Bitcoin, it’s over. There’s a new trend in crypto: Augmented Reality NFT s. This cryptocurrency is a new kind of “non-fungible token” or collectable. Beeple, the infamous digital artist, sold his work “Everydays –The First 5000 Days” as an NFT to Christie’s for $69 million in March. This digital landmark sale highlights the potential for financial success if arts and augmented realities intersect. Similar to this, 7500 3D images from museums around the world have been digitized. However, they are unsure what to do with them. Some museums have begun to use augmented reality. The Smithsonian has software that can bring items from Bone Hall back into life. However, many museums are still struggling to take advantage of this technology. A tech company earned $380,000 from an NFT video showing a Banksy print worth $95,000 being physically burned. Although most NFTs are currently virtual, the future will see digital and analog worlds merge. Some NFTs already use AR to let users interact with them in real life, such as artwork and clothing. Augmented reality NFTs are becoming more mainstream in 2021 and beyond.
What are NFTs and, more importantly, what are augmented reality NFTs? How can your company or brand leverage this rapidly-growing trend?
What are AR NFTs? And Why Are They So Popular Right Now?
Non-fungible tokens (or NFTs) are a type digital asset that is available on the blockchain. But unlike other virtual currencies, NFTs can’t be exchanged or replaced for another of the same value. This is why they are called “non-fungible”.
NFTs can include all types of digital objects including music, images and tweets. Jack Dorsey was able to sell the first tweet for more that $2 million, and NBA fans have traded video highlights licensed by the NBA for $230 million. Kings of Leon were the first to release a new album under NFT, and Grimes sold video pieces at $7,500 each.
Although anyone can view an NFT it is only owned by the purchaser. It’s important that you notice the quotation marks. NFTs are and not digital assets. They are electronic records that represent ownership of the asset.
NFT ownership is documented on the blockchain, which is a digital ledger that records transactions and underpins cryptocurrency like Bitcoin and Ether.
What are Augmented Reality NFTs and How Do They Work?
Regular NFTs represent art pieces and moments in time, but AR NFTs contain Augmented Reality elements and cues. AR elements include the ability to see digital objects in your environment, or your face/body. 3D NFTs can be digital objects that are also visualized using AR or another technology.
AR NFTs or 3D NFTs, in other words are immersive experiences that can shared via AR-enabled apps and websites.
Augmented Reality NFT Platform: Benefits
Augmented Reality NFTs, 3D NFTs, and video-makers have the main advantage of creating new revenue streams. Commerce retailers, auctioneers, etc.
Shawn Mendes, for example, recently launched virtual versions of his most recognisable accessories such as his vest, earrings and gold ring. Fans can then use these digital avatars to access his accessories .
Art NFTs reduce the need to have intermediaries and allow artists to interact directly with their audiences. Digital collectables, unlike analogue items are software. This means that the creator of an NFT can receive a royalty every time it is resold.
Types of Augmented Reality NFTs
Are you curious about the types of AR NFTs that are currently available? Here’s a quick guide that will help you get started.
World lenses for digital art NFTs
One of the most common examples of NFT technology being used in the art industry is the world lenses (live filters), which allow users to display unique pieces digital art. A world lens allows you to interact with NFT art by placing it in your home, office or art gallery with AR.
The Paris-based Pascal Boyart is one of the first street artists in France to add Bitcoin QR codes to his works. The French authorities quickly covered up his mural, which was about the Yellow Vest protests in 2019. Boyart was able to keep the mural alive with art NFTs, which proved very lucrative. Boyart is known for bringing life to his murals through audio, motion and augmented reality.
Poplar Studio has previously collaborated with Sotheby’s to create an Instagram filter which allowed users to see how Botticelli’s “Portrait of a Young Man With a Roundel” would look in their homes. Now, Sotheby’s is entering the AR NFT market.
NFT Face Filters
Artists are increasingly using tech to create NFTs for their face art. Marc O-Matic, a Melbourne-based artist, is an example. His artwork combines traditional illustration, 3D animation, augmented reality, and traditional illustrative arts.
Marc-O-Matic is a British-American rapper. However, you may be familiar with MF DOOM. He released the augmented reality DOOM masks before the British-American rapper died in 2020. The masks were modeled after MF DOOM’s signature mask and were shown in an Instagram Video where everyone, from Kim Kardashian to Marilyn Monroe, to Jack Nicholson, was seen “wearing” them. The masks were worth nearly a million USD and were sold as NFTs.
3D Product NFTs
Art NFTs do not only include face filters and artwork. 3D models for unique products are also on the rise.
Andres Reisinger, an Argentinian designer, recently hosted an online NFT auction for virtual-surrealist furniture. The furniture sold for nearly half a million dollars and can be used in any 3D space (such Decenntraland, Minecraft, virtual- and augment-reality apps, and development platforms such as Unreal Engine to create animations and games.
Fashion NFT is just what it sounds like. It’s a piece of clothing that you can wear on your body. This is possible thanks to:
- An AR filter.
- DressX is a company that layers clothing onto social media photos.
- Virtual reality.
- Through an avatar.
Atari and crypto brand RTFKT Studios collaborated to create , a line digital sneakers that users can show off in multiplayer blockchain games including the Atari Metaverse. These sneakers can be tried on at home by users using the MetaverseMe or Snapchat apps.
How can you create your own AR NFTs?
Contrary to what some may believe, creating your own NFTs is easy. You don’t have to be an expert in cryptography or technical details. Many NFT marketplaces make it simple to convert your artwork or any other design into an NFT.
It is true that creating an AR NFT (or a 3D NFT) can be a bit more difficult than creating one. This is because embedding visual cues to trigger the digital item in the physical world requires some extra work. AR NFTs can be more lucrative than regular NFTs. AR NFTs are a great way to stand out in a market saturated with regular NFTs. They allow users to share immersive experiences with others.
Brands may also want to look at reports on NFTs’ impact on the environment and how they might fit into their environmental policies.
Are you ready to harness the incredible potential of immersive NFTs? Contact Poplar Studio today to get started on your AR NFT.
Augmented Reality-Based NFTs Can Revolutionize Arts And Culture
Mixed reality and desktop AR are digital solutions that could help the arts overcome their challenges. It is possible to create virtual representations of any artifact by simply taking images of the physical item. They can be viewed as holographic images and people can get an intimate view of art and history from their own homes. People who want to immerse themselves in culture without the limitations of glass tanks and velvet ropes can enjoy a 360-degree view of the object they desire.
One-of-a kind entities, NFTs, can be used to prove ownership over a virtual item. These are used to prove that a collector owns a digital item. They also allow artists to sell work for which there is not a viable physical market.
Mixed & Augmented Reality offers financial solutions for museums and galleries in trouble
Museums are usually public-owned, and receive most of their funding through taxes and donations. However, the recent economic downturn has resulted in underfunding of the arts, culture, and heritage sector. In a UN report, 43% of museums were closed in the first quarter this year. These institutions can make NFTs a very lucrative way to increase their revenue streams.
If galleries and museums are experiencing financial difficulties, they may be able to find refuge in the digital collectables market by selling NFTs. While it is easy to dismiss NFTs as a passing technology trend, they have tangible economic benefits that can be used long-term.
These institutions have a lot of artifacts that are just sitting around, maybe collecting dust. They could be selling them to generate additional income or digitising them to make more money. These objects can be funded as NFTs to provide income for museum operations. It will also save them from the costs of international shipping and insurance. NFTs can be traded once a piece has been tokenized and securely minted on a Blockchain. This is often the case in the collectables world.
Mixed reality projects will not only benefit institutions, but also artists. Trading NFTs is transparent and creators can choose to receive percentages of future sales of their work. This is not possible for physical art.
NFTs satisfy the consumer demand to view digital content
There is a growing demand for virtual ways to view artifacts, despite the fact that museums and galleries are experiencing a decline in footfall. Institutions can share their items worldwide if they decide to use augmented reality software. NFTs offer valuable items a means of preservation.
Museums and galleries can use augmented reality to give a new view on historical pieces, and to meet the growing demand for digital entry into their culture. Artists are also eager to use NFTs and mixed realities to share their work with a wider audience.
There is a technological revolution underway, from multimillion-dollar trades to desktop AR that brings history and culture into peoples’ homes through their screens. The mixed reality universe is attracting static art, which could be the catalyst to save the industry.
Nexus Augmented Reality NFT Platform
Nexus.art is a augmented reality NFT platform built to simplify process of buying & selling NFTs. We will democratize the business of art & music, putting the power back into the hands of the creators.