At the moment, the NFT platform carries the Brytehall luxury brand in the metaverse – Wired PR Lifestyle Story

The world of cryptocurrencies and NFTs can be daunting. Ask any fan and they will probably have a story about cheating, sending coins into the wrong wallet or dropping false promises. It’s almost like a ritual.

A decentralized world works with the idea of ​​self-government, so the burden of protecting your property lies solely with yourself. There is no legal recourse for stolen NFTs, nor any refund for the purchase of a convicted project.

For the traditional consumer, this is a new gaming area, but most NFT markets do not meet the traditional consumer.

Recently, OpenSea, which had a market turnover of more than $ 3 billion this January, revealed that more than 80 percent of NFTs created using its free minting tool were fake, plagiarized, or fraudulent.

Navigating the NFT space requires a great deal of diligence and caution. One of the reasons for the NFT platform in Singapore Brytehall was created to alleviate this barrier to entry.

“We want to be a bridge between the world of traditional consumption and the world of cryptography,” says Bernard Toh Brytehall CEO.

Study of figital concepts

In order to bridge this gap, Brytehall proposes phygital concepts (a mixture of physical and digital experiences) as a way forward.

“I believe that the metaverse and the real world should not be exclusive to each other,” Toh explained. “I see the metaverse as another dimension that reflects the real world in digital space.”

Brytehall’s debut auction was held last December in collaboration with the American bicycle company Specialized. It was the only NFT of a bicycle frame sold for $ 50,000. The winning bidder also received a physical equivalent to the NFT bike.

“I like to see the two worlds connected to create new experiences,” Toh added. “For example, if an NFT sneaker came with graphics or animations and then I bought a physical copy of the same shoe, I could see those animations through an AR filter. I think that’s the most practical utility for NFTs today.”

Toh also likes the idea of ​​price correlation. When the price of an NFT changes, it should have a similar effect on its physical counterpart. “I think we’ll see more of that in the coming years.”

NFTs as a marketing tool

These phygital concepts are not suitable for vendors and NFT pinball machines. However, Brytehall’s auctions are not intended for this audience.

The platform is often paired with traditional luxury brands that don’t care too much about taking out secondary sales giveaways.

“When you include luxury brands in this space, NFT sales may not be their priority,” Toh explained. “Any profit would be much less than the revenue they generate from their day-to-day business. It wouldn’t make much sense to them. ”

“The real action plan is to deliver the brand’s messages and lay the groundwork for the future,” he added. “Metaberse is becoming a marketing channel for these brands. They want to explore the space and see if it has the potential to improve brand awareness. ”

Toh believes it is necessary for brands to be involved now if they are to keep up with the pace of evolution.

“The field is constantly changing and you have to be there to get used to it. Things like community building and storytelling work differently in the crypto space. Only when you start laying the groundwork can you get into the groove. ”

The future of NFT: trends and utilities

Speaking of the pace of evolution, just look at the last year to see how far NFTs have grown. As the day progresses, new services are coming in, and consumers aren’t buying for the same reasons they were a few months ago.

“Initially, people bought NFTs because of their rarity and exclusivity,” says Toh, citing the monumental sale of Beeple’s digital art collage, which grossed more than $ 69 million. “It’s not one-dimensional now. The trend has gone to gamification. It feels like a utility. ”

Toh has also noticed a cyclical nature in the growth of NFTs.

“When a new innovation succeeds, it creates hype and you have a lot of projects trying to ride that wave. Eventually, that gets old and something else takes its place. I believe that through these cycles the metaverse will take shape and become dominant. ”

“Maybe not yet, but I think it’s not too far away. Maybe buying NFTs right now is like buying future options.

Why aren’t more Singapore buying NFTs?

The numbers show that Singaporeans are particularly skeptical about the future. Today, Singapore’s global NFT ownership is below average.

Compared to other countries, Toh believes Singaporeans are “more cautious” about where they put their money.

“Looking at the insurance investment matrix, I’m sure Singapore would be pretty high,” says Toh.

“The friends I’ve talked to have heard of NFT, but they’re not ready to put their money into it. Use cases are not quite strong yet. It’s okay to buy cryptography, but not NFTs. “

Beyond the general sentiment, Brytehall has tackled regulatory issues to reach out to local audiences.

Last year, the startup partnered with Binance to launch Vogue Singapore NFT Collection. As it turned out, this was when Binance was banned from operating in the country.

“We realized that Singapore users couldn’t get access to NFTs,” Toh recalls.

However, this was not a big deal. Although Brytehall is headquartered in Singapore, it has always taken a global view.

“Our target audience has always expanded beyond that. They have been to Russia, Europe, the USA and China. I don’t think the Binance news has hurt our launch at all. ”

Is Singapore the perfect place to start an NFT startup?

All things considered, Toh believes that Singapore would be one of its main opportunities to create a crypto-based company, even if it is not in Singapore.

“Although some companies have been having regulatory issues lately, I think the overall financial space is very open for access to cryptography.”

Tohe added that laws and regulations are important in this space, and that it is necessary to be able to adapt to them.

“When it comes to cross-border technology ideas like ours, you’ll often find that they fall into gray regulatory areas. That’s how many tech companies work. Something already exists can’t connect us. When new ideas and products first come to the fore, governance continues.” .

“It simply came to our notice then do exist. They serve as a basis for building our products. In addition, we are innovating for the future, planning our roadmap and posting ideas whenever possible. ”

Featured Image Credit: Bernard Toh