Changing the NFT Game: Phygitals, Blending the Physical and Digital World Part 2
The way phygitals works is by allowing blockchain developers to blend virtual and real-world assets, resulting in the functionality of NFTs and giving them exponential potential. Phygitals act as the bridge needed by making it possible to seamlessly combine digital assets into more tangible objects and possibly exciting experiences.
In the blockchain, a phygital uses a digital format minted on the blockchain network via a smart contract. A unique identifier, such as a QR code, specific tag, or embedded microchip, links the digital to the physical world. Once in the real world, these phygitals will have a matching physical asset linked to the blockchain.
A great example would be a creator minting a wristwatch NFT on a blockchain network; a physical watch could be linked to the NFT using some form of authentication. The QR code, tag, or microchip identifiers will also be in the NFT to ensure that the two assets are securely linked. This idea might sound like years away from materializing, but companies such as Adidas, GAP, RTFKT, and VeeFriends are all working on making this a reality soon.
Hungry for more? Join me each week, where I'll break down complex topics and dissect the latest news within the cybersecurity industry and blockchain ecosystem, simplifying the world of tech.