With NFTs acting as a bridge between brands and their communities, even though it is relatively new, more brands have started to utilise them at scale to explore their potential.Needless to mention Spotify’s NFT-based initiatives, Lacoste’s novel game with NFT, or the way Nike and Starbucks are using it to improve brand-customer relationships.
In a way of amplifying the usage of NFTs, recently, Americana, the vaulting platform supported by the OpenSea NFT marketplace, unveiled a novel phygital vault system for Web3 users.It enables users to preserve physical items as well as create digital copies linked to NFTs for trading and displaying in the Web3 space.
The items listed are encrypted by an on-chain digital certificate, which allows them to be transacted through their encoded counterparts without actually leaving the Americana vaults.
The platform can store a variety of collectibles, from heavy-weight vintage cars to limited-edition, light-weight fine art and stamps.
The system provides customised strategies for each user's property, including physical artworks that are authenticated using modern fingerprinting technology. Authentication mechanisms differ by item, with some pre-authenticated by third parties or directly through their creators.
First, Americana's consultant will create a digital replica of the product and then proceed with the authentication contracts required for vaulting and trading. And finally, the digital title of the item is issued as a non-fungible token (NFT) guaranteed on the Ethereum blockchain.
Besides, the title includes an insurance policy along with serving as a certification of authenticity, providing provenance, and providing digital scans.