A phygital is a product that combines the physical and digital worlds. The phygital is created when a physical object is coupled with a digital counterpart (the NFT). When you buy one of our three services, you’ll get a phygital card, which is both physical and digitally assessed.
Phygitals refers to a future in which everything is digitally connected to the internet and the blockchain. A phygital is a smart NFT that allows for extension and composability in ordinary items. Due to a lack of confidence, digital services could not previously be developed on physical objects. Phygitals are here to make a difference.
Due to blockchains and cryptocurrencies ‘ open-source nature, applications and services for actual objects can be constructed, such as protocols. For example, assume you’ve just acquired a high-end supercar — as a phygital. Both in your driveway and your digital wallet, this automobile would “sit.” Keeping your supercar in your digital wallet allows you to extend the warranty, rent it out to strangers, use it as collateral for a loan, and even drive the same car in the digital world beyond the universe — all without the need for a mediator to facilitate these transactions.
From smart products to trustworthy physical assets, phygitals encompasses many concepts. We buy products online on the old internet, Web2, which most public still uses today. Web3, based on blockchain networks, is where many people are developing the future and buying stuff online. The Earth is being phygitized.
Science fiction has influenced our visions of a future we live in both the physical and digital realms. That dimension has now become known as “The Metaverse.” Forbes admits that the Metaverse’s definition and capabilities are continually changing, The Metaverse is humanity’s creative playground in a globally shared, digital realm that will blur the barriers between reality and fiction. Real Items has combined actual items with a digital twin, or NFT, which are 3D replicas of your physical products, to expedite the acceptance and arrival of this new internet paradigm change. These goods can be brought into the Metaverse and interacted with digitally.
Phygitals is increasing the possibilities of goods as they are now by leveraging blockchain and NFTs to add a trustworthy digital layer to them. This digital layer lets you interact with apps and experiences created on top of the actual items you own, blurring the barriers between the real and digital worlds. As a result, the Metaverse will become more of an extension of our physical world as more and more of the tangible products we buy are available in the Metaverse. “Virtual reality will be a powerful drug,” said Steven Spielberg.
These digital worlds will enable us to interact with items we already know and love in new and innovative ways. For example, we’ll want to go shopping in the Metaverse and buy phygitals at the Metamall. Shopping alone and on our phones on the internet will become obsolete. Instead, we’ll shop for phygitals in a shared place with other digital avatars, and the phygitals we buy in the Metaverse will be delivered to our physical addresses.
The sci-fi future envisioned by Steven Spielberg is not far off. However, unlike popular belief, the Phygital future will not occur in a single enormous explosion. Rather, it will gradually embed itself deep into the foundation of our life, similar to exponential technologies.
Phygital NFTs in Retail and Augmented Reality(AR)
The survival of concrete block retail depends on phygitals. This industry has struggled to keep up with the rise of eCommerce, and phygitals have proven to be a lifeline for retailers looking to improve their marketing approach. Amazon’s amazing usage of augmented reality (AR) technologies allows consumers to view what furniture looks like within their homes perfectly illustrates this. The adoption of this technology creates a smooth and personalized shopping experience for customers. A phygital experience is when we interact with digital goods in our actual houses.
With the improved AR ability to add, alter, and arrange hundreds of pieces of furniture in the same area, Amazon consumers may now feel in total control of their selections. In addition, they may save and alter these designs on their phones or computers. This will save time and alleviate the customer’s concern that a piece of furniture will be too large or inappropriate for their home’s overall aesthetic.
Another example may be seen in the development of computational textiles. Yoel Fink, an MIT professor and creator of the Advanced Functional Fabrics of America, built the world’s first backpack that functions as a Fiber Computer, a “fabrics as a service” product, with the help of a team at MIT. Being near this bag gives you immediate access to knowledge that someone wants to share with their community.
A unique feature in phygitals can be included: the opportunity for clients to upload “memories” to an NFT through any digital wallet. Special smart contract-enabled chips or QR codes can be used to access NFT data and memories. However, instead of using technology to scan and engage in the fibers of a physical good, special smart contract-enabled chips or QR codes can be used to access NFT data and memories. Text, photos, and videos may all be used to create these memories. They also contain the position and date of the memory’s creation.
Phygital NFTs in the Car industry
Virtual showrooms can now display more frequently, showcase more models, and serve more clients thanks to Phygitals, all while lowering their exhibition expenses. Customers can profit from digitalization in addition to cost savings. Customers may escape the stress of bargaining by dealing with online platforms that manage the transactional process from beginning to end. In the automobile business, digital applications improve customer experience, which is crucial to a company’s success.
If you plan on selling your automobile in the future, converting it to a phygital will make the process go more smoothly. The NFT of a phygital automobile may hold almost any information about the physical vehicle, including maintenance records and driving history. The obtained data is tamper-resistant and unalterable since stored on the blockchain. Phygitizing your automobile will make it easier to transmit information to the future owner. It will be the most reliable method of selling your car because the buyer will examine every aspect of it.
Phygital NFTs in Real Estate
Property transfer is time-consuming and costly. This process can be sped up by converting the real estate to phygitals. A single NFT may keep all relevant data about a property, including reports, disclosures, pictures, and even videos. This consolidates all necessary data into a single database that can be conveniently accessed. NFTs are inherently tamper-resistant due to their usage of blockchain technology, making the transfer of property and information safe and indisputable. Phygitals can also be used to prove ownership. Anyone who legally owns the NFT has possession of it.
According to Forbes, transferring real estate property rights without violating securities laws is substantially easier. The property’s NFT may be placed into an online marketplace where future purchasers can bid on it by converting it to a phygital. Phygitals create new platforms for real estate transactions, making property resale more simple, efficient, and affordable.
Smart contracts are another layer of protection applied to real estate digital assets. Smart contracts are self-executing contracts in which the contents of the buyer-seller agreement are directly written into lines of code. As a result, its transactions are transparent, traceable, and irrevocable.
When the relevant land registration is entered into its database, smart contracts are automated and prepared to immediately deliver money to the seller. The procedure is fully automated and only occurs if both parties have met their obligations under the agreement. Smart contracts fundamentally combine the duties of notaries and brokers into a single self-contained system. In a word, a smart contract embedded into a phygital substitutes mediators in a property sale transaction, saving purchasers both time and money.
Phygital NFTs and Everyday products
Physcial items may have digital counterparts to improve user experience, as Amazon and car businesses have demonstrated. But what about the mundane aspects of life? What if you desire your favorite items in a digital format?
Combining real objects with a digital identity has several benefits. For starters, end-users may check whether a product is genuine by scanning the smart label or QR code attached to the product’s package. After purchasing the product and claiming ownership of the digital identity, the owner has complete access to the NFT’s unique content. Proof of origin, recycling guidelines, and a Certificate of Authenticity are all included in the digital identity.
Because of blockchain technology, NFTs are also intrinsically tamper-resistant. The blockchain is simply a transaction log on the internet. It’s also decentralized, which means there’s no central authority in charge and no single point of failure. The decentralization of blockchain and its openness enhance supply chain efficiency tremendously. This is especially important for companies with trouble with supply chain traceability and confidence.
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