Bringing real world, physical objects on-chain has long been a “holy grail” for the world of crypto. NFTs and the underlying blockchain technology offer new forms of value creation, making a Web3 transition the next logical step for industries dealing in physical goods.
The whispers around Web3 and the future of commerce have grown into a roar. At this point, nearly everybody has heard about crypto, NFTs, and the power of the blockchain to revolutionize traditional industries. Nike’s massive acquisition of RTFKT, Adidas’s ambitious “Into the Metaverse” project, and Tiffany & Co’s sold-out “NFTiff” pendants all demonstrate that Web3 is here to stay.
Back in 2021, you couldn’t stop hearing about NFTs. Whether it was about skyrocketing prices, or record-setting CryptoPunk sales, it seemed like NFTs were going to be the thing that brings about mass adoption to crypto. Whether or not you believe in NFTs and art as a use case, there’s so much more we haven’t quite seen yet. Below we’ll be talking about what NFTs are and their broader use cases within DeFi (decentralized finance). For some background, decentralized finance offers decentralized access to financial services and eliminates intermediaries to make transactions secure and transparent.
Top 5 Collectible Asset Classes You Wouldn't Expect
Collecting things is one of the world’s oldest hobbies. From famous paintings to Beanie Babies, there’s a market for just about anything. Through the decades there have been a few items that will always be worth owning. They are timeless and have either maintained or increased in value (and continue to do so).
The ability to connect the physical and on-chain worlds has long been one of the holy grails of blockchain. Though to date, attempts to bridge these worlds have been centralized, ad-hoc, and rife with misaligned incentives.
To print or to right click save? Now, Damien Hirst "The Currency" NFT Collectors have a third-option with 4K.
In a statement from Hirst, “The Currency tests the boundaries of the digital and physical world and our role in both," adding that the time-based exchange period “ensures that even doing nothing is doing something.” This bold concept is a way for Hirst to challenge the establishment of the old art world and open minds to the value of NFTs. Hirst invites conversation and debate by posing the question, "is it better to keep the physical or NFT art?" You can check out this excellent interview with Hirst and Stephen Fry to learn more.
4K’s Physical-Digital Bridge: Giving the Internet a Sense of Touch