As brands focus on building new use cases during the bear market, a team has come up with combining nonfungible tokens (NFTs) and near-field communication (NFC) chips to enhance the experience of their users.
In an interview with Cointelegraph’s Alyssa Exposito, RTFKT co-founder Steven Vasilev shared insights from his experience in creating RTFKT and thoughts on how it is creating an ecosystem of authenticity through NFTs and NFC technology.
According to Vasilev, when his team was creating the RTFKT project, they realized that NFTs and blockchain technology had the potential to enhance the experience of collectors. He explained:
“We saw that the technology of NFTs and blockchain could create a more frictionless experience for collectors in terms of authentication and also provenance and scarcity and supply being transparent.”
Coming from a fashion and culture background, its founders proceeded to apply this technology to brands as seen on its CloneX Forging drop. In addition to linking brands to NFTs, the team also utilized NFC chips to add further utility to their products. Vasilev said:
“We’re big believers in NFC technology being implemented on a mass scale because of the different utilities that can be unlocked through that. So, we’re really excited to get this out and start displaying our vision of what’s possible using this technology.”
Vasilev said that working with footwear giant Nike, which has spent years on research and development on NFC technology, they are able to use the information to combine its utility with NFTs. “We’re actually doing a lot of work to link both of these items, to create this ecosystem of authenticity, but also building on new utility on top of that,” he said. The executive highlighted that combining NFTs and NFC creates two points of immutability which has never been done before.
Apart from security, the RTFKT co-founder also said that this can easily be applied to events. By scanning their garments, holders could prove that they own an NFT that gives them access to events.