You’ve heard of non-fungible tokens, but what about non-fungible items?
A non-fungible item (NFI) is an innovative, real-life embodiment of web3 technology conceived and manufactured by COZ. A web3 software and services group specializing in blockchain and distributed technologies, COZ is a key force behind the Neo ecosystem and an expanding universe of blockchain-enabled experiences.
Many of these experiences are now taking off across a wide range of physical form factors, ranging from wearables to collectibles. Fueled by nascent NFI technology, these new implementations are moving crypto beyond digital and weaving together all sorts of possibilities for immersive, real-world interaction.
An NFI is born
An NFI is a physical asset that is cryptographically linked to a "digital twin" on the blockchain, securely bridging the asset across the physical and digital realms.
In early 2023, COZ partnered with AxLabs, a fellow Neo ecosystem partner, to bring the NFI concept to life. The first use case was OneBand, a web3 foray into the wearables space.
“COZ focused heavily last year on developing this new digital realm and connecting it with people’s everyday lives,” says Tyler Adams, CEO of COZ and co-founder of ITEM Systems, a joint venture between COZ and AxLabs. “Before we introduced OneBand, the concept of ‘phygital’, a union of the physical and the digital worlds, had barely been scratched. We’ve since driven several activations using OneBand and other NFI-based form factors that clearly demonstrate the practical, hands-on value of this technology. From here, the potential to open up a whole new world of user experiences is unlimited.”
OneBand: The first NFI
OneBand, the first NFI use case, is a physical ring that packs a lot of power within its sleek design. It functions similarly to a hardware wallet, except for one major point of difference: only this specific piece of wearable tech knows the private key. An embedded secure NFC chip helps the ring assert its authenticity cryptographically, as it contains a censored BIP32 master key that supports BIP44 derivations to private keys for most blockchains. This means that OneBand can work with all networks in web3.
OneBand is essentially activated when the physical item is cryptographically bound to its digital twin, tethering the physical and digital worlds. By establishing this relationship (which is done in a non-custodial manner), users can then attest ownership, sign transactions, and interact with applications using OneBand.