Recent advancements in augmented reality (AR) and virtual reality (VR) have reshaped our understanding of reality.
The impact of AR on retail is substantial.
The AR retail market is projected to surge from $2 billion in 2021 to $61.3 billion by 2031. Additionally, revenue from Mobile AR has risen from $12.45 billion in 2021 to $21.03 billion in 2023.
Statistics show that AR enhances the shopping experience significantly:
71% of consumers express a likelihood to shop more with AR.
AR can boost conversion rates for retailers by up to 40%.
Product presentations using AR have a 94% higher conversion rate compared to those without.
72% of AR users in shopping journeys end up purchasing unplanned items.
61% of consumers prefer retailers offering AR experiences.
Augmented Reality can elevate customer interaction rates by 20%.
Let's explore the potential collaboration between NFTs and AR in the near future.
AR NFTs in Art industry
Imagine owning more lifelike artworks enhanced by AR. Augmented reality enables creators to produce deeper, more realistic, and contextual pieces.
These artworks are accessible anytime, anywhere via smart devices. AR allows viewers to immerse themselves in the art, adding sound, visual effects, or other virtual elements based on their surroundings. Collectors can fully experience the artwork, despite its lack of physical presence.
Although AR NFTs lack physical form, they find utility across various domains, from gaming and virtual reality platforms like Decentraland to CGI movies and museums. By blending art with AR experiences, technology elevates the value of art to new heights.
AR NFTs in Gaming Ecosystem
In the gaming industry, companies have historically been the main profit-makers. Players haven't seen much return for the time and money they invest until recently. The rise of the play-to-earn (P2E) model has changed this, allowing players to turn their attention and time into profit. NFTs utilize Blockchain advantages to bring virtual world ownership into reality.
Today, many games with in-game economies using Blockchain are moving towards offering AR and VR experiences, preparing for the metaverse. Numerous devices supporting AR technology are available in the market, and people are eager to see further advancements in this field.
P2E games enable players to acquire assets that they can integrate into real life. These assets, transferable to wallets and usable as desired, come in various forms, from game-specific items to tradable cryptocurrencies.
NFTs represent a milestone in this trend. For instance, you may want to showcase your 3D armor and store it in NFT format in your wallet. The armor obtained through tasks or leveling up, along with your in-game avatar, can exist in NFT format. In the near future, we'll witness in-game assets compatible with AR, allowing players to view them in real life after purchase, adding an extra layer of utility to the items.
The gaming industry is on the brink of integrating AR NFTs, including those tied to physical objects, location-based AR NFTs, and gaming AR NFTs. This collaboration between AR and NFTs will deepen the connection players have with the game, creating a "documented reality" experience that enhances item ownership, even in 2D games.
Zed Run, an Ethereum-based digital horse racing platform, extends digital ownership to real-world settings. Through AR developments, players can bring digital horses stored as NFTs to their surroundings, enhancing the investment's appeal.
AR NFTs in Fashion and Home Decoration
Similar to showcasing art pieces, AR NFTs can also revolutionize the fashion and decoration industries, especially with virtual try-on capabilities.
Wouldn't it be convenient to preview these digital assets at home before making a purchase? Doing so provides a better understanding of the item's color, size, and texture. Many brands now integrate AR throughout the customer journey.
IKEA launched in 2017, an augmented reality app that allows customers to experience a unique shopping experience and experiment with AR home furnishings. From sofas and armchairs to coffee tables, all products in IKEA Place are 3D and life-size, so each option is exactly the right size, design and function.
Purchasing a digital shoe copy as an NFT to virtually try it on and dress your avatar in the same shoes could define the future of shopping.
So how can you leverage AR NFTs for your brand?
In summary, here are the key benefits of using AR technology into NFTs:
Utility plays a significant role in the success of NFT projects. By integrating AR, you can set your NFT collection apart from the competition, adding a unique and enjoyable aspect to your roadmap. Moreover, your collectors can view their favorite creations in real life, fostering a deeper connection.
If you're selling digital items like clothes or shoes for avatars or as in-game assets, allow customers to try them on using AR before purchasing. This way, AR can address any uncertainties about the assets. AR alters our perception of NFT art pieces by adding an extra layer, thereby increasing their value.
To sum up, as we examine the interaction between NFTs and augmented reality, we observe a revolution in the digital world, shaping the next major trend in the market. The numbers speak clearly: augmented reality is no longer just an futuristic technology but a force reshaping how we interact with the world around us. From art and gaming to fashion and decoration, the integration of NFTs into AR brings a new dimension to our experience.
Therefore, it is evident that the continued growth and evolution of these technologies will remain at the forefront of interest and investment in the future. Thus, it becomes clear that augmented reality NFTs will be the key players in this evolution, opening up new horizons and creating a future full of possibilities and innovation.