If you asked someone ten years ago if Web 3.0 or the metaverse could be a thing, they’d probably chalk the idea off and claim it’s a utopian fantasy. They’d perhaps have solid reasons for saying this, as these terms were nothing more than mere “ideas”.
They had no real backing. The tech wasn’t there yet. And imagining a world where an organization could effectively be run without a central authority would truly seem insane in practicality.
But here we are today, with hundreds of millions of users on board. And actual decentralized organizations are continuing to prove that decentralization is the way forward. So now, the next question to be asked is: What should the Metaverse look like?
For many, the answer is a purely digital landscape, completely cut off from the physical world. And while that might be one interpretation, we believe a ‘Phygital’ world is the likely outcome. A decentralized metaverse connected to the physical world, but with its unique characters.
To be more precise, the Phygital is already here. It’s shaking up the Web 3.0 landscape. And it paints the most likely picture of the metaverse.
Here, we break down why this is the case and present a real-life use-case of the Phygital. Let’s dive in!
Going Phygital: Everything You Need to Know
In the Phygital world, the digital and physical combine to craft a unique new experience. Both interact and harmonize with one another and change how we think and act in our everyday lives. And while it’s one interpretation of how the metaverse would look like, it presents perhaps the most viable outcome.
In some ways, we’re already there, right?
You talk to people online, and the physical interaction comes later. You purchase something online, and the physical experience of iterating with it comes later. You go to work in a physical office and have video conferences with people from all around the world. In many ways already, our world has joined the two together.
The Phygital world could go either of three ways:
- The digital experience drives the physical experience.
- The physical experience drives the digital experience.
- The digital experience is in balance with the physical experience.
Particularly in the third option, where a rare balance can be struck, there’s perhaps room for something truly unique. A harmonization of both worlds, where each compliments the other. If this seems exciting, you might already want to check us out.
Fashion, NFTs & the Metaverse Walk Into a Bar
What follows is something perhaps unexplainable in plain old words. But we’ll try.
It’s a pretty exciting intersection when you think about it.
On one end, there are NFTs: A unique technology that provides proof of ownership. Then there’s the metaverse: an envisionment of a digital world with its own set of rules. And finally, fashion: a unique human trait that we just can’t shake off. And they all seem to fit perfectly.
Up till now, the concept of NFTs and the metaverse alone has yet to reach mass adoption. Internet users still doubt whether Web 3.0, NFTs, the metaverse, etc., are more than just a gimmick. It’s not that NFTs are a dying breed. From a market size of $100 million in 2020 to $3 billion in 2022, it’s safe to say NFTs are showing exponential growth.
Users are catching on. But, there must be a real-life use case for these new decentralized technologies to break through. Putting Fashion into the mix changes everything. It’s already a mature market, contributing a staggering $1.5 trillion global revenue in 2021. And people are already on board, buying clothing such as sportswear by the billions.
Fashion brands such as Adidas, Nike, and Gucci are already on board, launching their own NFT collections to showcase a unique new customer experience.
NFTs as Digital Passports & Perfecting the Customer Experience
Decentralization is the natural progression of the internet. The statement seems linear in what it implies but holds many consequences. For one, e-commerce on ‘Web 2.0’ is already growing exponentially.
In the U.S. alone, the U.S. department of commerce estimated that 14% of the retail market consists of online sales. The number might seem insignificant at first sight. But, consider that online sales grew by a staggering 50% from 2019 to 2021. And that, my friend, is not a small number.
Considering that this growth isn’t showing signs of slowing down any time soon, NFTs are nothing short of rocket fuel for the e-commerce industry.
A Singular Digital Passport
Digital passports, in the form of NFTs, can act as proof of ownership of a physical item. Suppose you buy an item online and are given an NFT-based digital passport. The passport holds the owner’s info (in this case, yours) embedded on a blockchain.
You scan the physical product through a QR code, NFC tag, or similar scanning technology. The scan reveals the owner’s info. And since it’s embedded on a blockchain, it can’t be tampered with. And voila, there’s now a permanent record proving you’re THE owner!
Perfecting the Customer Experience
Businesses win when customers are happy. The truth is, users are already on board. While every user’s reason for why they love NFTs might vary, it’s evident that people do love NFTs. From a business’s point of view, there’s no choice but to adapt.
“But is it a fad?” Well, the case for why it’s not lies in understanding some key aspects of the technology and what makes NFTs unique in this aspect:
- You can reward customer loyalty with exclusive products/services through NFTs.
The nature of the technology helps ensure the reward is unique and was crafted specifically for a select few.
- Customers can build stronger communities amongst themselves.
NFTs can’t be tampered with. Actual buyers of the product/service can be identified through NFTs and can talk amongst themselves about the product/service in question.
- NFTs enable stronger collaboration.
Users can even have voting rights on specific matters related to the product/service and have a say in the outcome. It’s a win-win situation, as businesses thrive when their customers are happy and feel their voices are being heard.
- With NFTs, your data remains private.
The underlying technology can ensure your data isn’t unwillingly collected. This would also help build trust among customers, who can sleep sound at night knowing they aren’t being tracked online.
Valaclava: The Answer to the Phygital
How Valaclava works
Valaclava is a cyber-physical game wear brand. Let’s break down how we function by explaining four key aspects of our company:
- Ownership: Each product you buy from our site comes with a digital counterpart in the form of an NFT. The NFT is embedded in a blockchain carrying ownership details.
By scanning the NFC tag on the physical product, a web platform will pop up, displaying ownership details. It can’t be tampered with. What YOU buy belongs entirely to YOU! And even we can’t mess around if we wanted to.
- Scarcity: At Valaclava, we believe each product is precious. We want to spend time and give special attention to what we’re creating.
That’s why each product has unique digital properties and is limited in nature. Only 300 units per garment will be available once there’s a garment drop.
- Customizability: We believe the metaverse should be a community-driven effort.
Users should have a say in what they’re building. That’s why we offer a great deal of customizability in all of our products.
- Authenticity: Each product carries its own unique NFT.
This ensures the product is authentic, and not a knock-off. You can scan the NFT tag to ensure that what you bought is genuine.
What the Future Holds – Visions of a Metaverse
Much has been said about a supposed metaverse. “What should the metaverse look like?” “Should it uphold the philosophy of decentralization?” “What say should Big Tech have in the metaverse?” Should it be a community-driven effort?”
Like all grand visions, the idea of the metaverse holds many interpretations depending on who you ask.
But one thing is for certain: the idea itself is an inevitable reality.
Unlike a decade ago, when Bitcoin was in its infancy, and Web 3.0 was nothing more than an idea, we’ve collectively built a fully-functioning digital landscape.
But we still have a long way to go. And Valaclava’s vision is to contribute to the dream of a community-driven metaverse. We intend to make a dent for all the right reasons.
We aim to bring the metaverse towards mass adoption by mixing the tech with real-life use cases. Our company looks beyond just the digital footprint. Our vision is to craft a metaverse where the digital world compliments its physical counterpart.
Check us out on our official store to find out more.