Ripple (XRP) Promotes New Trend: Phygital NFTs Build Bridges
Ripple has always emphasized for its NFT division to look for concrete utility values. In fact, the projects presented now fulfil this claim. However, the approaches are hardly new; fan tokens, for example, already often guarantee access to exclusive events. This suggests that Ripple’s NFT ideas have real market opportunities. But whether “phygital NFTs” as a generic term will catch on in the process is another question.
Ripple (XRP) has newly selected seven projects for its NFT fund to promote. They all represent “phygital NFTs,” which aim to connect the digital world and real-world experiences or products.
Ever heard of “phygital NFTs”? The made-up word is made up of “physical” and “digital,” Ripple (XRP) declared “phygital NFTs” one of the predictable big trends for 2023 in a blog post.
Ripple has been heavily involved in the NFT space since as early as 2021, including stocking a Creator Fund with $250 million to fund external projects. Seven projects have now been selected as worthy of funding in the third selection round of this fund, and they all revolve around just such “phygital NFTs”, which are intended to demonstrate new use cases.
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Looking at the list of “phygital NFT” projects provided by Ripple, two categories can be distinguished
On one side are event organizers and cultural agents. Hot Import Nights, for example, has been organizing events around the world for 20 years, focusing on sports cars and partying. Now, XRP “phygital NFTs” are to refine the concept and serve as tickets that also provide access to the VIP area and exclusive merchandising. Plans by Emporio Records point in the same direction.
As a record label, it wants to strengthen the connections between fans and artists through “phygital NFTs” based on Ripple. The idea is, for example, to make pre-releases audible only to those who can show a corresponding NFT as a ticket. Meet and Great”, exclusive merchandising and pre-sales for concerts are also to be tied to “phygital NFTs”.
The second direction Ripple has identified as promising for its “phygital NFTs” is visual artists. Illustrators such as Natacha Einat or Adrian Balastegui, comic book author Robert Chew, or digital artist TraumAmnesia have already gained experience with NFTs, finding that their audiences would like to acquire physical artworks as well as NFTs. Accordingly, they interpret “phygital NFTs” as a genre where collectors with an XRP NFT also receive the right to a high-quality print or original. Natacha Einat, for example, wants to make this link visible with prints on metal-coated canvas.
As with previous rounds of the Ripple Creator Fund, how much money the selected projects will receive has not been made public. Ripple, meanwhile, encourages people to continue submitting applications, as at least seven more funding slots are available in 2023.
Conclusion: Phygital NFTs – innovative concept or just hype?
Ripple has always emphasized for its NFT division to look for concrete utility values. In fact, the projects presented now fulfill this claim, at least in theory.
However, the approaches are hardly really new; fan tokens, for example, already often guarantee access to exclusive events or merchandising, and the physical print of NFT artworks is also often part of an overall package offered.
This suggests that Ripple’s NFT ideas have real market opportunities. But whether “phygital NFTs” as a generic term will catch on in the process is another question.
(Featured image by vjkombajn via Pixabay)
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