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Between the Internet of Things (IoT) and the Metaverse, we are rapidly entering a future in which the physical world is influenced and even imitated by digital objects. While physically backed non-fungible tokens (NFTs) gain traction, their direct counterpart already exists and is accounted for: the digital twin, giving innovators plenty of opportunities to learn that physical backing What to Expect from the Future of Winning NFTs
Digital twins represent the coming together of physical objects, IoT, AI, and the metaverse, and they are already an intrinsic part of how many industries operate today. For those who want to know how tokenization and physically backed NFTs will affect their lives in the future, it is important to understand how digital twins work and how they affect our lives today.
What is a digital twin?
A digital twin is a virtual copy of a physical object. It is a computer model used to simulate a physical object, system, building, or process using real-world data, machine learning, and software analytics. Imagine an airplane. They are complex machines with millions of parts and multiple component systems. Now imagine the same airplane recreated on a computer, complete with all the same parts and component systems, only digitally. This virtual airplane is a digital twin. Physically backed NFTs serve the same purpose from a commercial perspective, allowing undisputed ownership of the physical item to be transacted in global digital markets, as well as the physical item’s redemption capabilities for buyers. Enables
First there were digital twins. Created by NASA Training astronauts and mission controllers for upcoming operations.
NASA previously relied on ground-based simulations of orbiting spacecraft and space stations, but now regularly uses digital twins as part of its testing and training procedures — a huge boon. is, given the fact that it is more secure and less resource intensive. Hard to put digital objects in space for training purposes rather than physical purpose.
Similarly, digital tools maintain the integrity and structural quality of physically backed assets within the emerging ownership landscape of the Internet by removing logistical barriers to trade, and processes such as vaulting preserve their value even as assets Change hands.
Notable Examples of Digital Twins
Not surprisingly, digital twins are common in the aerospace industry. Rolls-Royce uses digital twins. To determine when its aircraft engines need maintenance: Sensors are installed on the physical engines, and the sensor data is sent back via satellite to the digital twin on Rolls-Royce’s servers. .
The digital twin then informs engineers how the physical engine is performing and predicts when it will need servicing.
The aircraft manufacturer Boeing works. An entire manufacturing plant in Yorkshire, UK, with its virtual twin, using “digital thread” technology to connect the virtual and the physical. RFID sensors track materials flowing in and out of the plant, which allows the plant’s digital twin to register how the plant is performing. Before the plant was built, the Advanced Manufacturing Research Center (AMRC), established by Boeing and the University of Sheffield, used computer modeling to design the plant in practice, increasing the plant’s final productivity by 50 percent. happened
Perhaps the most famous example of a digital twin is one that many people use every day: Google Maps is a digital twin. of the world’s transportation system. Using data from traffic sensors and other sources, Google Maps can simulate and adjust your route for conditions on the ground, mirroring real-world conditions on its digital twin roads, mass transit systems, and more. does.
On a slightly smaller scale, the Urban Operations and Management Center in Shanghai has built A digital twin of an entire cityModeling over 100,000 data points across 3,750 square kilometers. The city uses its digital twin to keep track of waste management, e-bike charging stations, road traffic, and beyond. Specifically, Shanghai’s virtual twin included the size and number of apartments in the city, which helped plan and manage the physical city’s COVID-19 response.
How Digital Twins Prove Tokenization as a Service
Digital twin technology demonstrates that a digital link to a physical object is not only practical but important in the fast-paced 21st century. Similar to digital twin technology, asset tokenization allows for the creation of a digital counterpart to a physical object, which can then be sold or fractionalized on the blockchain. This digital version can be transferred with fewer obstacles and less potential for misuse than the physical version.
Simply put: digital twins and physically backed NFTs allow for safer, more secure and more efficient management of physical objects.
Digital twin technology also shows that IOT And The Metaverse Mission-critical systems can be trusted by simulating important physical processes in the digital space. Blockchain can similarly be relied upon for safer, more secure transactions of physical assets. Selling physical assets requires intermediaries and may be restricted due to government restrictions and security issues. Physically backed NFTs can be traded on the blockchain, which is borderless and secure. Similar to the process of creating a digital twin, tokenization creates a digital copy that can be linked more quickly and securely than its physical counterpart.
Blockchain offers the added benefits of immutability and fractionalization. Due to the blockchain architecture, the inherent processes of NFT purchases are protected from fraud, theft, and data corruption – this is especially true since many tokenization platforms require third-party verification and proof of provenance. Check out. Tokenization also allows for fractionalization or the creation of multiple tokens per object. This gives sellers the ability to offer buyers a piece of ownership of physically backed NFTs, opening up entirely new markets that would otherwise be inaccessible to many.
We are fast approaching a future in which many physical objects will have digital counterparts, be they digital twins or NFTs. As the metaverse, the Internet of Things, and blockchain will all, in many ways, replace physical manipulation of these things with digital ones, it will be important to understand how these technologies are already changing our world.
About the author: Jonathan Barbone is Senior Director of Partnerships at Dibbs responsible for driving all aspects of client success including go-to-market product and marketing strategies. Prior to joining Dibbs, Jonathan was global marketing manager and digital lead for Xperi Corporation, a technology company that licenses technology and IP through its major brands – TiVo, DTS Audio, IMAX Enhanced and HD Radio. Prior to Xperi, he served as an integrated marketing manager for Fender Musical Instruments Corporation in Hollywood, CA, developing 360 campaigns for Fender Play that resulted in new customers, engagement and retention for the educational platform. Increased retention. Prior to Fender, Jonathan worked as global digital and social marketing manager for Activision, creating award-winning campaigns for the Call of Duty franchise. He lives in Los Angeles, and is an avid golfer and cyclist.
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