#89 | The Rise of Phygitals — from Dubai's NFT Store to Bugatti and Nike!!!

Estimated Read Time: 8 minutes

Hey friends,

On this edition of Morning NFTea, we take a quick look at some recent phygital (physical X digital) NFT stories that are pushing the boundaries of what’s possible; from digitally authenticatable assets to physical NFT stores in Dubai to Bugatti Egg Furniture and Nike sneakers. Let’s jump into it!

A common misconception about Web3 and NFTs is its limitations to the digital domain, but if you are an avid reader of Morning NFTea and all the ways NFTs are being utilized in the real world, it should come as no surprise for the coming rise of "phygital" stores. Recently opened at the world’s largest shopping mall the Dubai Mall, the "ftNFT" store is pioneering an important step in blending both physical and digital consumer experiences.

Backed by one of the fastest growing Web3 ecosystems Fastex, this one-of-a-kind physical NFT shop is transforming the NFT purchasing experience with a real-life atmosphere and social experiences. According to Cointelegraph, the shop’s visitors are able to enjoy a guided tour across the vast library of NFTs available in the ftNFT marketplace and take home their favourite digital art piece. In-store activities such as a DJ cabin, a 3D-scanner-supported “avatar booth”, 3D-scanner-supported "item booth", and the accompanying physical pendants of digital NFT collections all elevate the shopping experience to direct interaction with the digital world.

The recent grand opening at the end of March garnered much attention, and highlighted the unique benefits of a physical Web3 store place in our still-dominated Web2 world, with one visitor saying “I am not a big proponent of doing all of your shopping online. Going to the mall, in my opinion, gives a much richer experience” while another said, “For me, it’s very interesting to be able to browse and buy NFTs through a kiosk machine. Seeing these artworks and buying them as NFTs is very fun".

The launch also included art pieces from local Arabic artists in hopes of helping facilitate upcoming creatives in a seamless way for both the physical and digital realm while onboarding the next generation of Web3 enthusiasts, either way, its thought-provoking to consider in-person NFT experiences and will be great to see how it plays out.

Taking a look at another NFT story blurring the lines between the physical and digital worlds comes from prestigious hypercar automotive company Bugatti and studio Asprey for a historic Egg Collection that will see a unique digital Bitcoin NFT combined with a physical diamond-incrusted art piece.

If you were expecting a 300mph+ car, Bugatti has taken a more conservative approach to this initiative, and it all started nearly a century ago when the father of Bugatti's founder Ettore Bugatti once said "The purest perfect shape of nature is the egg". After that statement passing down a few generations, the Asprey Bugatti Egg Collection was born as 111 physical eggs ranging from $20k - $200k+ that are paired with generative artwork NFTs.

According to Asprey Chief Creative Officer, the high price tag comes from the long and complex process used to construct a perfect carbon fiber egg shape, while also being encased within a sterling silver diamond weave lattice on a curved base that "echoes Asprey's heritage in jewelry and furniture". If you thought the outside sounded fancy, this phygital opens with a complex hinged diamond door to reveal a scene of the Chateau Saint Jean which was Bugatti’s home in Molsheim, in front of which is a sterling silver stylized Bugatti Type 41 Royale Esders.

While a mint day from Bugatti has yet to be unveiled, the interesting move here has been its decision to mint on Bitcoin, which will mark the most expensive NFT inscribed on Bitcoin for the 100-111 eggs that are said to cost $200k upwards.

Although we can all likely agree that a $200k Bugatti Egg is a bit overkill for a decoration piece, Bugatti and Asprey recognition for the benefits of Web3 in NFT authentication and its application for complimenting digital art is another perfect application of this flexible technology.

Finishing off with some more phygital news, global powerhouse Nike has once again joined forces with its studio RTFKT to create an "extraordinary collection of limited-edition Air Force 1 sneakers, including the highly-anticipated first-ever Air Force 1's by Takashi Murakami”.

So where does Web3 play into Nike’s latest hyped-up run of collectible sneakers? Well this SZN1 collection is exclusively available to those holding an accompanying RTFKT NFT, and the physical shoes themselves will have RTFKT's NFC chip that directly links to the authenticatable NFT you own.

Collecting nice sneakers is nothing short of new for streetwear culture, but this Web3-ified collection is something special as it comprises ten fashion designs representing the Clone X DNAs. Expected to ship end of Q4 2023 with a “forging event” (mint day) fast approaching on April 24th, RTFKT says "The forging event is a one-of-a-kind opportunity for digital collectible holders to redeem limited made-to-order physical products".

Nike’s continued commitment to Web3 not only shows the opportunities that NFTs have created for new consumer engagement and rewards, but spearheads the continuing merging of utility that NFTs can offer for both our physical and digital worlds, what better brand to foster this new phygital-ization of culture than Nike themself.

Wake up guys, the new copypasta just arrived!

In case you missed it: an influencer got free mints of a new project by virtue of being an influencer. She then subsequently decided to clog up and dump on the entire floor while there was upwards momentum… then can’t even make a proper apology when called out on it.

See the gigantic candle in the middle of that chart? That’s 250 tokens that one influencer was gifted getting offloaded all at once.

When called out on it, she deflected and started pushing a narrative about feelings when in this case, there were holders that she squeezed 20 ETH out of.

I get it — so much of the NFT space has ceded control over to influencers (and in this digital day and age, that’s not unheard of!). That being said, there’s a certain way to do things with class that sadly, was absent in this case.

But hey, next time I mint a rug, I’ll be sure to let everyone know that there was a mistake made in a wallet that I controlled.

Thanks for joining us, we hope you enjoyed this edition and look forward to see you soon with our next especially curated edition, take care!

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DISCLAIMER:

None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.