Traceability and authenticity: two key benefits of phygital NFTs. Learn how this technology is helping with combating counterfeit products and enabling collaboration.
is created on. However, communities around phygital NFTs can be blockchain agnostic and focus on the brand that they feel an affinity to.With several Web2 brands wanting to create closely knit communities, industry use cases for phygital NFTs are limited only by imagination.
Another strategy is providing access to an alternative nonfungible token upon burning. There are also in-store NFT activations where customers collect an NFT once they have purchased a real-world product or service. Brands use these nonfungible tokens to offer targeted community experiences. These experiences provide customers with a sense of belonging, proving to be vital in retention and further acquisition.
Community experience is just one big use case of phygital NFTs. Considering nonfungible tokens are authentic and tamper-proof, any person buying phygital NFTs can trace the evolution of the goods they buy right from the person who purchased them first. This helps build authenticity and trust, one of the cornerstones of economic transactions.
This new technology has unearthed a few ways of collaboration across creators, developers, brands and their consumers using Web3 design fundamentals.Proof of physical presence NFTs have been the poster child of the NFT paradigm. Can phygital nonfungible tokens dethrone the king by virtue of their utility?
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