The Non-Fungible Token (NFT) has etched its name among the most successful projects backed by blockchain technology. Its success can be credited in large to the relentless content creators who stop at nothing to quench the thirst for remarkable NFTs. Since the advent of the NFT, several upgrades and modifications have been introduced by these creators to add value to the NFT landscape. One of these emerging concepts comes in the shape of the much-lauded Phygital.
What is Phygital?
Phygital refers to physical or real-world items backed by digital tokens (NFTs) or NFTs backed by real-world or physical assets. “Phygital” is a composite word derived from “physical and digital” to reflect and establish a synergy between the physical world and the decentralized space. Furthermore, Phygital NFTs or Phygital assets incorporate dual features to define a new level of NFT uniqueness.
Phygital concepts can be utilized in various capacities, but in the decentralized space, it paves the…