In addition to community expertise, phygital NFTs also help build traceability into a product being sold to a customer. The history of the product and its providence can add credibility and commercial value to a physical good.
The community experience is just one great use case for NFT phygital. Since non-fungible tokens are authentic and tamper-proof, anyone who buys fictitious NFTs can track the evolution of the products they buy directly from the person who bought them first. This helps to generate authenticity and trust, one of the pillars of economic transactions.
Thanks to traceability, phygital NFTs can also help counteract counterfeit products on the market, leading to the sale of original products. Finally, non-fungible dummy tokens create more collaboration and are a means for artists to monetize their skills. For example, artists can monetize their work on Felt Zine by collaborating with a brand, like Givenchy, to create branded content for the brand’s advertising and marketing campaigns.
This may involve the production of new photographs, artwork or other visual materials that highlight the Givenchy brand or products. The artist may receive compensation for her work in the form of a fee, royalties, or a portion of the proceeds from the sales of any products incorporating her work. The artist can also gain visibility and recognition for her work, which can strengthen her personal brand and attract new business opportunities to profit from her art.
This new technology has discovered some ways of collaboration between creators, developers, brands and their consumers using the fundamentals of Web3 design.
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