What’s the difference between digital and physical NFTs? Let’s see how physical NFTs are bridging our digital and physical lives.
Physical NFTs are digital tokens tied to real-world assets. Also referred to as, these assets combine the digital and physical and can be used to prove ownership over real-world assets, such as artworks, fashion goods, property deeds, tickets, and more.There are two parts to physical NFTs. One part refers to the digital asset issued on a blockchain through the use of smart contracts.
While authentication is one of the biggest applications of physical NFTs, they can also be useful within the supply chain, where blockchain technology can help provide traceability and certification assurances.A big upside of physical NFTs is that they can prove authenticity and provenance. In a world where many physical goods can be easily counterfeited, physical NFTs can be a valuable tool for consumers and manufacturers alike.
Businesses can link their products' serial numbers to NFTs or connect the physical item to an NFT using NFC technology or a QR code, which helps to verify that the physical product is authentic and track its history. Since there's a digital record of the product on the blockchain, tampering with or forging becomes almost impossible.Sometimes the second-hand collectible shopping experience can be challenging for buyers to navigate.
Event ticketing is a great example of how physical NFTs are transforming in-person experiences. Not only are NFTs used to help address the industry's counterfeiting and scalping issues. They're also used to offer ticket holders extra perks, such as air-dropped tickets to events and exclusive merchandise.In the last ten years, consumer behavior has experienced a major shift, with each generation becoming more digitally inclined than the last.
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