PHYGITAL,
fusing physical and digital assets.
The physical and digital worlds have come together to bring us phygital assets. Assets that can be used in both the physical and the virtual world.
5 DECEMBER 2022
Non-fungible tokens (NFTs) and the metaverse have exploded in popularity over the past year, spawning a variety of new initiatives and use cases. The utility NFT, a kind of NFT meant to give holders additional value beyond the actual digital asset, is one new use case in this area.
Access and goods are made available through utility NFTs to anyone who wants to interact with companies and take part in the project's culture. Web3 gives a chance for crypto-native and Web2 firms in fashion and entertainment to offer their audiences both digital and physical goods and experiences. Since the physical and digital worlds are now so frequently combined, the term "phygital" has been coined.
Access and goods are made available through utility NFTs to anyone who wants to interact with companies and take part in the project's culture. Web3 gives a chance for crypto-native and Web2 firms in fashion and entertainment to offer their audiences both digital and physical goods and experiences. Since the physical and digital worlds are now so frequently combined, the term "phygital" has been coined.
The idea is simply that the project links the real and digital worlds in some way, rather than existing solely in one or the other.
Some of the most well-known consumer companies in the world have contributed to Web3 with their interpretation of phygital ideas as a result of the idea of developing phygital products and experiences. Numerous brands, including Nike, Dolce & Gabbana, Tiffany & Co., have developed distinctive phygital offerings and experiences.
Unique phygital pairings created new products that felt less like objects and more like experiences, depending on the company's specific offering.
Consider Nike's first digital experience as an illustration. Nike disclosed that it had acquired a patent for sneakers using blockchain technology by the end of 2019. Nike acquired NFT shoe studio RTFKT Studios as it advanced toward phygital experiences. RTFKT x Nike Dunk Genesis CryptoKicks, a brand of metaverse sneakers by Nike, were introduced as a result of this transaction. By purchasing one of these NFTs, you can wear your sneakers in the metaverse and assert your ownership of an identical pair of shoes in the real world.
Consider Nike's first digital experience as an illustration. Nike disclosed that it had acquired a patent for sneakers using blockchain technology by the end of 2019. Nike acquired NFT shoe studio RTFKT Studios as it advanced toward phygital experiences. RTFKT x Nike Dunk Genesis CryptoKicks, a brand of metaverse sneakers by Nike, were introduced as a result of this transaction. By purchasing one of these NFTs, you can wear your sneakers in the metaverse and assert your ownership of an identical pair of shoes in the real world.
In the rise of phygital activations, fashion has undoubtedly taken center stage, fusing the conventional in-person runway show with fresh, digitally made outfits or conducting Web3 fashion week events in the metaverse. A simple illustration of how these events operate is the coupling of real-world items with in-game or in-metaverse items for your avatars. However, the physical world is not simply about clothes and sneakers.
In the digital arena, collectible initiatives have also started to emerge. For instance, Funko Teams and Warner Brothers announced a collaboration for DC comic-based NFTs on WAX in September 2022.
In the digital arena, collectible initiatives have also started to emerge. For instance, Funko Teams and Warner Brothers announced a collaboration for DC comic-based NFTs on WAX in September 2022.
Through the collaboration, DC fans had the chance to take part in an NFT drop for the digital edition of the comic book "The Brave and the Bold" from DC.
The brands have announced the publication of a physical edition of the comic book that will be sold by Walmart in order to better connect digital and physical experiences. You would get access to the other with your purchase of the digital or physical version, whichever you choose.
Creators and brands alike have been captivated by the recent trend toward delivering real-world functionality in the digital world. By fusing the actual and the virtual worlds, phygital drops are going beyond simply buying something to exhibit and instead are bringing the two together to create one-of-a-kind experiences.
