Digital Twins, Blockchains, Metaverse, NFT's & Web3
Digital Twins. Do you need them and what are they?
Once we understand the digital twin concept we can begin to explore how we apply our skills and exploit this emerging technology on the blockchain.
A digital twin is a virtual 3D model designed to accurately reflect a physical object.
A blockchain is a digitally distributed, decentralized, public ledger that exists across a network.
The metaverse is a network of 3D virtual worlds focused on social connections.
Non Fungible Token (NFT)
NFT stands for non-fungible token, which basically means that it’s a one-of-a-kind digital asset that belongs to you and you only.
World Wide Web-based on the blockchain, which incorporates concepts including decentralization and token-based economics.
So how will these work for us and you?
In order to keep this post relevant, we have assumed that you have a basic understanding of the fundamentals. This post is intended to offer insight into how we could utilise NFT’s and the blockchain.
Disclaimer. This article is for informational purposes only and should not be considered in any way financial investment advice.
You may also want to consider reading about the metaverse and how our digital twins maybe be used in these virtual world. Read More…
Credit: Image from The Sandbox website. www.sandbox.game
its A good thing.
As a team of creatives, we believe the concept of NFT’s finally addresses the issues with regards to copyright, ownership, and recognition for the digital collateral we create. Intern this also means the same for our customers. We can now track ownership, authenticity, and the uniqueness of a single digital asset.
Since our inception, we have always asked our customers to consider their 3d strategy and how they can exploit their 3d collaterals potential. Digital assets are more than 2d images and websites. If we apply the NFT ethos to ours and intern your 3d collateral you can begin to understand the potential value of an ever-increasing ledger of 3d & 2d digital assets that companies create and own.
If we told you that right now a single image or avatar is selling well in excess of a million dollars I’m sure you would find it hard to believe.
THE BORED APE YACHT CLUB is one of the top grossing avatar NFT collections around.
BAYC is a collection of 10,000 Bored Ape NFTs—unique digital collectibles living on the Ethereum blockchain.
Their continued increased value does not show any signs of stopping. The reason for this is based on a few fundamental requirements. Association with hype, rarity, desire, and potential. The blockchain allows to track its ownership and authenticity. This now means that any value can be tracked and a desire for such items can be achieved.
Above: A bored ape image/nft. Credit: BORED APE YACHT CLUB.
Everything we create and build in the real world should have a digital twin and NFT on the blockchain.
We believe everything real-world object should have a digital copy or twin. Most modern-day projects or products will already have the building blocks in place. As more and more manufacturers use computer-aided design it is only natural to assume that these 3d models created for production are the beginnings of a digital twin.
Any image can be copied and redistributed. The concept of an NFT has now enabled creatives, artists, and brands to understand ownership rights to every digital item created on the blockchain.
Digital artists can now track the status and value and every transaction related to that individual digital asset/nft. How? This is achievable because the blockchain ledger shows every transaction that has ever been completed and will continue to do so. It can not be changed or deleted which means you can trust it. Therefore individuals have confidence in what they are buying.
Below: Multiple versions of the same product in the physical world and digital world.
The physical Item
The physical item. Something we all understand and value. its value can increase based on certain criteria. ie. Maker, Brand, Materials for example. Therefore if a digital asset has any of the characteristics its value can be quantified in the metaverse.
The 3d digital model can be used as a wearable. Wearable NFTs are the latest trend in the fast-growing and exciting non-fungible tokens market. ‘Wearable NFTs are virtual shirts, jackets, sunglasses, jeans, hats, sneakers, and accessories that you can put on your digital avatar.’
The 2d Image
The 2D image that has been minted on the blockchain. NFT stands for a non-fungible token, which basically means that it’s a one-of-a-kind digital asset that belongs to you and you only.
Wearable NFTs: The Ultimate Digital Illustration Of Wealth and ownership.
All three of these items above have value. FC Leather is an exclusive manufacturer of handcrafted gentlemen’s belts. These belts are designed to appeal to the high end of the marketplace and carry a high asking price. This means that they contain the three main characteristics that make digital twins so valuable.
Rarity, desirability, and uniqueness. Combined with exclusivity and the potential to be worn by influencers and celebrities their value in the real world and blockchain could be considerable.
For example, if a celebrity wears the real-world belt and then uses the same representation (NFT) asset on their avatar in the digital world. That avatar now increases its awareness of the product and in turn its value of the digital asset.
Above: A virtual party in Decentraland with users showing off NFT-connected costumes
Where else can we apply the use of an NFT? Furniture seems like a natural choice to consider. Users will be creating virtual homes and they will need populating with desirable pieces of digital furniture.
Credit: A Horizon Workroom containing a boardroom table Image: Facebook