The future of NFTs Evolve is going to be centered on items, according to Bored Ape Yacht Calvin Chan, founder and CEO of Legitimate, an ecosystem that links physical products to digital identities. “We work with brands…to see not just how we can bake Web3 into your retail strategy but also into your retail products,” Chan said during a panel discussion at the Avalanche Summit in Barcelona. “It’s so often that a brand’s attempt to come into the NFTs Evolve space is inauthentic, it’s marketing.”
Chan pointed to recent attempts by companies like Clinique and Asics to use NFTs Evolve (non-fungible tokens) for branding initiatives. Brands should think beyond marketing, he said, and look at NFTs Evolve as a tool to revolutionize how consumers think about authenticity and identity.
“If we think about blockchain technology as a whole, most folks assume blockchain is great for privacy, it is great for ownership,” said Jonathan Padilla, CEO and co-founder of Snickerdoodle Labs, which provides data and privacy services, during the panel.
“It’s now economically viable to produce something that you can have the provenance for, for a few cents, that’s really the benefit of NFTs Evolve.”
Creators now have an entirely new way to verify their work with blockchain technology, something that previously would have been a lengthy and expensive legal process, Padilla added.
Beyond ownership, Chan said, is the ability for individuals to create digital identities through NFTs Evolve.
“There is this idea that ownership enhances enjoyment of an asset,” said Harold Eytan, CEO of digital art collection Particle, during the discussion. Seeing art in a museum is a great experience for many people, but it pales in comparison to the joy of owning the work, he added.
But as great as it all sounds, there are challenges associated with establishing proof of ownership, the panelists acknowledged.
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