Have you heard of the “smell” market? Recently, at the Istanbul Blockchain Week 2023, DK Sugiyama, PR Director of ATIT and owner of the Smell NFT project, shed light on an interesting observation. While other human senses like sight, represented by Netflix; taste, fulfilled by UberEats; hearing, embodied by Apple’s iTunes; and touch, experienced through Nintendo games, have all been digitized, the sense of smell seems to have been overlooked on a global scale.
The speaker pointed out that while we can enjoy visuals, sounds, and even touch through digital platforms, the world of scent remains unexplored in the digital realm.
He added that this sensory state has the potential to have its own market that is powered by the blockchain, as there has never been any project that has digitized smell. He added that the Scent NFT project is aimed at transforming the way humans perceive and interact with scents.
The fragrance industry has long been dominated by physical aromas, but the Smell Market aims to reshape this status quo by digitizing scents and making them accessible through a digital platform.
How does Smell Market work
DK said that the concept of the “Smell Market” involves creating a digital marketplace for scents, where users can purchase and experience scents through a unique system. The core of the process lies in the “diffuser”. The “diffuser” is a physical device that functions like a printer where a specific aroma is created from a combination of different aromas released from a scent NFT.
He added that the scents are represented as non-fungible tokens (NFTs), allowing users to own and experience scents digitally. By scanning the NFT with a smartphone, users can trigger the diffuser to emit the chosen scent, creating a unique aroma.
The implication of this is that just as the digital era brought control over copyrights and distribution for music and images, the “Smell Market” can allow for control over scent copyrights in the fragrance industry.
In addition, he noted that the adoption of blockchain technology and NFTs further ensures authenticity, ownership, and even resale rights. The potential for collaborations with celebrities, brands, and influencers to create signature scents opens up new avenues for engagement and creativity.
In closing, the PR Director said that while the project is based in Japan, there are plans to expand its reach around the world. He projected that just as Amazon has become the top spot for book lovers, the Scent NFT project will take over the digital fragrance market.