Technology is developing faster than ever. Who would have thought that Digital Assets would become significant financial investments and one might have to include these assets in their Estate Plan? From Blockchain Weddings to brands diving into NFTs for marketing, the use cases of these technologies are only going to increase. One of the most unique ones is a combination of both Augmented Reality (AR) and Non-Fungible Tokens.
What Is Augmented Reality (AR)?
AR is the addition of interactive digital elements into our real-world environments. For instance, the Snapchat filters people use are based on AR, the filters just add digital elements into a person’s reality. Augmented reality is a technology that also got its start as a concept from tech wizards. Later on, game developers utilized this technology for video games.
You might remember how Pokemon Go suddenly took the world by storm in 2016. Many Augmented Reality games like Ingress, Ticket To Earth, The Walking Dead: Our World are popular among gamers today. The gaming industry always had focused on utilizing this technology. Not only does it offer incredible graphics but it can make the gaming experience better for players.
However, AR can be used in various fields like education and even entertainment. For instance, IKEA (Swedish furniture and homewares retailer) developed an AR software IKEA Place that allows people to preview the appearance and fit of furniture in their homes. AR projection of a 3-D brain is used in the medical field to treat patients.
AR And NFTs In Digital Wearables
What Are Augmented Reality Nfts? Augmented Reality Nfts feature AR characteristics, like picturing digital items in a person’s environment, face, or body. General NFTs, however, are stored on the Blockchain and represent artworks, trading cards, tweets, or music (NFTs are also taking over the real world with different developing use cases like Real Estate NFTs).
For instance, RTFKT and Atari teamed up to create a line of digital sneakers that buyers will be able to display in multiplayer Blockchain games. Buyers can also try on these sneakers at home using either Snapchat or the MetaverseMe app.
RTFKT has also released a video of people walking through New York City wearing AR apparel as visible through AR glasses.
The Tribute Brand, a digital fashion company launched Pepa Paris, a collection of Cyber Petwears (digital accessories for pets). The collection (many items of which sold out completely) is also available on the NFT Marketplace The Dematerialised ranging in price from €50 to €4,000.
Buyers can play with these NFTs using AR lenses on Instagram. The Tribute Brand provides Premium Fitting Service™ that digitally alters these NFTs to buyer’s pet on a photo. Buyers can build out a digital wardrobe and display their collection with Universal Profiles (powered by LUKSO). iPhone users can capture the NFT in AR and place it in their environment by using the AR icon on the bottom right of the 3D file.
Augmented reality is a growing technology that has continued to make its way into our everyday lives. Part of this technology includes the potential for Non- Fungible Tokens which became a reality when CryptoKitties first hit the market. It seems like no one can say exactly what the future holds, though we do know that there will continue to be opportunities to combine augmented reality and NFT.
As interest increases in each of these areas, more opportunities for growth will likely arise. Developing technologies (like Web 3.0, DeFi, or Blockchain) not only have the capability to introduce numerous career fields but can also become an inseparable part of people’s daily lives in the future. This is why users must start preparing for potential barriers along the way in order to fully benefit from the upcoming technologies.
A Digital Estate Plan can help ensure that your Digital Assets are managed in the way you want them to be after you’re no longer able to use them. It’s in your best interest to plan the transfer of Cryptocurrencies, NFTs, and all your Digital investments to your Beneficiairies after your demise or incapacitation.