Non-Fungible Tokens have trickled into the mainstream and are seizing the attention of potential investors worldwide. The form of NFTs is getting better each day. From artworks, music to real estate NFTs are now available in all formats. To be precise, experts firmly believe that NFTs will soon capture all the space where there is a concept of “Ownership.” Today, we are in the stage where users can blend physical and digital realms to create immersive and out-of-the-world experiences through developing Phygital NFTs.
What is Phygital NFT?
“Phygital” has become one of the latest and trending jargon among crypto enthusiasts. Phygital is a phenomenal union of physical and digital elements and is mainly used to represent the integration of digital advancements into brick and mortar businesses. This concept is now given a brand-new identity with the birth of non-fungible tokens. Phygital NFTs are the form of NFTs which take real-time products into the virtual worlds. This makes the asset more tangible and provides excellent qualities to the physical product in the digital space.
In simple words, Phygital NFTs are uniquely recognizable assets whose identity, ownership, transferability, and other features are structured as smart contracts on a blockchain. These NFTs will stand as the digital twin of the physical asset and contribute significantly to the burgeoning metaverse.
Phygital NFT Marketplace – Explained
Unlike other NFT marketplaces, Phygital NFT marketplace has an impressive storefront, which features physical assets NFT that have an amazing touch of virtual elements. It is a platform that allows users to buy, sell, trade, and hold phygital NFTs securely. From being a simple digital collectible, NFTs have now transcended into a whole new thing that merges physical and digital goods in a blink of an eye.
How does Phygital NFT Works?
Let’s quickly catch up on how these phygital NFTs work. Consider you see a guitar (physical product) in the phygital NFT marketplace. This guitar will have a QR code enabled in it. On purchasing the guitar, you will be able to scan the QR code present and access it. By scanning the QR code, you will receive the NFT version of the guitar. The interesting thing is that this NFT will be a key to unlocking the benefits in the metaverse. It can be used to represent your avatar and even can be used as a significant asset in the metaverse. So the digital qualities will be embedded in the physical guitar, thereby enabling you to access the digital world. The same will be the case with the phygital NFT sneaker, phygital NFT car, and other similar items.
How Do Phygital NFTs Differ From Physical NFTs?
Physical NFTs are the one that provides the exact physical item for the holder. In a physical NFT marketplace, all the assets will be listed as NFTs (virtual) in the marketplace, and the user who procures the asset will get a physical copy of the same NFT. On the other hand, Phygital NFTs are the one that provides digital access to the holder. In a Phygital NFT marketplace, all the assets will be listed as physical products in the marketplace, and the user who procures the asset will have both digital and real-world benefits.
Why is the Phygital NFT Marketplace Essential?
The prime necessity for the phygital NFT marketplace is the experience that it provides. We know that the competition in the market is rising to whole new levels each day, as new projects are continuously flooding the NFT sphere. Unlike other NFT marketplaces, the phygital NFT marketplace combines physical and digital experiences to provide phygital experiences. Let’s catch a glimpse of the experiences.
- Immediacy: Physical products along with virtual elements will be available immediately to the user upon ordering.
- Immersion: The marketplace bestows an immersive experience for purchasing the original product since it can be used to be in the metaverse.
- Engagement: Users will be entertained, amused, and overwhelmed by the products/items.
- Interaction: There will be never-ending omnichannel communication between the brand and the user.
- Connection: A hassle-free connection will occur between online and offline aspects of the business.
By this time, your mind would definitely think about “How to develop a phygital NFT marketplace?” Believe us, we are not psychiatrists to read your mind. It was just a blind guess! Infinite Block Tech is a one-stop shop for all the NFT requirements. Being an early adopter of any trend is the first and foremost success for a cryptopreneur. So, do not miss out on this wonderful opportunity to capture the trend by developing your own phygital NFT marketplace. Our experts are waiting for a chance to explain the concept much better. See you soon!