans (ie soda cans), like the image below.

According to Cocky’s website, these boxes will be based around 51 skin variants, which change their basic designs and styles. However, what gets interesting is that these NFT-based boxes will change depending on which Cocky event holders are participating.

For example, the boxes will have one of three possible lids (black, silver and gold), which vary according to the user’s level and which give the holder unique advantages at Cocky events. These caps are randomly assigned to NFTs, and grant holders such perks as accommodation, subsidized transport and bar tabs.

More interestingly, a user’s NFT receives a “passport stamp” when they attend new events. The more events they attend, the more their box mutates, increasing its rarity and potentially increasing its value on the used market.

The combination of these mutations and randomly assigned caps/levels will likely make buying Cocky NFTs on the secondary market more desirable for traders, as ownership will provide future benefits to holders, as well as enable participation in events.

This is exactly where utility comes into play, as keeping a Cocky will become useful and valuable to the owner, allowing them to enjoy real experiences and receive special VIP benefits while doing so.

Regarding these experiences, Cocky’s website and Twitter reveal that these will be (at least for now) ‘world class’ electronic music events. It plans to host anywhere from two to four in-person festivals or events each year, in addition to more regular virtual events.

With the virtual events, they will be streamed by Cocky on its own platform, while the physical events will take place in “spectacular locations around the globe.” None of these locations have been revealed yet, but Cocky is certainly promising big things by using the word “spectacular.”

The roadmap and the Pre-Mint sale

Helpfully, Cocky has released its roadmap on its website, revealing that it will release the venue – as well as open registration – for its first event in the last quarter of this year. This first event will then take place in the opening quarter of 2023, where participation will grant mutations to the NFTs held by the participants.

As for actually acquiring Cocky’s NFTs in the first place, pre-mint sales have just begun, with interested parties able to register via a visit to the platform’s official website.

Overall, Cocky’s plans are certainly ambitious, with the roadmap and FAQ suggesting that Cocky is positioning itself as a sort of Bored Ape Yacht Club for music events. Although not explicitly stated anywhere in the platform’s online materials, it is likely that the events and NFTs will be aimed at the higher, more luxurious end of the market, at least judging by the promise of beautiful locations around the world.

This would mean that ownership of Cocky NFT could potentially give regular holders the opportunity to rub shoulders with a more “upmarket” demographic. Needless to say, time will obviously tell if the rich and/or famous will go for Cocky’s NFTs, as they did with BAYC.

Provided Cocky can secure good lineups for its music events and good facilities, there’s a good chance it will attract a decent crowd and community. If this proves to be the case, the NFTs could end up being valuable, as they would provide entry to a world where music lovers can enjoy unique experiences and meet like-minded people.

The future of NFTs

In other words, Cocky’s arrangements will help non-fungible tokens become more than a nice digital collectible to have in your possession. And this is something that NFTs have been trying to develop beyond for a couple of years now, despite the initial hype.

Encouragingly, there are other indications that NFTs may begin to offer some value to their holders, beyond speculation. This is evident in the use of game developers and publishers aiming to create non-fungible tokens, while it is also evident in crypto-native projects such as Bored Ape Yacht Club moving into the metaverse.

It will take some time for things to mature to the point where NFTs make a valuable contribution to the lives of their holders, but it is clear now that the industry is well aware that it needs to do more than just provide a promising vehicle for speculation. And with Cocky’s plans to link NFTs to real-world events, it appears it has begun to do just that.