Are NFTs key to creating valuable digital experiences?

Metaverse and NFTs (Non fungible tokens) tend to create infinite possibilities in our physical and digital realities.

For those that own NFTs, they gain ownership of the asset and receive some rare experiences, along the way. Here are some ways that experience pans out.

NFTs: A digital immersive experience

In the case of a couple from Tamil Nadu who celebrated their marriage in the metaverse, they were able to recreate multiple possible realities. The couple was even able to create a striking character that resembled the bride's late father, who attended the wedding in this universe.

This is one striking example of how digital experiences in an immersive manner. In the case of this couple, they were also able to sell invites from their virtual wedding as NFTs, making about $2000 dollars upon each sale. Rather than just staring at plain screens, they engage and interact with the consumers in a way unimaginable driving more user satisfaction! 

Some use cases also exist outside of just weddings and events. In the case of digital conferences, these can be intensified with NFTs. Virtual digital conferences can provide attendees with unique tokens that could include virtual badges, medals, or special NFT tokens related to the meet that could unlock exclusive things like VIP access, virtual meet and greet with the speakers. These special edition items, acts as memorabilia to the virtual events, and also strengthens their digital portfolio, which could also be traded or sold in the NFT market in the future. This way, organizers can add value to the time attendees spend attending the meeting.

Building Communities

NFTs cultivate a sense of community among collectors and enthusiasts serving as a platform for people with common interest grounds to come together, exchange ideas, collaborate and interact.

They have opened up gates for independent artists and creators to take their creativity game in building one-of-a-kind experiences for their audiences. Through these decentralized platforms, it has become possible for the creators to collaborate with other artists and connect with their audiences, despite being geographically far.

Going another step further, there are also play-to-earn NFT games, where players can earn by playing. They are rewarded with NFT tokens. The longer they play the higher will be their rewards.

The rise of Phygital experiences

Phygital—referring to the merging of the physical and the digital worlds—can offer experiences in various sectors. An NFT on the blockchain can be converted to an identical physical asset tied to the NFT smart contract. It allows digital NFTs to double as physical items. For instance, RTFKT sneaker studios acquired by Nike, in collaboration, plans to bring the virtually designed NFT sneakers to the physical world. So, you could be having both the digital asset as well as in physical form.

Luxury brands offer phygital shopping experiences, where customers can shop virtually from the physical stores in the Metaverse platforms giving an immersive experience. Customers can purchase a physical product or service from a brand and collect an NFT for it. In alternative, the purchase of NFTs from certain brands can unlock access to exclusive services or physical rewards, like the limited edition pieces. For instance, NFT Owners of the BAYC(Bored Ape Yacht Club) will soon be able to showcase their PFPs on an exclusive Timex watch featuring their Mutant or Ape prominently.

Some of the MetaVerse galleries are opening physical spaces while physical museums are fusing NFTs to their physical spaces. Phygital exhibitions and art galleries allow visitors to interact and immerse themselves in the art with AR and VR. From interactive installations to virtual reality experiences, phygital exhibitions take the visitors to a whole new world, blurring the lines between physical and virtual reality.

Wheter phygital experiences can entirely replace NFTs will depend on the demand around that NFT.

For brands to sustain in this dynamic and constantly evolving world, it is crucial that they find some innovative approaches to offer exclusive experiences and generate new revenue streams . NFTs offer unprecedented opportunities for brands and businesses to communicate with their customers, the foundation of a successful marketing strategy.

Users generally consume products from brands that resonate with their values. This is also a brand strategy to earn revenue for a good cause, that creates brand awareness at the same time. Most recently, Taco Bell sold their NFT GIFs to support the Live MAS Scholarship.

NFTs are fostering communities, enabling co-creation, building brand loyalty, and engaging users in a way like never before. They have created a space equal for a widespread audience to participate. For businesses to stay competitive in this dynamic world and keep a customer base, it is crucial that they equip themselves with this technology. As NFTs continue to evolve, we could see a lot more innovative ways unveiled in the Meta world.

Saravanan Jaichandaran is a Co-Founder & Chief Data Scientist, bitsCrunch.