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The bridging of physical goods, services, and experiences with the digital world, also known as “phygital NFTs,” has emerged as one of the most prominent trends in web3 over the last year.
This movement has emerged as one of the top trends in web3. Using blockchain technology, companies, singers, and content producers may provide their fans with exclusive goods and content.
Meet the Creator Fund wave 3 recipients who are bringing phygital #NFTs to the #XRPL, blending physical and digital experiences with real-world utility to grow their business in the world of web3. https://t.co/qlaN3cT61W
— Ripple (@Ripple) February 16, 2023
Schwartz foresaw it
At the beginning of this year, Ripple’s Chief Technical Officer David Schwartz predicted that the second wave of tokenized assets would move toward utility-based NFTs.
Every executive at Ripple who was asked their opinion on the crypto trends for 2023 anticipated that 2023 would be the year of practical applications of cryptocurrency.
Tokenization on the rise
The bridging includes bringing in-person performances to the metaverse and token gating that provides utility.
It is not surprising that some of the most well-known brands in the fashion and food and beverage industries, such as Starbucks, Nike, Adidas, and Balmain, have embraced a tokenization approach to cultivate relationships directly with their audience members and offer new channels for the distribution of content.
Ripple’s Creator Fund was responsible for bringing a wave of NFT innovators altering the entertainment and media business, notably the music industry, in October of last year.
Today, Ripple is releasing additional tokenization use cases on the XRP Ledger in collaboration with innovators interested in combining digital and physical experiences with practical applications, according to a report from the firm.
Ripple building on NFTs
Since XLS-20 was released on Mainnet, the XRP Ledger has seen hundreds of projects benefit from the cheap costs, carbon neutrality, quick settlement, and built-in royalty structures of the XRP Ledger. This maximizes value for NFT artists and the communities that they serve to consume content.
Ripple’s Creator Fund, which promises $250 million to support innovation in the tokenization space, has continued to invest in viable NFT initiatives.
The Creator Fund offers financial, artistic, and technical assistance to NFT developers to assist them in bringing their concepts to life on the XRPL, expanding the boundaries of what is possible, and investigating new applications for NFTs.