THE FLRDROPS ARC:
Phygital is the term used to describe the combination of a physical and digital product. Phygitals are not specific to blockchain technology, but blockchain technology has expanded upon their usefulness in sectors such as retail and supply chains. This expansion also flows into the world of art. Just as NFT’s can attribute scarcity, provenance and authenticity to digital artwork, these attributes can also be applied to physical artwork and play a major role in adding value for artists.
FLR Finance, as well as artists in collaboration with FLR Drops, will be able to list physical items in the form of a Phygital token or a combination of tokens. There isn’t any functional difference between a Phygital NFT and a digital art NFT, but there is an obvious difference in receiving ownership of a physical item.
To claim the physical item, the collector who purchases a Phygital NFT would have to prove ownership of the NFT or redeem it. The collector would also need to provide some contact and delivery details to the seller in order to receive the item. This is strictly an exchange of information between buyer and seller. FLR Finance will not be an intermediary in the sale or exchange of Phygitals between buyers and sellers and will not be accountable for issues that may arise between buyer and seller.
This feature will be implemented into FLR Drops via a plugin that allows for personal information to be shared privately and securely, on-chain. Until full testing is complete, only FLR Finance NFTs will be able to utilise this feature. This testing will commence on FLR Drops on Coston with the release of the FLR Finance Sticker Pack Raffle. This fun, free event will allow us to gather valuable data on the user experience, as well as on the costs and logistics of real world, physical redemption. When Coston testing has concluded, the first Phygital Drop on Songbird will be our very own FLR Finance Rhodium necklace, followed by the Arm of Supaku!
