Americana’s phygital vault for the public: a gateway to limitless possibilities for brands?

Published: July 27, 2023

min read

With NFTs acting as a bridge between brands and their communities, even though it is relatively new, more brands have started to utilise them at scale to explore their potential.Needless to mention Spotify’s NFT-based initiatives, Lacoste’s novel game with NFT, or the way Nike and Starbucks are using it to improve brand-customer relationships.

In a way of amplifying the usage of NFTs, recently, Americana, the vaulting platform supported by the OpenSea NFT marketplace, unveiled a novel phygital vault system for Web3 users.It enables users to preserve physical items as well as create digital copies linked to NFTs for trading and displaying in the Web3 space.

The items listed are encrypted by an on-chain digital certificate, which allows them to be transacted through their encoded counterparts without actually leaving the Americana vaults.

The platform can store a variety of collectibles, from heavy-weight vintage cars to limited-edition, light-weight fine art and stamps.

The system provides customised strategies for each user's property, including physical artworks that are authenticated using modern fingerprinting technology. Authentication mechanisms differ by item, with some pre-authenticated by third parties or directly through their creators.

First, Americana's consultant will create a digital replica of the product and then proceed with the authentication contracts required for vaulting and trading. And finally, the digital title of the item is issued as a non-fungible token (NFT) guaranteed on the Ethereum blockchain.

Besides, the title includes an insurance policy along with serving as a certification of authenticity, providing provenance, and providing digital scans.

What does it mean for CIOs?

To put it straight, NFTs are everywhere. Everyone is releasing their own digital collectibles and finding new ways to make the most of them.

Although it could be daunting for brands as it is a relatively new technology to deal with, brands cannot risk avoiding engaging through NFT at all. Paying attention to new kinds of innovations in the Web3 world and the different use cases of NFT is critical for brands to keep up with trends and connect with younger audiences. In that regard, we believe Americana’s open access to its revolutionary phygital vault is important to take notice of as it can benefit them in various ways.

By leveraging Americana’s phygital vault, brands will be able to come up with immersive and interactive virtual exhibitions for a global audience to showcase their products. As it can offer a multi-dimensional experience irrespective of geographical constraints, it is more likely to be appealing to tech-savvy consumers. This way, the NFT-related virtual events will help brands attract new audiences and foster a deeper connection with potential customers.
With many renowned brands such as Gucci, Yuga Labs, and Tom Sachs already using Americana’s phygital vault, this open access will encourage more brands to join them. Consequently, brands might see an increase in demand from collectors worldwide, which could potentially expand the brand's market reach and boost international sales.
As the phygital vault paves the way for collectors to validate the product's place of origin and history, brands that deal with high-value products can significantly benefit from the heightened trust provided by on-chain digital certificates. This, on the other hand, will help brands in ensuring authenticity and combating market counterfeiting and fraud so that they will be able to provide buyers with assurance in the credibility of their purchases.
Collaborating with artists and creators to create unique virtual experiences is quite common in the world of metaverse. In fact, recently, the retail footwear brand Clarks has re-entered the metaverse with a virtual concert by partnering with Afrobeats artist Fireboy DML. Thus, by adopting these kinds of approaches to developing unique NFTs to showcase, they can create a sense of exclusivity for the audiences exploring Americana’s phygital vault. This way, they can boost their brands’ visibility, attract new audiences, and enhance their brand image.

Overall, Americana’s open access to its phygital vault is indeed a revolutionary move and something for brands to pay attention to. With that said, it is also critical for brands to conduct careful planning and strategic implementation so as to effectively capitalise on NFT-related initiatives.

Author

Pete Johnson

Pete is a MarTech expert guru with a knack for getting diverse MarTech solutions work for brands. He has a wealth of experience in working with a plethora of MarTech platforms that dive Personalized Omnichannel Experiences. When he's not at work, you can find him playing basketball or listening to jazz.