NFTs can be attached to physical objects as a way to record ownership, keep track of sales data, and help with authentication. But there’s an other concept out there: the vault 🔐 With Vault NFTs, the physical products tied to the NFTs are stored in your own secure facility. The buyer of a Vault NFT also owns the corresponding physical item and the opportunity to take possession of it at any time — but this concept allows the token holder to trade the NFT without having to deal with the physical product tied to it. To illustrate the concept of vault, let’s take a look at Damien Hirst - The Empresses NFT collection. With this collection, each NFT represents the ownership of a physical print made by the artist. As an owner of this NFT, you have 3 years to decide about the future of your NFT — during that time, the physical print will be kept in a vault. Here are the options you have as an owner: Redeem the physical print, then, the NFT will be burned. Keep the NFT and have the physical artwork destroyed. Trade the NFT and let the next owner decide instead. Have you heard of this utility before?
NFT Utility
NFTs can be attached to physical objects as a way to record ownership, keep track of sales data, and help with authentication. But there’s an other concept out there: the vault 🔐 With Vault NFTs, the physical products tied to the NFTs are stored in your own secure facility. The buyer of a Vault NFT also owns the corresponding physical item and the opportunity to take possession of it at any time — but this concept allows the token holder to trade the NFT without having to deal with the physical product tied to it. To illustrate the concept of vault, let’s take a look at Damien Hirst - The Empresses NFT collection. With this collection, each NFT represents the ownership of a physical print made by the artist. As an owner of this NFT, you have 3 years to decide about the future of your NFT — during that time, the physical print will be kept in a vault. Here are the options you have as an owner: Redeem the physical print, then, the NFT will be burned. Keep the NFT and have the physical artwork destroyed. Trade the NFT and let the next owner decide instead. Have you heard of this utility before?
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