What are phygital assets? Phygital NFT Explained

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What are phygital assets? Phygital NFT Explained

What are phygital assets? Phygital NFT Explained

if you saw our soul-bound token videoyou might agree that nfts are mostlyabout signaling wealth but their usecase is looking to change for the betteras digital assets become a realitybut what are digital assetsa fictional asset of digital nft is aphysical item that has an nfccounterpart on the blockchainthe two go hand in hand which means theownership of any physical item can beverified on the blockchainremember when you had to prove to yourmum that your brother didn’t own thattoy but you did well future generationswon’t have that problem there arealready projects working on supportingdigital assets and the luxo blockchainis one of them the project offers nfcchips you can attach to physical itemsanyone can then scan the chip to verifythe item on the luxo chain in theirwhite paper luxo says users can carrytheir ownership between physical anddigital realities and preserve the valueof their belongings everywheretheir uniqueness history and scarcityimagine you’re about to buy a car butyou’re not sure if the shady seller istelling you the truthif it’s a digital asset all you have todo is open an app scan the chip in thecar and instantly verify the car’sauthenticity however luxo is mainlyfocusing on the digital lifestyleapplication of digital assets likefashion and not used cars just yetfashion of course is already big in thereal world but it’s set to become evenbigger in the metaverseif you spend hundreds of dollars on agucci shirt you know you want to show itoff in the metaverse too visual assetswill make that possible as clothing inthe real world can be connected toclothing in the metaverse physicalclothes you buy will have that identicalcounterpart on the blockchain yourentire brand will essentially flowbetween the physical and digitaldimensionsthere are already marketplaces where youcan trade digital assets uniquely.ioallows brands to create their own storewhere they can sell digital wearableswith a corresponding physical item whichuniquely calls wearables 3.0check out this digital axolotl t-shirtit’s already a 3d model ready to be usedin decentraland and the sandbox and youcan actually redeem the nft to receivethe physical t-shirt boston protocol isanother project that enables theseamless exchange of digital assets forphysical products their land indecentraland called boston portal is aplace for brands like tommy hilfiger tosell luxury and exclusive physicalproducts as nfcs the well-known modernartist damien hurst played with the ideaof digitals when he produced an nftcollection called the currency where hescanned real signed artworks and createdthem as nfts on the blockchain in july2022 currency holders had to decide ifthey wanted to burn either the physicalartwork or the nft with 51 choosing toburn the nft to receive the physicalartworkamazing considering that one of hers’sprevious art pieces fetched 19.3 milliondollars blockchain technology isinvading the real world like neverbefore so it’s time to get digitalthanks for watching everyone we’ve got alot more videos for you so click any ofthese videos so you can keep watchingand don’t forget to like if you liked itand sub if you dug it

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