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Non-Fungible Token (NFT) has carved its name among the most successful projects powered by blockchain technology. Its success is due to a relentless content creator doing whatever it takes to quench his remarkable NFT thirst. Since the emergence of NFTs, several upgrades and modifications have been introduced by these creators to add value to the NFT landscape. One of these emerging concepts takes the form of the acclaimed Phygital.
Phygitals are physical or real-world items backed by digital tokens (NFTs) or NFTs backed by real-world or physical assets. “Phygital” is a coined word that combines “physical” and “digital” and establishes it by reflecting the synergy between the physical world and the distributed space. Additionally, a Physical NFT or Physical Asset incorporates dual functionality that defines a new level of NFT uniqueness.
Phygital concepts can be used in a variety of functions, but the decentralized space paves the way for innovative NFT infrastructures. Tokenization of physical items serves as a backup proof of ownership recorded on an immutable public ledger (blockchain). Additionally, Phygital aims to bring decentralized experiences to the real world, and will now be able to back NFTs with real-world assets, adding to the rarity score that defines their uniqueness and value. increase.
As explained earlier, Physical NFTs are double-sided. In the digital space, we have a digital form created on the blockchain network via smart contracts. In the physical world, we have corresponding physical assets. Both items in the heterogeneous region are connected by unique identifiers such as QR code tags or embedded microchips.
For example, a creator can create a watch NFT on the blockchain network and connect a corresponding physical watch to the NFT. In such cases, the physical item’s barcode or her QR code can be included in her NFT’s characteristics to bridge the two assets. So many reputable brands like VeeFriends, AzukiFranck Muller, RTFKT, GAP, Adidas, etc.
Physical NFTs can exist in many forms, including art, collectibles, designer gear, fashion accessories, and clothing, with the latter proving to be the most popular. Examples of his Physical NFTs in the fashion field include:
Just as an elegant timepiece beautifies the user’s wrist in the physical world, it also serves as a fashion accessory in the distributed space. This has allowed reputable brands such as Rolex, Franck Muller, Bulgari, The WatchBox and Breitling to debut in the ecosystem. For now, Rolex remains in the research stage, but Franck Muller, Bvlgari and The Watchbox are all making great strides in this exciting new trend. Acquiring an NFT clock in most cases comes with a real clock, watch box It works a little differently.
Therefore, the WatchBox has a corresponding physical Watches However, physical items are still stored in high-security vaults. For Breitling, on the other hand, owning a watch made after 2013 qualifies the owner for a retrospective NFT with some utility. Essentially, the accompanying NFT also serves as a decentralized proof of ownership for each piece.
Furthermore, the Italian watchmaker Panerai also makes its debut in the world of wristwatches Phygital NFT with the “Radiomir Irene Experience Edition”. The result is a collection of 50 glamorous watches, each partnered with his NFT. These NFTs include several utilities, including a special Mediterranean cruise along Italy’s Amalfi Coast in June 2022.
Another Physical NFT in the decentralized space is in the form of clothing items including face caps, hoodies, sweatshirts, t-shirts and more.
Discreet sneakers represent another wearable Physical NFT trending in the decentralized space.When Nike-owned RTFKT Phygital Sneakers Represent the leading brands that pave the way in NFT. Each Open Edition NFT is paired with a physical sneaker for all owners who acquire his RTFKT NFT within his six weeks of launch.
British artist Damien Hirst debuted in this landscape with his first painting of 10,000 ‘dots’ called ‘Currency’ in 2016. All of these paintings have his corresponding NFTs, debuting on blockchain in 2021. It took him a year to decide if the NFT redeemed a physical lottery to destroy his NFT. Or waive Damian destroying the physical paintings while buyers kept their digital counterparts. .
The second edition of Phygital NFT began on February 12, 2022 and was a limited collection of over 7,000 titled “The Empresses”. These NFTs also come with physical paintings and can be kept for up to three years so that buyers can redeem them or stick with the digital work.
Counterfeiters will go to great lengths to imitate products of reputable brands. The advent of Physical NFTs addresses this imbalance as each item can be verified on the blockchain network. For example, it would be difficult for anyone to sell a fake girlfriend’s GAP hoodie as his NFT or physical hoodie. It also reduces theft of NFT-backed physical collectibles. This makes it difficult for criminals to sell them without a legitimate claim.
The emergence of Physical NFTs will allow some brands to reach out to more potential customers, especially in the decentralized space. Brands adopting this concept can reach more customers and reach a wider target audience.
Phygital NFTs have paved the way for additional NFT use cases by extending their utility into the physical world. The concept of backing NFTs with physical assets is not limited to the items above. It can scale to different capacities as the brand sees fit. In addition, brands can also reward their loyal customers with NFTs by issuing corresponding NFTs on their physical products. GivenchyGivenchy will provide customers with NFTs that will serve as tickets to its 2023 membership program.
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*All investment/financial opinions expressed by NFT PLAZA are based on the personal research and experience of the site moderators and are intended for educational material only. , the product should be thoroughly investigated.
Technical writer with a passion for blockchain and all things decentralized world.
