Phygital NFTs — How Collectibles are becoming Tech Savvy
The first blockchain-based fan interaction platform in India, Sportzchain, is getting ready to introduce the country’s first “phygital asset”.
As we experience the zenith of technology every single day, we witness the development of the many arenas that we can come to conquer. As technology develops, digitization of the real world takes place and the two worlds begin to synchronize. “Phygital” is one of the results of this interplay. It refers to something that blends both physical and digital elements. A simple example can be that of restaurants, which provide delivery online and in-store physical services.
One of the more exciting developments has to be of Non-Fungible Tokens. They are essentially unique goods that are paid for in cryptocurrency on their respective blockchain technologies. Since it guarantees sole individual ownership of a digital asset, it is interesting for it to become a phygital asset. A virtual NFT asset can thus additionally provide the buyer with a material good that an NFT entails. This blended experience is an outcome of the versatility that NFTs have.
Thus, the brand of NFTs exists in both — the physical world, as a real figure that we can touch, as well as in the digital world, on blockchain. NFTs are known to entail a digital scarcity of a kind, which does not exist otherwise. This is because they are authentic in nature, and limited. They are generally one-of-a-kind by real artists, who may make series of an artwork, but each one is unique, which only adds significance to the artwork Taking it a step ahead, these same NFTs can add the same value to physical objects because of their authenticity.
Another aspect of a phygital NFT is the real-world value that owning a NFT digitally brings. Even though the main essence of an NFT may be digital in nature through tokens and such, they may have additional advantages. It can include perks and utilities that can be monetized or traded by the owners or holders of the NFTs. Not to mention, this practice in turn improves the market and inculcates efficiency. A ticket to a game that may come along with buying an NFT can be sold by the holder of the NFT, and it can go to someone who truly wants to attend the game. Such perks of NFTs are endless and possibilities are abundant.
An additional utility that cannot go unmentioned is a collectible. A collectible is an excellent business move that NFT artists and sellers are utilising. An NFT can have collectibles that hold a lot of value in real life as an incentive to buy the NFT in the first place. These collectibles represent real-world objects like music albums, video clips, concert tickets, gaming items, things of artistic value, and this list can go on and on. Some of these collectibles may be more in demand than the others and the fact that NFTs function on blockchain which is safe and transparent as to the ownership of the tokens only adds to the fascination and trust.
In India, the cryptocurrency company that offers authentic and worthy collectibles of sports teams and clubs is Sportzchain (www.sportzchain.com) along with their NFTs, which are produced as a result of having officially partnered with some of the best teams the country has to offer, as well as teams based out of the country.
