NFTs Get Physical: The World’s First NFT Store

The digital space is evolving with time as new products and experiences come onto the virtual market. In addition to cryptocurrencies that are widely used, non-fungible tokens are gaining much traction. Further to this, the rate of innovation in the sector is increasing. For instance, we have recently welcomed the introduction of Dynamic NFTs and physical NFTs. Importantly; in December 2022 Fastex introduced the first physical NFT store in Dubai.

Growing Popularity of Real NFT Organizations

The introduction of the two ftNFT stores in Dubai marks the growing popularity and essence of real NFT organizations. For a long time now, communications about cryptocurrency and NFTs have been going on through virtual means. For example, users would meet through virtual platforms such as Zoom, Telegram, and Whatsapp.

Now, a real NFT organization enables people to meet physically and discuss issues related to NFTs. In some cases, it showcases some artifacts and digital assets. This creates a new dimension for people to interact with the digital world.

The two-way interaction between the physical and digital world will boost the adoption of non-fungible tokens. The example of ftNFT stores helps us to understand why this interaction is important and how people can do that.

NFTs are Going Physical- Chainwitcher

When individuals physically interact they are able to understand the relationship between physical NFTs and the real-world assets that back them. Before we discuss ftNFT retail stores, let’s briefly discuss physical NFTs as they are the current center of attraction in the sector.

What Is Physical NFT?

A non-fungible token is a unique digital token that exists on the blockchain and represents another asset. Usually, an NFT verifies the ownership of a certain asset. On the other hand, a physical NFT is a cryptographic token that is backed by a real-world asset such as a piece of art, clothing item, ticket, or property deed.

The real asset is linked to the NFT through a unique identifier, such as a near-field communication (NFC) tag. However, it is not possible to exchange one NFT for another since they are completely different. Note that a physical NFT is a guarantee of a real-world asset.

Fastex’s ftNFT Retail Store

SoftConstruct, an International tech company that offers various IT solutions, opened the world’s first physical NFT store in Dubai in December 2022. In fact, it introduced two such stores, one at the Mall of the Emirates and the other at Dubai Mall.

Fastex’s ftNFT store- NFTplazas

There are several reasons why Fastex established ftNFT retail stores in Dubai. One of its aims is to educate people about NFTs which increases their adoption. This is the reason why the store is designed and developed like a museum where people can easily identify some artifacts and other exhibited materials.

The displays and arrangement in the shop are meant to entice non-crypto people to appreciate both the effects of NFT in the physical and digital worlds. Also, the NFT store has features that should educate and appeal to different people. These features help to familiarize individuals with the attributes and components of NFTs.

Features of The Physical NFT Stores

As mentioned, the ftNFT stores have features that attract NFT artists as well as non-crypto individuals. These include the 3D scanner and the AKNEYE Series.

3D scanner: Virtual reality enthusiasts can use the 3D scanner to create avatars that they can post on social media platforms. Basically, the ftNFT stores have avatar booths that house these scanners. As such, individuals can customize NFTs using these avatars.

Turning digital art into merchandise: People have the option to print their favorite physical NFTs on various products such as T-shirts, mugs, or posters. Furthermore, NFT creators can imprint their digital art on different merchandise.

AKNEYE Series: This is a collection of unique handmade sculptures and exclusive toys which the ftNFT store exhibits. The artists can turn these artifacts into NFT physical assets which helps to bridge the digital world and the physical one.

Education and awareness: Part of the store is set aside to help people learn about NFT real-world assets and web3. For instance, they can pose questions on NFTs tied to physical assets and get answers from blockchain experts who attend to them.

NFT buyers can physically interact with NFT experts- Biznesstransform

In addition, the store attendants give face-to-face support to the customers. Moreover, remember that ftNFT stores supplement the efforts that online stores and platforms such as Gate.io offer.

Gate.io NFT Marketplace

Gate.io has a user-friendly NFT marketplace where people can mint, buy and sell NFTs. In order to use its NFT marketplace, called Magic Box, one should create an account.

Importantly, using Gate.io Magic Box, a centralized NFT trading platform, has some advantages such as high security. Further to this, it does not cost much to trade NFTs on the platform. In fact, it is completely free for creators to mint NFTs on this platform.

Again, the platform has an auction system and a “Buy It Now” feature. Like other NFT minting platforms, you can keep your NFTs on the platform or transfer them to any other suitable digital wallet.

Dubai to Become One of The World’s Top Metaverse Economies

Dubai aims to become one of the top 10 metaverse economies in the world after its introduction of the “Metaverse Strategy.” According to the strategy, Dubai will attract over 1,000 blockchain and metaverse companies. By doing this, it will create more than 40,000 virtual jobs by the year 2030.

If the country adheres to the Dubai Metaverse Strategy, it is set to invest in research and development in the blockchain and metaverse sectors. It also aims to utilize machine learning and IoT in pursuing its goals.

The key pillars of the Dubai Strategy are extended reality, virtual reality, augmented reality, and mixed reality. Interestingly, the Dubai strategy has the support of senior government officials such as his Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai.

The establishment of ftNFT retail stores, the first physical store that sells and promotes NFTs, is a sure sign that Dubai wants to take the metaverse to the next level.

Conclusion

The two Fastex’s ftNFT stores, established in Dubai, have become the first physical stores that sell and promote NFTs and different artworks. Apart from making NFTs easily accessible to people, they also help to educate them on the importance of digital assets. This is in tandem with Dubai’s aim of becoming a leading metaverse economy in the world.

Chainbits is not the source of this content. This article is provided for educational purposes only. Users should exercise caution with investing/dealing with cryptocurrencies and do thorough research prior.