With the current norm of non-fungible tokens focused around digital artwork or games, it is no wonder that some brands have started to innovate in order to stand out. With some projects releasing their innovations in the form of digital or even financial utility, some brands have begun to release tangible items to go along with their NFTs.
This new implementation of a physical object and an NFT has been dubbed with the catchy and fitting name, “phygital.” A marriage between the digital asset you purchase and the physical item you receive, these drops will allow you to showcase your NFT in the real world, and we’re not just talking on your phone’s background.
Bridging the Gap Between the Real and Digital World
As of writing, the primary trend in the NFT space still revolves around the digital asset that you would receive when purchasing a project. After purchasing, you are left with the fantastic feeling of getting into the community and are now able to reap the rewards.
Obviously, with each project comes your art and different utilities for both in real life (IRL) and metaverse; but what else comes from spending the hundreds, potentially thousands of dollars on this project?
NFTs are amazing for so many reasons, but a significant factor that keeps people at a distance is the tangibility of what you’re spending your hard-earned dollars on.
How the Phygital Trend is Changing the NFT Space
If you’re into NFTs, you’ve likely heard something along the lines of, “you just spent all of that money on a jpeg; why not just screenshot it?” And honestly, aside from the aforementioned project utility, that’s a very fair question for someone who isn’t savvy in the space. With the lack of tangibility being a problem for many outsiders, some NFT projects are starting to merge their digital assets with physical, real-world objects.
Utilizing NFTs to link to a real-world object is a trend that will continue to develop as NFTs become more mainstream. Using the blockchain confirmations to affirm ownership of this specific object will more than likely play a massive role in the world of luxury goods. So, with the thought of luxury, tangibility, and tokenization, let’s dive into the world of phygital goods.
How the Antonym Project is Leading the Way
One project that has really pushed the term “phygital” is Antonym; they’ve even made the bold statement of labeling themselves as the “house of phygital.” While being a mysterious NFT project, Antonym is also implementing a physical object of the character that will be a sleek replica of the NFT.
From what has been teased on Antonym’s socials, the IRL characters you will receive will not just be another version of a Funko Pop. While only prototypes have been released so far, these physical editions look like pieces of art that will be a gorgeous accent to a modern home or even your office desk.
With their push to be the brand that bridges the gap between physical and designer goods, Antonym may be just the company to inspire others to do the same.
Although Antonym seems to be setting the stage for things to come in the phygital realm, other NFT projects have done something very similar recently, one of which you may know even if you don’t coin yourself as an NFT aficionado.
This recent launch was a collaboration between Gucci’s iconic fashion house and digital tastemakers and toy producers, Superplastic. Dubbed SUPERGUCCI, this collection featured a handmade ceramic sculpture of your NFT character.
Created by Gucci’s Italian ceramicists and printed with Gucci’s iconic floral patterns, this step into the phygital space by such a massive brand is an excellent insight into the developing trend.
Using Phygital as a Method of Authentication
While the phygitization of NFTs is still in its infancy, many more brands are beginning to explore this option for their holders. Utilizing the blockchain to affirm ownership of a physical item is invaluable in itself, let alone if that item is an NFT.
As a real world example of this, Vinsent Wine recently announced they would use NFTs to authenticate bottles of wine. With what they are calling a ‘billion dollar idea’, customers will be able to track their bottles using as NFTs on the Ravencoin blockchain.
Using this example, it is easy to see how the phygital trend can apply to products across nearly every digital and real world industry. So, would you wanta piece of high-quality art to represent your NFT in your home, or would you rather keep it as your phone’s background?