Non-fungible tokens (NFTs) like BAYC made headlines for becoming a cultural phenomenon. Their utility, however, extends far beyond digital art and collectibles. A particularly innovative application of blockchain-based tokenization is asset-backed NFTs. Asset-backed NFTs represent ownership rights associated with real-world assets like precious metals and agricultural produce on the blockchain.
As the digital revolution became more widespread, businesses started digitizing documents to improve efficiency, reduce costs, enhance security, and promote sustainability. But it also brought new challenges with it. For example, it’s difficult to track ownership history of digital documents and verify their authenticity.
Many users complained about mint delays and expressed disappointment at the fact that they couldn’t purchase the NFTs from the secondary marketplace if they didn’t hold ETH.
This goes to show that the hype and novelty of a project aren’t enough to determine its NFT’s success. The NFT claim experience a brand offers also remains a crucial element. So, for an NFT campaign to truly succeed, brands must pay attention to their NFT claim experience.
Major brands are increasingly embracing Non-Fungible Tokens (NFTs) to stay ahead of the competition in the rapidly evolving digital landscape. Alexandre Tsydenkov, the founder of the NFT Paris conference also highlighted this shift in a recent interview with Decrypt.
The interest in NFT utility is growing beyond just profile pictures (PFPs). We found that 73% of NFT trading volume is made up of NFTs that have two or more utilities. And the top three utilities for NFTs include redeeming them for a physical object, accessing events, and receiving exclusive merchandise.
Besides, 84% of NFT adopters said that they’d purchase an NFT if they were redeemable for physical items. That means brands can use redeemable NFTs to create new revenue streams, enhance customer engagement, and pave the way for innovative business models. But what exactly does “redeem NFT” mean? And how can redeemable NFTs benefit brands?
Non-fungible tokens (NFTs) have fundamentally transformed our understanding of ownership and value in the digital realm. They have found a myriad of applications from digital art and music to virtual real estate, and created a vibrant and diverse digital economy.
Non-fungible tokens (NFTs) first made headlines when Beeple’s crypto art piece “Everydays: The First 5000 Days” sold for $69 million in 2021. The same year, Sky Mavis, a game studio, released Axie Infinity — a monster-battling game with NFT characters and in-game items — further skyrocketing the popularity of NFTs.
In 2022, digital collectibles and in-game items dominated the non-fungible tokens (NFTs) market, generating over $24.7 billion in trading volume. But critics have pointed out that these non-fungible tokens lack real-world utility.
At the same time, another kind of non-fungible token called physical NFTs started gaining momentum in the NFT space. Unlike digital art collectibles, physical NFTs have better real-life use cases.
This article will explore some of the real-world uses of physical NFTs. Before diving in, we will briefly explain what physical NFTs mean and how they work.
In recent years, the sports collectibles landscape has rapidly changed. Projects without collectibility, repeatability, and utility have fallen by the wayside. A few weeks ago, NBA legend Baron Davis and Dibbs co-founder and CEO Evan Vandenberg explored the current collectibles landscape at Collision Conference, one of the largest tech conferences in the world.
Baron discusses his passion for collectibles and how he sees the future of the industry. He believes that collectibles should be more than just digital objects. They should also provide access, utility, and storytelling elements. Evan shares his vision for Dibbs' Taas (Tokenization-as-a-Service) solution, a platform that allows brands to tokenize their high-value items as physical-backed digital collectibles on the blockchain. He believes that Dibbs can revolutionize the collectibles industry by making it more accessible, efficient, and global.
Check out exclusive images from the conversation, and read on to hear how Baron discussed the key factors for successful collectibles projects for today and tomorrow.
The past few years have seen the rise of branded web3 projects that expertly blend physical and digital products, resulting in delighted fans and lucrative opportunities. As a result, companies that have been hesitant to dive into the next generation of the internet now have a blueprint they can follow to find their own success in this forward-thinking space. By studying the best web3 companies and understanding what they have in common, tech-savvy entertainment brands can make the pivot and tap into an engaged community of blockchain users. Here’s how these companies took advantage of web3 opportunities and what you can learn from them.
