We all have lost our dearest personal belongings at some point, don’t we? We would have thought of securing such things while losing. Blockchain-powered non-fungible tokens (NFTs) offer just that with their immutable characteristics. In today’s world, people are diverting their attention away from actual collectibles and toward non-fungible tokens, which provide exclusive ownership of a memory of a significant historical event documented on video, photo, audio, or another digital medium.

This blog revolves around the phygital NFT marketplace that houses both physical and digital assets. Phygital is a portmanteau of physical and digital that came into existence ever since the pandemic. 

But then, before that;

A Quick Overview of NFTs

NFTs (non-fungible tokens) are digital collectibles based on the decentralization principle. As a result, they are one-of-a-kind and cannot be duplicated. More specifically, NFTs can be generated as physical and digital assets. The assets can be anything that can be digitized successfully, such as music, graphics, in-game collectibles, etc. Tangible art accurately portrays NFT for physical goods, and CryptoPunks’ work is an excellent illustration of NFTs.

The NFT marketplace is built with various terms and conditions that must be met. As a result, users can engage in a safe and secure trade process. Security methods are the most effective in the business, thanks to all of the features included in the platform. As a result, preserving interoperability and a great front-end for consumers to allow for a stress-free trading experience is essential.

What is the NFT marketplace for Physical Collectibles?

The NFT marketplace for physical collectibles is similar to any other NFT marketplace where NFT trading happens. An NFT marketplace for physical collectibles will allow users to purchase, sell, and bid on phygital NFTs representing the physical/digital assets they love the most. 

There is no restriction on phygital NFT trading as one can tokenize real-world assets starting from your school-grade certificates, artifacts, sporting equipment, memorabilia, etc. Users can browse a range of tokens on these marketplaces, and they can also mint their tokens on their ideal chains. 

Use Cases of Phygital NFTs

#1 Increasing transparency to increase consumer trust

Customers can verify each product’s provenance and better understand your company’s supply chain by incorporating NFTs into products. NFTs can add an important degree of transparency that can build trust in your customers because this information is embedded into the token and is tamper-proof, thanks to the decentralization of the blockchain.

#2 NFT Integration for Brand Protection

Counterfeits of well-known consumer brands and high-end luxury products are common and harm the brand’s image (not to mention their bottom line). A certificate of authenticity can help overcome this problem in the case of high-value commodities, limited-edition products, or collectibles, but even these can be counterfeited.

NFTs eliminate the need for third-party verification because they contain ownership and transferability information for the underlying asset, which is kept and easily accessible on a public blockchain. In other words, they can serve as certificates of authenticity that customers can use to confirm their purchases.

#3 Built-in Royalties

It’s fairly uncommon for mass-market consumer products to turn into valuable collectibles after being sold for pennies one day. Imagine getting a piece of that pie as the original maker. If you mint the product as an NFT and include royalty payments in the smart contract, you can do so. You can earn more money every time your products are traded on numerous platforms if you do it this way.

Developing A Phygital NFT Marketplace

Implementing the UI/UX interface, for example, is one of the many aspects that must be considered while creating an NFT marketplace. This feature is a fundamental and crucial stage in creating an NFT marketplace. It maintains the platform’s aesthetics while providing a seamless trading experience to users who access it.

Here are the steps to develop a phygital NFT marketplace;

• Selecting the right blockchain platform(s) for your marketplace.
• Targeting the ideal audience.
• Choosing the right storage system.
• Designing a responsive marketplace platform that houses phygital NFTs.

How Much Does it Cost to Build A Phygital NFT Marketplace?

The exact cost depends on various factors like:

• Number of features
• Level of Customization
• Tech Stack
• Third-party API Integration, etc.

Several companies offer ready-made blockchain application solutions, but you should double-check them to avoid any problems. If, on the other hand, you are dissatisfied with the quality of a blockchain development company’s solutions, hire an NFT team to create a customized solution.

Conclusion

The NFT market is booming. The idea of creating a white-label NFT marketplace for physical assets has opened up a slew of new investment opportunities in the digital space for a variety of industries. As a result, hiring a top-tier NFT marketplace development company will result in an exceptional rate of features and benefits. If they hire an NFT Marketplace development company, the business platform will have better communication and user reliability. 

FAQs

1. What Does the Phygital NFT Marketplace Aim to Solve?

NFT enthusiasts can capture the moment and completely own it with a digital certificate of ownership through the NFT marketplace. Businesses, on the other hand, can use NFTs to differentiate themselves from the competition.

2. What Are the Unique Characteristics of Phygital NFTs?

Indivisibility, scarcity, ownership, and interoperability are some of the characteristics of Phygital NFTs.

3. What Are Some of the Examples of Phygital NFTs?

Royalties, Memorabilia, Personal belongings, and Video clips are some of the examples of Phygital NFTs.