Family - The Home of Phygitals
We leverage emerging technologies to enhance efficiency in the physical world. Our solutions are designed not only for consumers but more importantly for large enterprises
Created on 15th June 2024
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Family - The Home of Phygitals
We leverage emerging technologies to enhance efficiency in the physical world. Our solutions are designed not only for consumers but more importantly for large enterprises
The problem Family - The Home of Phygitals solves
Our first product that we're releasing links NFTs with physical products using NFC Chips (Phygital). This allows us to add further utility to physical products such as provenance and secondary royalties previously unattainable.
These utilities are only made possible with our upcoming custom built Phygital Marketplace which houses an escrow system. The escrow system allows for a seamless Peer-to-Peer trading of Phygitals, where buyers can only release the escrow system using the NFC Chip embedded on the physical product. Once the trade is complete between two parties, the data that the seller inputs during the sale (Condition notes, Photos/Videos of the physical product, Sale Price, Location) gets stored in the NFT. This allows future buyers of the Phygital to see the rich history of the Physical Product before committing to purchase the product. This feature further increases the value of the physical product as they can verify who/when/where it was traded - especially if its been through a celebrities hands
With this new innovation we are hitting two birds with one stone:
- Solving the counterfeit problems in the fashion industry
AND - Allowing fashion conglomerates to earn revenue on their secondary market
Our Phygital Marketplace will be open to anyone and everyone aslong as their physical products are embedded with a NFC Chip. We'll be releasing an open sourced IoT standard that new creators/builders can utilise to efficiently onboard them into our platform.
We also provide an easy email onboarding for Web2 participants to allow them to purchase our Phygital products. Our solutions abstract away the complexity of the blockchain and meet the users where they are, only forcing them to acquire the NFT after they have received the physical product by scanning the NFC chip embedded on the physical garment. This way NFTs becomes a utility instead of a necessity, allowing us to target and reach the masses
Challenges I ran into
One of the biggest challenges that we had to overcome was figuring out the supply chain aspect of our project. As we're incoporating physical aspects into our workflow, we needed both the software and hardware to work cohesively whilst ensuring that its also manufacture friendly. This means that our solutions for our NFC chips had to initially be generic so that manufacturing and handling of these NFC chips doesn't become too complicated for our garment manufacturers, who have to embeded these chips onto the physical garment. A way we've overcome this is that instead of creating unique NFC chips which needs to be embeded on a particular garment (Size/Color), we initially input an OTP data on the NFC chip so that it can be embedded on ANY physical garment and the linking of the NFC chip to the NFT is done by the user. This does two things:
- Makes it more manufacture friendly and making our supply chain more efficient as it reduces the need of matching the NFC chip to the particular physical garment (Size/Color)
- Allows for more user interaction, creating a more deeper relationship with their physical garment
Another big challenge that we faced was establishing the right infrastructure for our smart contracts as we needed it to be compatible with our added future utilities of PROVENANCE and SECONDARY MARKET ROYALTIES. As we wanted to create a more dynamic NFT that allows for unlimited metadata to be attached to it, we had to look for different NFT standards that we can leverage to make this happen. We overcame this by utilising LSP8 which is a nascent smart contract standard proposed by Fabian Vogelsteller and his team at LUKSO. This allows us to attach not just unlimited metadata to our NFTs but also different sorts of files/formats can be attached to its storage. Although this LSP8 standard is EVM compatible, we had to also make it compatible with ERC-721 to allow it to be showcased in people's wallets
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