Although the nonfungible token trend may have started in the digital world, the increasing acceptance of real-world NFT organizations suggests that the trend’s future resides there.
- Several crowded crypto events held throughout the world in 2022 have shown that technology, including NFTs, needs physical interaction to advance.
- NFTs have applications beyond the realm of the arts, and business is embracing them quickly.
Dubai – Crypto Hub of the Middle East
Interestingly, the initial initiatives to introduce NFTs to the physical world involved art galleries, given that the crypto industry views NFTs as the most recent form of art. However, the industry is beginning to understand that NFTs’ promise goes beyond creative applications.
With the opening of two actual NFT stores, Dubai, the cutting-edge crypto hub of the flourishing Middle East and North Africa, offered a novel perspective on non-fungible tokens. Both businesses, built by ftNFT, a Fastex brand, and slated to open in the Mall of the Emirates and Dubai Mall, respectively, offer new ways to engage with NFTs.
Exclusive Avatar Booth
Even for non-crypto visitors, Fastex’s ftNFT retail store uses various physical tools to experience NFTs, bringing a new level of contact with the digital world. The physical stores showcase well-known NFTs from the ftNFT Marketplace and have an “avatar booth” with a 3D scanner.
For a more in-depth experience in the metaverse, visitors can enter the cabin to instantly make customized 3D versions of themselves that can be used as avatars in virtual worlds and Fastex’s very own FastexVerse.
From NFT to Merchandise
According to Fastex, opening actual NFT storefronts in a bustling area with more than 130 million yearly visitors only serves to further the larger objective of increasing public awareness of NFTs. A two-way interaction between the physical and digital worlds is necessary to increase mass adoption, yet it goes beyond simply converting physical labor into digital commodities. For this reason, ftNFT set aside a sizable portion of its physical store for digital-to-physical goods.
Visitors can quickly create their products without leaving the store by printing their favorite NFTs onto T-shirts, mugs, or posters. NFT creators now have the opportunity to increase their presence in the physical world by having their digital artwork printed onto various items of merchandise, just like YouTubers, Twitch gamers, TikTokers, or any other influencer who built their brand in the digital world.
Visitors to the ftNFT shops may also view remarkable physical artworks like the eye-shaped sculptures from the AKNEYE series and the physical representations of well-known NFT collections. A space for artists from all over the world to unite, share their enthusiasm, and express their vision is created by the AKNEYE project, which brings forth a range of original thoughts and forms of imagination. The series includes wooden eye sculptures that inspire creativity in the digital realm and create a connection between artists and the online environment. In place of tear ducts, the sculptures carry glass bottles filled with various liquids, including 50-year-old Armenian brandy. Every significant work is unique to the artist who makes it and, when finished, can be converted into an NFT.
NFT Physical Stores
Fastex’s physical stores focus more on spreading awareness of NFTs and increasing adoption of them than just selling products, despite the many layers that have been added to their fundamental idea. This is the shop’s design rationale, which makes it more like a museum exhibition than a standard retail store. The goal of ftNFT shops is to draw non-crypto users inside and show them firsthand how NFTs benefit both the actual and virtual worlds, from the DJ at the door to the avatar booth.
The fact that the NFT market survived the bear market of 2022 with over 100 million transactions proves its viability. And since Dubai has the lofty ambition of ranking among the top 10 metaverse economies in the world, it offers a perfect starting point for educating people about emerging technology.