Disclosed herein is a portable electronic device for facilitating a proximity based interaction with a short range communication enabled object. Further, the portable electronic device may include a transceiver configured for transmitting a transmitted short range communication signal and receiving a received short range communication signal. Further, the portable electronic device may include a processor communicatively coupled to the transceiver, configured for detecting a proximity based event based on receiving the received short range communication signal from the short range communication enabled object, analyzing the received short range communication signal based on the detecting of the proximity based event, determining a second object identifier associated with the short range communication enabled object based on the analyzing, and performing a predetermined action based on the second object identifier. Further, the portable electronic device may include a memory device configured for storing a first digital asset and a first object identifier associated with the first digital asset.