Phygital Drops by Polytrade: NFTs are Going Physical

Welcome to a realm where art transcends boundaries, the digital becomes tangible, and where creativity is unbridled.

Polytrade’s Phygital NFTs blur the lines between the digital and physical realms, offering collectors and investors the unique opportunity to trade the digital token and burn the NFTs to redeem the corresponding physical masterpiece.

Join us on this journey as we redefine the art market landscape, one blockchain transaction at a time.

How Phygital NFTs Work?

Each Phygital NFT represents a real-life artwork or a personalized work order from the artist. Users purchase the NFTs on the Polytrade RWA Marketplace. Sign up here to get started and not miss a drop!

Redemption Deadline

Once purchased, Users can resell or trade these NFTs up until the Redemption Deadline. Users can find the Redemption Deadline in the Properties section on the listing page of the NFTs, alongside other details such as materials, size, artist, signed/unsigned, shipping time, etc.

Users must redeem the NFT for the underlying artwork or work order before the Redemption Deadline.

In order to accommodate storage costs and to reasonably limit time commitments for Artists, the Artist is no longer liable to fulfill any redemption requests after the Redemption Deadline.

Thus, the NFTs lose value after the redemption deadline and all Users are urged to redeem Phygital NFTs before the redemption deadline.

Redemption Process

The redemption process for each Phygital NFT is given on the Asset Listing page on the Polytrade Marketplace. Users can find the Claiming / Redemption Process section on the listing page of each NFT.

In order to redeem, simply follow the steps listed in this section.

All redemptions are handled after the Redemption Window expires and shipments happen after the “Ships After” deadline (both stated in the Properties Section on the Asset Page). Delivery timelines are stated in the properties section but may vary by destination.

What are Blank Canvases / WorkOrders?

Blank Canvases are NFTs that act similar to work orders. Users who hold these NFTs get to commission the artist for a customized piece of artwork. Often, Artists will include inspirations from the User including any NFTs or PFPs the User owns.

Working with the artist to design the artwork on Blank Canvases sometimes itself is a great experience that can draw you closer to both the artists and the eventual artwork, not to mention such creations are one of a kind.

Redemption Deadline Extensions

Polytrade is actively working with its 2 vaulting partners to provide secure storage services for Users who wish to extend the Redemption Deadlines on their NFTs.

In such a situation, the underlying Artwork will move to a secure vault and be held there against the NFT.

More details on storage facilities will be provided in the coming days.

User Security

To ensure security, Polytrade’s contracts act as an escrow on behalf of the user. Funds are only released once (a) the underlying physical item is delivered and accepted by the NFT holder, (b) the NFT goes un-redeemed even after the Redemption Deadline has passed (c) the physical item is moved to a secure Polytrade partner vault and audited and stored on behalf of the NFT holder.

This means the holder of the NFT is secured in all scenarios.