The world’s first physical NFT store has opened its doors few months ago in Mall of Emirates, and just launched a second one in Dubai Mall this time. In summary, visitors to the shops will be able to enjoy a guided tour across the vast library of NFTs available in the ftNFT marketplace, choose one for themselves and take home their favorite digital art piece.
What does this mean for NFTs?
The establishment of ftNFT’s physical store marks a significant milestone for the world of NFTs for multiple reasons including the following:
- Potential Increase in Sales both Online and Offline : Additional increase in NFT sales can be achieved through both virtual and physical purchases.
- More exposure for creators: offer a collaboration program where artists, influencers and companies can increase awareness of their NFT projects by showcasing them in public displays such as galleries.
- Phygital: Integrating virtual NFTs with physical merchandise can increase brand loyalty and integrity since customers will be free to choose their preferred payment method whether it be digital or physical.
- Increase in Sales: Phygital stores can take NFT sales to the next level by stretching the boundaries to the physical sales, no longer restricting NFTs to virtual sales only.
- Prevention of counterfeit products: since physical NFTs are particularly useful at proving authenticity and provenance. Blockchain technology keeps information attached to virtual assets so that physical counterparts cannot be changed, faked, or tampered with.
The launch of ftNFT’s second shop is expected to bring new users to the Fastex platform, as well as other GameFi, DeFi, and Metaverse segments. Fastex’s ftNFT shop is the company’s first physical location, being part of a larger effort to unify digital and real-world services to customers. It is interesting to see how this initiative will continue to impact the world of NFTs as it exists today.
Do you think that we will start seeing NFT stores to popping up around the world?