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Experience NFTs IRL: Ryder Digital Twin Tags

Louise Ivan's photo
By Louise Ivan
11.7.22

Experience NFTs IRL: Ryder Digital Twin Tags

Speed is of essence in crypto, and Ryder has gotten a headstart in making a concept come to life: Digital Twins Tags. Through this new technology, we can make redeem-and-retain the future of physical products.

Digital twin...what?

Essentially, Digital Twins Tags merge digital collectibles with physical items through a scan-to-own feature. It utilizes special NFC tags compatible with all modern phones. The owner simply scans the tag on a physical item to claim the NFT. If the item is sold, later on, the new owner scans the item, which causes the NFT to move from the seller to his or her wallet.

Let's illustrate this further. Say Kiki has a scarf with its Digital Twin NFT which proves she owns the scarf; as Louise buys it from Kiki,  Louise scans the tag on the scarf with his Xverse wallet and receives proof of ownership. And if Louise decides to give the scarf as a gift to someone else, the receiver can also scan the NFC tag so that the proof of ownership will be transferred to him or her. Through this example, we see that Digital Twins make it easy to transfer ownership and prove that one really owns a particular real-world item. Check the demo below with Xverse.

"Scanning digital twin tags bridges the digital and physical worlds, delivering tangible value to users, which ultimately drives crypto adoption. As a mobile wallet, Xverse is committed to supporting all manners of creative use cases."
- Ken Liao, CEO of Xverse 

Digital Twins are decentralized and on-chain (multi-chain support), talk about having a full-product provenance. Unlike previous physical NFT projects, they do not use conventional NFC tags or QR codes linked to a central website. Instead, Ryder Digital Twin Tags produce a cryptographic signature that cannot be falsified. Whoever owns the physical object will always control the on-chain NFT.

A Pioneer in the NFT Space

That’s right: Ryder is one of the first to push the scan-to-own concept forward, triggering an evolution in NFT projects. This aligns with our core of bringing frictionless experiences to crypto.

Let's all talk about how we can move the NFT space forward with Digital Twin tags:

  • Price speculation becomes a thing of the past, as the value of Digital Twins is rooted in the value of the existing physical product.

  • This will give instant, exclusive access to loyal fans of the product and unlock more real-life experiences, such as access to events. 

  • If you choose to, you can earn through basic biometric monitoring tracks that build a usage profile you can sell to manufacturers.

  • You can build a track record of articles you owned over time and monetize it. Brands can see who their loyal customers are.

  • Locational triggers will be enabled to enhance real-life social experiences, signalling the beginning of blending realities.

  • NFT Marketplaces like OpenSea, Gamma, and Tradeport can evolve to support digital twin items, such as escrow releases once the buyer has claimed the item.

  • Royalty mechanisms can be built in so that the original artist of the physical object gets a kick-back every time the physical object is sold, an impossibility until now.

Digital Twins is our first step toward building a real-world metaverse and a full-circle digital economy.

We’re going full steam ahead on this one because we can’t wait to see how this new concept can lead to various innovative solutions not just for creators, brands and artists but for developers as well. We have big partners who are just as excited as we are (or maybe even more!) lined up for the Q4 launch of Ryder Digital Twin NFC Tags. Watch this space; we’ll be revealing who they are very soon. And naturally, Ryder will support scanning digital twin tags out of the box.

Be one of the first ones to own Ryder Digital Twin Tags! Pre-order today by filling up this form.

Article written by Louise Ivan, Co-Founder

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