Let’s get phygital: The NFTs backed by real-world collectibles

By June 20, 2022The Sandbox
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"Why don't you just right-click and download it?"

When it comes to NFTs, bemused skeptics are often confused as to how virtual pieces of artwork can be worth millions of dollars.

Of course, this criticism usually misses the point. You may take a photo of the Mona Lisa inside the Louvre, but it just isn't the same.

Now, a new community-owned marketplace is taking on the naysayers by offering nonfungible tokens that aren't just digital goods.

ClubRare says each of the NFTs in its collections represent ownership of a real-world authenticated collectible — and they can be brought to life in the metaverse.

The project points to industry experts who have predicted that the crossroads between physical and digital worlds is where crypto industry, especially the metaverse, are heading next.

And it's formed an official partnership with The Sandbox — one of the world's best-known metaverse brands — to ensure that ClubRare collectors can make full use of their NFTs in an immersive way.

Going forwards, both platforms are going to work together to create beautiful limited-edition projects — with a storefront for ClubRare making its debut.

Making 'phygital' happen

ClubRare's marketplace is at the beating heart of its universe, a decentralized trading platform that's owned by the community. Real-world, exclusive merchandise can be snapped up in a heartbeat — and from there, all purchases are replicated in NFT form. It's like buying a beautiful new T-shirt, and getting a complementary virtual one that your avatar can wear too.

An exclusive collection of nonfungible tokens known as the Lazy Leo Club has been launched that delivers "special powers and abilities" throughout the ClubRare ecosystem, and just 10,000 of them exist.

But that's not all. A governance token has also been established to ensure community members can steer the future of metaverse development and NFT trading — acting as a think tank deciding ClubRare's future direction.

Meanwhile, a token called MPWR can be staked in order to reduce the fees associated with NFT trading — and unlock access to cutting-edge authentication tools and shipping. There are also perks for creators, not least because they can apply for grants and pursue crowdfunding as they bring collections to market.

From personalizing land to equipping avatars, and battling for exclusive access to limited-edition drops, MPWR is shaping up to be the lifeblood of this vibrant new ecosystem.

ClubRare's intuitive website offers a breakdown of the top collections — as well as the latest drops and the most-viewed collectibles. And for discerning enthusiasts who are looking for something specific, phygital assets are broken down into categories spanning handbags, watches, jewelry, art, food and sneakers.

Making a splash

The ClubRare team are platinum sponsors of the NFT.NYC conference in New York City — a flagship gathering for the community. During the event from June 20-23, the project's promising to reveal a huge brand partnership, and host an exclusive auction.

An invite-only event is going to take place on June 23, the day NFT.NYC wraps up, that'll feature insights from "established and rising voices in Web3" — passionate individuals with a wealth of experience across metaverses and e-commerce.

Looking ahead, ClubRare's metaverse is set to launch in closed alpha in the fourth quarter of 2022 — and it'll be making an appearance at NFT.NYC's sister event in London. Plus, between 2023 and 2025, the team's focus will evolve into a fully decentralized ecosystem where the community calls the shots.

With an array of top-tier partnerships, must-have collectibles and the added utility of a tangible item in the real world, ClubRare is firing the starting gun on ensuring "phygital" is a word on everyone's lips.

Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you with all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor can this article be considered as investment advice.

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