What are utility NFTs and how do they work?

Nonfungible tokens (NFTs) have traditionally been associated with digital art, profile pictures and other digital collectibles. Capable of preserving uniqueness, these tokens are still popular, but there is another type of NFTs that goes one step further — NFTs. They offer tangible and real-world benefits to holders.
Utility NFTs offer immediate value upon purchase by granting access to certain privileges or exclusive experiences. For example, they can unlock premium content, provide memberships, or allow holders to redeem rewards or items.
The value of the utility NFT most often derives from the value of the real-world item or experience it represents. However, it can also have intrinsic value based on rarity and popularity.

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