Did you know that NFTs can be used as a digital extension of the merch and collectables that you already have of your favorite hobbies? The National Hockey League is just one of the latest big players to join in on the action of NFTs with their recent announcement. But how does this work exactly, how are NFTs going to blur the line between physical and digital merchandise?
XONE is a mobile Augmented Reality social network developed by CEO & Co-Founder James Shannon, that allows users to build and share 3D worlds. XONE’s vision is to become the web3 version of TikTok, focusing on user-friendly interfaces, discovery, and music to onboard the next 100 million users into web3.
“In order to establish value in digital merch drops the music industry must establish that they are a scarce item with limited supply. The physical equivalent is a virtual pop-up shop which holds only a limited supply of physical goods. Imagine Kanye announced a sneaker line only available at a specific location for a limited amount of time. News of this would churn his fan base into a frenzy with line ups around the block. In order to translate this same model into the digital sphere artists need a way of proving scarcity around a digital item. NFTs provide this scarcity. When harnessed properly artists can benefit from a supply of limited digital goods to unlock new revenue streams with digital merchandise and goods,” says James Shannon, CEO & Co-Founder.
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