How NFTs help brands add extra value to their products
NFTs have grown in popularity with brands recently; they’re great tools to entertain the community and grab media attention. Well-known fashion houses like Gucci, Dolce & Gabbana, Ralph Lauren, and Balenciaga have already jumped on the NFT bandwagon to promote new products and engage with customers. However, NFTs are more than just marketing. Because of their capabilities, NFTs can guarantee the identity, origin, and other specifications of a product. Let’s see how NFTs can help brands add extra value to their products, and what Cappasity is bringing to the table.
As a rule, cryptocurrencies are “fungible,” meaning they can be exchanged for one another. NFTs are different. Each has a unique identification code and metadata that distinguish them from each other, making it impossible for NFTs to be traded or exchanged like-for-like (hence, non-fungible). An NFT stores extra information, being a «one-of-a-kind» asset in the digital world, which makes it more special than a pure cryptocurrency.
Thanks to their unique digital encoding mechanism, NFTs have become a solution against imitation and replication of intellectual creations like digital artworks, music albums, and virtual clothing. NFTs allow brands to protect digital products from counterfeiting when they sell virtual goods online. Some retailers go further and use NFTs as digital certificates of ownership for physical items. Authentication is done via a QR code, and the product goes on the blockchain while minting an NFT for the owner, which then acts as a product ID, certifying its authenticity and provenance.
Back in 2019, Nike patented CryptoKicks, a system that enables the authentication of sneakers by attaching cryptographically secured digital assets to a physical product. In the same year, footwear manufacturer New Balance launched a pilot program to check the genuineness of its newly launched basketball shoes via a reliable blockchain network to provide proof of origin to every customer. With this project, the brand intended to help customers feel confident that the footwear they are purchasing fulfill the quality promise.
On top of that, an NFT can serve as a unique key to special content connected with the item, and this is where Cappasity NFTs come into play. Unlike other digital assets, Cappasity NFTs have a section for additional materials where brands can add not only photos and videos, but also textual information (e.g. a product or brand’s history), 3D/3D View visualization, AR holograms, virtual try-on, and more. Check out how the owner of Cappasity NFT can interact with the product in Augmented Reality:
As you see, Cappasity NFT can contain additional information about the item, which unlocks more utilities for NFTs. For example, Cappasity NFT holders can get special rewards, like premium membership, loyalty bonuses, priority access to new product launches, and VIP passes to events. As a result, Cappasity NFT will help brands add value to their products through access to unique content and a product authentication solution.
Besides, the owners of Cappasity NFTs will be able to sell them on marketplaces like OpenSea and others. The proprietary utility token CAPP will be used in the provision of NFT services.
If you want to launch your first immersive NFT project, contact our team via. firstname.lastname@example.org
CAPP utility token: https://cappasity.com/tech
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