Previously we used to be able to visit fast food joints and enjoy the service but then covid hit. When the first wave was done, people were excited to get out, then came the second wave. So by the time the third wave came and went, the desire to explore the outside had significantly reduced. Then came the hybrid concept where you could attend an event, meeting, and even a movie in a Phygital setting, and that is what this is. To tell it in simple terms, Phygital NFT marketplaces are basically when the convenience and ease of digital meets the speed and efficiency of physical.
These marketplaces have recently been doing well, even though the NFT marketplace has not been at its best for several reasons. A couple of them could be that the current top 10 NFTs are not as high as the previous ones. It could also be the demand in the market for NFTs that are available right now is not that significant. There may be other possible reasons, but these seem the most plausible.
Implementation of Phygital NFTs and their marketplaces
-
Authentication
When an item of immense value starts getting copied, sellers often look for a certificate of authenticity; that being said, even those are being forged. It is becoming quite hard to differentiate the original from the fake; more often than not, people are getting fooled by items that are not even worth 1/10 the cost. To avoid this, the ideal way to implement Phygital NFTs would be to create certificates of authenticity, which are NFTs. These NFTs cannot be tampered with or cannot be copied hence ensuring that the respective customer receives the right product.
-
Ticketing
So imagine you are getting late for a game that you paid quite a bit to get a ticket for but only to realize that your tickets are missing or those seats are taken by someone else. The worse possible outcome is if those tickets were fake! Another case where these Phygital NFTs could be used is in the ticketing process, where the tickets would be NFTs. This would not only ensure that no fraud happens but also prevents the issue of carrying it around in a physical form.
-
Phygital NFT marketplace (Studios)
While not common Phygital NFT studios are being set up. These NFTs are means through which NFTs can be traded with something physical attached. A good example of this would be the Taco Bell NFT. The Taco Bell NFTs were sold for under 2 dollars with a physical gift card that lets them purchase taco bell all year round. These NFTs just got resold for over 180 thousand dollars. So by enabling Phygital NFTS in NFT marketplaces, there is a significant chase that may raise the demand for some NFTs.
There’s more to that
Phygital NFT marketplaces have one thing that does stand out; their business model is something unique. The procedure of a Phygital NFT marketplace is that they first help set up an account for you. After that, they create a crypto wallet, and despite it being a phygital purchase, NFTs will still be done with crypto. Not only that these NFTs while they come in a physical form as well, the digital one requires a wallet. All that aside, the most distinguishable feature is that you can sell just the Digital NFT without the physical element despite having paid for both as a bundle!
In conclusion
To summarise, Phygital NFT marketplaces are where Phygital NFT are sold. These NFT marketplaces are popular or are doing well right now, mainly factoring in a few things. Using these Phygital NFTs or these marketplaces ensures there is absolutely no room for fraud and fake items while ensuring efficiency. Apart from that, they enable the sale of the NFT while not needing to sell the physical asset. So that’s what Phygital NFTs and their marketplaces are all about.
