Vivien Zhang is a retail executive turned tech entrepreneur. Having worked at some of the most sought-after luxury brands, including Tiffany & Co. and Harry Winston, she combines her deep knowledge in the luxury space with her passion for technology and founded - The Spot Room.
The Spot Room built the infrastructure enabling physical product to transact on blockchain; empowering brands to seamlessly deliver combined physical & digital experiences to their customers and maximize revenue potential.
GOING PHYGITAL WILL SCALE YOUR BRAND BUT FIRST, WHAT IS PHYGITAL?
Phygital
Combined physical + digital products with experiences
"Being phygital"
Pairing a physical product with a companion digital twin, in our case - an NFT
WHAT IS AN NFT?
Non-Fungible Tokens (NFTs) are unique digital tokens that exist on a blockchain that cannot be replicated. While commonly used to represent digital artwork, NFTs can represent real-world items such as artwork, music, luxury goods and real estate.
It is recorded in a blockchain, therefore can be used to certify authenticity and ownership.
ENHANCE YOUR CORE PRODUCTS WITH A COMPLIMENTARY WEB3 STRATEGY
When considering Web3, focus on projects and capabilities that compliment your core product and deliver ROI.
Web3 does not need to be solely a marketing spend, but when paired with your core (physical) products, can further their perceived value to the consumer.
Here are the three use cases of having a complimentary Web3 strategy:
Use case 1: LEVERAGE NFT'S TO CREATE A SENSE OF UNIQUENESS AND SCARCITY
By coupling an NFT with a physical product, the serialized, unique NFT can certify the authenticity, provenance and ownership of each product, thus increasing the value and collectability of the physical product.
Use case 2: ENGAGE YOUR BRAND'S CUSTOMERS IN THE DIGITAL REALM WITH THE DIGITAL TWIN
Create a digital twin for the physical product to engage with your customers beyond the physical world. Our technology enables you to bundle your physical product with the digital twin, which can come in the form of virtual goods, AR filter, digital skin, etc. This can serve as your
gateway to taking part in gaming and the metaverse.
Use case 3: CAPTURE RESALE REVENUE, DATA AND CRM OPPORTUNITY USING NFT'S
NFT pairing enables you to track and trace the life cycle of the physical product post the first sale. You can obtain resale data, engage with subsequent owners and automatically collect royalty. The NFTs also enable you to offer token-gated CRM experiences to whoever is the current
owner of the physical goods.
About the author: Vivien Zhang
Founder & CEO of The Spot Room
The Spot Room enables your brand to sell “phygital” products both online through your own website and offline in-store via a plug-and-play API. You may also test the “phygital” market by
collaborating a limited release on The Spot Room launchpad. If you are interested in “phygitizing” your business, please reach out to Vivien at vivienz@thespotroom or visit www.thespotroom.com
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