When Ja Rule signed a deal with Flipkick to create a real-world utility with NFTs by introducing Physical NFTs using a Near-field communication (NFC) chip authentication method, the world could quickly see more use cases in the NFT space. And more recently, Gary Vaynerchuk (or GaryVee), creator of VeeFriends– one of the world's most successful digital NFT collections with a market capitalization of $502 million– announced his interest in real-world NFTs on 8th March 2022.
Since then, he has partnered with Zerocool and launched a trading card collectibles set bringing VeeFriends to physical form. Today, he intends to turn pokemon cards into physical NFTs. But perhaps the most iconic partnership today is with GaryVee, Y Combinator (famous for incubating unicorns including stripe, Airbnb, and dropbox), and Brinks (world's leading transportation company).
These companies are set to tokenize physical assets like Rolex watches, put them up as NFTs on platforms like OpenSea, store them in vaults, and transport them directly to customers with the help of Brinks.
What are NFTs?
A non-fungible token (NFT) is a non-replicable and non-interchangeable unit of data stored and traded on a blockchain, a digital ledger. Banknotes and cryptocurrencies can be exchanged for one another provided they are of equal value; the possessor will treat a dollar bill the same as another dollar bill. NFTs, on the other hand, differ from cryptocurrencies in that each token is uniquely recognized, with unique identifiers stored in smart contracts. Because no two NFTs are alike, they cannot be switched like for like. Collectibles such as digital artwork and digital media like photographs, videos, and audio may be converted to NFT data units.