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The NFT space is constantly evolving. Artists and creators are finding innovative ways to bridge the digital and physical realms, thereby engaging our senses to a fuller — and perhaps more human — extent.
In a recent article from BFF contributor Janey Park, we explore the intriguing concept of "phygital" NFTs. Phygital NFTs combine the digital and physical worlds, offering a multisensory experience that goes beyond the confines of screens. These NFTs engage the visual, auditory, tactile and even olfactory senses, thereby building up an immersive encounter and creating core emotions and memories.
One of the notable examples discussed in Park’s article is that of the esteemed cognac label Hennessy, under the umbrella of LVMH, which ventured into the Web3 realm with the spectacular launch of H3NSY in February 2023. Acquiring one of the spirit brand’s 250 unique NFTs granted holders the privilege of redeeming two exquisite physical bottles of cognac. But the journey didn't end there: Five fortunate holders were also ushered into an exclusive private experience during Art Basel Miami, an exciting giveaway that no-doubt made holders feel the joy of a kid on Christmas morning.
Speaking of child-like, there was another whimsical, phygital NFT drop last week: the Heart + Craft collection. The drop is a collaboration between Art Blocks founder and Chromie Squiggle creator Erick “Snowfro” Calderon and Prohibition founder Jordan Lyall. Minting an NFT comes with instructions to 3D print your design and display a physical block-art heart at home.
The Heart + Craft project exemplifies how NFTs can become more than just images on a screen; they can be transformed into tangible objects that resonate with our senses. Collectors can feel the texture, the contours and the intricacies of the art piece, elevating their connection to the artwork and the artists.
The convergence of the digital and physical worlds in the NFT space opens up boundless possibilities for artists and collectors alike. It encourages artists to think beyond the screen and create experiences that engage multiple senses. And collectors, meanwhile, establish deeper connections with the art they love.
As NFTs continue to evolve, we can expect more ingenious examples of sensory engagement. Whether it's through the fusion of sound, touch or even taste, NFTs are redefining how we experience and appreciate art and creativity.
Read More: WTF Is… A Phygital NFT
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JPMorgan maintains crypto optimism, sees limited downside potential. In a research report, the financial institution called the current bear market cycle a “correction” period, suggesting the challenging phase has likely passed.
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Creator royalties are once again optional on OpenSea. Recently, the leading NFT marketplace OpenSea announced it will soon stop enforcing creator royalty fees on secondary sales of NFTs.
Biden administration proposes stricter crypto tax reporting rules for exchanges and payment processors. The U.S. Treasury Department introduced a new rule requiring cryptocurrency brokers—including exchanges and payment processors—to report detailed user information regarding sales and exchanges of digital assets to the Internal Revenue Service (IRS). This move, aligned with broader congressional efforts to enhance crypto tax compliance, aims to simplify tax calculations for individuals and bring crypto brokers under the same reporting standards as traditional financial brokers.
China’s plans for the metaverse sound similar to its social credit system. According to documents reviewed by POLITICO, the Chinese government wants to introduce a digital identity system that would store personal data and share it with law enforcement to maintain order and safety in online virtual worlds. Discussions are still ongoing between tech experts and officials at the International Telecommunication Union (ITU), the United Nations agency responsible for global agreements regarding technology and the internet. However, some experts see parallels with China's social credit system and have concerns over privacy and freedom.
The Defiant Founder Camila Russo's CoinDesk op-ed explores how the world of cryptocurrency is evolving into a more surreal and unpredictable landscape.
Unstoppable Domains COO Sandy Carter is releasing a new book! Featuring practical business advice and easily digestible fables, The Tiger And The Rabbit is a guide to navigating the metaverse, AI and Web3 for unparalleled success. Order your copy here.
Megan DeMatteo is BFF's Editorial Partner.
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