This season, Ripple’s Creator Fund revealed its Wave 3 investment, and the big winners are phygital NFTs! Consequently, the giant company allocated $250 million to further innovate asset tokenization. The news comes as hybrid NFTs are skyrocketing in popularity as many IRL brands join the Web3 world.
Why Ripple’s Creator Fund Invested in Phygital NFT?
In early January, Ripple CTO David Schwartz said that the new wave of Web3 assets would be focused on utility NFTs, and he was right. In fact, the entire Ripple executive team predicted that this year we will see more phygital NFT projects than ever before.
After all, we’ve seen more tokenized assets launch in recent months than ever since the NFT boom of 2021. To support the movement, Ripple’s Creator Fund invested $250 million to support phygital NFT creators and developers.
Who supports Ripple for tokenization?
The team of Vibe recently revealed the top seven independent Web3 creators they support. From artists to music labels to developers, they share the same goal: to connect NFTs and physical assets through the XRP Ledger. Here is the list:
- Emporium Records: an IRL record label with the goal of giving fans exclusive access to new music and merchandise via NFTs;
- Robert Chew: a digital comic artist ready to give physical editions of comics to each of his NFT holders;
- Mike Sotirakos: Web3 expert helping physical artists join the NFT space through the XRPL ecosystem;
- Import Hot Nights: a ticketing service company that wants to sell NFT event tickets and real-life merchandise;
- Trauma Amnesia: the NFT artist aims to bring real life experiences and artwork to all members of the community;
- Natacha Einat: As a digital artist with a smart NFT community, Natacha plans to offer physical artwork and art masterclasses;
- Adrian Balastegui: an experienced physical artist looking to bring his canvas artwork to the NFT market alongside signed physical prints.
What are digital NFTs?
The term “Phygital” is literally a combination of the words “digital” and “physical”. Although it’s been around since 2007, you’ve probably only heard of it recently, thanks to NFTs.
In short, phygital NFTs are digital assets tied to physical objects, experiences, or anything else that exists in real life. One of the latest examples is Harry Potter – the iconic series released limited-edition physical jewelry that includes an NFC tag that links each piece to its corresponding NFT.
Meanwhile, renowned scotch platform “The Whiskey Barrel” has launched unique NFTs for its single-barrel scotch. In this case, NFTs serve as a guarantee to collectors that their whiskey bottles are not counterfeit. Many other brands have already released their phygital products, including Nike, Funko Pop, and Budsies to name a few.
To conclude, phygital NFTs are undoubtedly changing the world of trading IRL and virtually as we speak.
All investment/financial opinions expressed by NFTevening.com are not recommendations.
This article is educational material.
As always, do your own research before making any type of investment.
