People have always imagined the Internet as a place where you can view and copy content, even share it, but not own it. NFT technology has given us such an opportunity. In this article, we will tell you about the physical NFT based on data from the portal buidlbee.com.
$5 million deal
The World Wide Web’s source code was sold by its creator, Sir Tim Berners-Lee, for $5.5 million. On June 23, 2021, the auction in which this digital artifact was offered for sale began. It lasted over a week. The initial $1,000 has increased to more than $5 million.
A number of objects’ rights were transferred as part of the agreement. The original World Wide Web code with a date and timestamp is one of them. The files that include this code include descriptions of how the HTML markup language, HTTP data transport protocol, and unique resource identifier URI are implemented. They also include usage guidelines for early Web users. The buyer also received a digital poster, a 30-minute film that showed how the code was created, and an email that mentioned the project’s progress.
The buyer of this digital object’s identity was kept a secret. Tim Berners-Lee intends to donate the funds collected.
The existence of a unique class of digital asset known as physical NFTs allowed for the completion of this transaction.
Physical NFTs
Non-fungible tokens, or NFTs, are one kind of cryptocurrency asset. A token is a type of digital coin or traditional cryptocurrency unit. The blockchain, a database with a unique structure that keeps data about tokens, including NFTs, is what made it feasible for there to be NFTs and other cryptocurrencies.
Let’s figure out what physical NFTs are – these are digital tokens that are backed by physical objects. The name phygital is also used (because there is a physical and a digital version). What are they used for? To confirm the right to their possession (for example, clothing, art, etc.).
How it works
The physical NFT has two parts: digital and physical. Digital is a smart contract that has been issued on the blockchain. And the Object contains a QR code, which connects it with the digital part. An example is the sneakers of a company like Nike – CryptoKicks – those who buy them will receive a digital look of sneakers in addition, i.e. NFT.
Authentication is its main function. And because of the blockchain, it has become possible to improve supply chains, because the technology allows for traceability and certification.
The most unusual physical NFTs
Although there is now a sizable collection of NFT digital art on OpenSea, this is by no means the only use for this technology.
NFT tweet
The first post on the social network was put up for sale by former Twitter CEO and creator Jack Dorsey, and it sold for $2.9 million. The buyer was Sina Estavi, the founder of Bridge Oracle.
In honor of International Friendship Day, which is observed on July 30, Coca-Cola released the NFT collection. Token buyers have access to a “friendship chest” – a soda machine-themed box – which has the ability to drop rare virtual collectibles at random.
NFT scenario
NFT tokens created by Quentin Tarantino are based on the movie Pulp Fiction. Auction items included the movie’s original handwritten script, seven cut scenes, and the director’s personal audio commentary.
NFT movie
Kevin Smith, a writer and director of comic books, promoted his latest horror movie, Killroy Was Here, as an NFT. The right to display and share the image will belong to the token buyer.
NFT house
Investor Ivan Malpika put an NFT token on the Mintable platform that is linked to a 50% interest in a St. Louis apartment complex at 5828 Wise Avenue.
What are physical NFTs used for?
We have understood the concept. But what is the meaning of physical NFTs?
- Counterfeiting
Physical NFTs have the advantage of allowing you to verify the legitimacy and origin, which is a huge positive. In a world where many physical goods are easily counterfeited, tangible NFTs have the potential to be a very helpful tool for both consumers and enterprises.
- Ensuring transparency
Occasionally, purchasing on the secondary market can provide some challenges. especially if the purchaser is not fully conversant with the market value and past pricing of the item. The purchaser will be able to learn about the whole history of transactions with the product if NFT is connected to it.
- New level of experience
You have access to exclusive online communities through your NFT membership, where participants take advantage of numerous online opportunities, insider knowledge, and special rights. Similar tasks can be carried out by physical NFTs, but they offer advantages in practice.
NFTs are currently very well-liked for the sale of digital assets. They also generate a market that is in demand due to the excitement around them, allowing some NFT sellers to score lucrative deals.
