AT A GLANCE:
- WAX have cemented themselves as a leading innovator for NFT's and trusted blockchain with many major brands choosing WAX to start their NFT journey. WAX have pioneered vIRL NFT's and are leading the way in merging the physical ecommerce world with blockchain.
- The WAX blockchain is fully optimised to make trading of digital assets simple, cheap and fast putting it in the prime spot to take on the future of global ecommerce with vIRL and bringing mass adoption a step closer for WAX.
Before you read the article you might be wondering what exactly a vIRL NFT is, check out his video from WAX on vIRL's:
1. vIRL NFT's Unlock Value That Was Previously Intangible
A major benefit for vIRL NFT's is that creators of these goods can now receive commission on every trade of an asset before they have even shipped the goods. In the same way that every NFT trade on a WAX marketplace pays commission to the creator it will be the same for vIRL NFt's opening up a revenue stream previously unavailable once a product was sold.
On top of that all of the other amazing benefits blockchain brings to NFT's seamlessly transfer to vIRLs creating additional value before the goods are shipped - Permissionless transfer of ownership over a secure, global and immutable ledger. Add to that the social multiplier in point 2 below and you can see how these benefits have the key effect of unlocking value that was previously intangible.
Take for example the recent release on WAX, where FUNKO dropped Teenage Mutant Ninja Turtle NFT's which included some vIRL's that could be redeemed for physical FUNKO toys at a later date, this was their first release of three now and it has already had $2m USD of secondary market trading allowing FUNKO to earn $120k USD just from the market trading of their NFTs. Now not only only are Iron Maiden getting paid for their popularity through royalties but FUNKO are better capturing the value of the brand with blockchain and fans have a new exciting way to collect their FUNKO pops.
2. Social Networks Will Drive a Wave Of vIRL Technology Adoption
Social media and cryptocurrency are both digitally native platforms and both bring a consensus of value to their space (social media = social value / cryptocurrency = exchange value) add to this the visual element of social networks and it is no wonder that this where a lot of the value for NFT's and cryptocurrency has been derived first. Big brands and influencers have been key in accelerating the adoption of NFTs and in the exact same way they will drive the growth of vIRL NFTs for any person/brand that wants to allow consumers to own their physical goods.
Major fashion Brands like Burberry, Nike & Reebok are already researching or launching NFT projects to experiment with blockchain space, combine that with large influencers like Paris Hilton, Logan Paul and numerous other sporting and art legends entering the space, there is no doubt they will try to bridge the gap between digital and physical offerings for their consumers in the near future allowing collectors to own physical assets that they don't need to take physical possession straight away and therefore unlocking the value of cryptocurrencies and NFTs whilst also adding the value of the physical asset backing it. vIRL NFTs provide a physical touch in a digital world that people are craving and the intersection of digital/social/physical is going to be massive trend soon.
3. WAX Has The Patent For vIRL NFT Technology
WAX invented vIRL technology and has patented it. You could call it the blockchain with the keys when it comes to using vIRL, it is inevitable that vIRL technology is going to disrupt ecommerce by allowing people and Brands not only to benefit from giving digital rights to their fans and customers through NFT's but also now physical rights to goods and WAX is leading that charge.
4. WAX Is Already Bringing Big Brands To vIRL NFTs
Ever since WAX and Topps launched Garbage Pail Kids NFT packs early 2020 Wax has been relentlessly innovating, introducing NFT crafting with William Shatner and vIRL NFT's with GPK, Weezer and FUNKO.
vIRL NFT technology has the potential to bring the physical and digital worlds closer than they have ever been and WAX have made it their mission to make 2021 the year vIRL commerce goes mainstream. Starting out with Topps GPK 2021 Foodfight which had a physical redemption NFT codes in packs, where the physical pack came with qr-codes to redeem the NFTs online, then with Weezer NFT's, some of which could be redeemed for physical collectibles that complemented their recent OK Human album release to the $1b giant FUNKO who has just released their third wave of NFT's that come with a redeemable vIRL NFT to claim a physical FUNKO character.
As this image shows WAX has done a great job of bringing big brands to blockchain to dip their toe in the water and the Tsunami is now on it's way. All I can say is watch this space..
For more information check out the WAX website.