Nfts and the Metaverse

Non-fungible tokens also known as NFTs are the new goldmines in the crypto world. There has been a massive increase in their popularity as people now pay millions for digital art, with even more expectations.

NFTs have impacted the art world making it very easy for people to own and sell digital goods. However, this major impact is not the art world alone. NFTs are also changing the world of fashion, music, sports and even more. Imagine getting the opportunity to buy digital moments, could be a 3 pointer shot in a basketball game or even a popular meme.

The main reason these digital pieces can be sold as NFTs is no other than the blockchain technology — a digital ledger that records virtual ownership of digital assets, in this case, NFTs.

Just like the name, NFTs are “non-fungible” (unique) meaning that irrespective of what they represent, the value differs. They provide a verifiable way to transfer ownership of anything — big or small, physical or digital. This is already happening as NFTs give the new generation of digital-first artists a perfect way to earn money for their creative skills.

With the buzz about the NFTs, it would not have been possible without the Metaverse.

All NFTs are increasingly living in the “metaverse.” It is the real estate of the NFTs and we will explain it better as you read on.

What is The Metaverse and what role does NFTs play?

What’s the Metaverse?

Though the Metaverse is still in its infancy stage, it however has a vision that is set to totally revolutionize our online experience. It is a fine blend of various technologies including virtual reality, augmented reality, blockchain, etc., enabling users to create digital impressions of their physical lives.

The Metaverse is a future internet made up of virtual reality spaces. It’s an ecosystem where Creators, Developers and Players can work together.

It is a virtual world where users can interact, play games, work and have fun together in a very immersive mode. With the metaverse, you can buy virtual real estate, even visit an online concert, take virtual trips around the world and also invite your friends to your gallery and show them your NFT media etc.

Let’s take a look at what a singular Metaverse could look like through some ventures and digital products.

A good example is Non-fungible Tokens (NFT) marketplace, a feature of Shibafriend Metaverse, where players earn different tiered NFTs, dress up their pet characters, decorate their pet house, and gain access to the NFT marketplace to buy or sell their assets.

Another instance is the Epic Games. They held a number of online concerts on Fortnite, where users’ enjoyed online concerts from popular artists like Ariana Grande, and other important virtual gatherings.

Another is Gucci. They tapped into the Roblox digital realm and sold NFTs for a collection of designer bags, glasses and hats.

. Decentraland is a platform where people buy and sell virtual properties.

Even Microsoft plans to introduce mixed-reality features (including holograms and virtual avatars) on Microsoft Teams in 2022.

What role do NFTs play in the metaverse?

Just as we have learnt before, Blockchain’s features of transparency, decentralisation, and digital currency makes it the foundation of the metaverse.

Basically, the Metaverse is also about consumption of digital goods including property, hence it needs the NFTs.

The NFTs are the building blocks of the metaverse. They are like keys that open up a way to give digital ownership, create immersive experiences as well as interact virtually with each other in a decentralised manner.

It is the NFTs that give users, items, experiences and avatars a unique “personality” in the Metaverse. More importantly, the digital proof of ownership in NFTs creates a real value in these digital assets that can be traded.

There are scenarios where NFT digital artworks have been sold for millions of dollars. A typical example is the NBA’s Top Shot blockchain trading card platform. They generated over $230 million for its NFTs, including $200,000 for one LeBron James highlight.

All this goes to show how versatile the NFTs are and their importance in the Metaverse. The Metaverse gives you endless possibilities to create and build anything you can imagine, and it can only get better.

Final Thoughts

We are still a bit far from a singular Metaverse where everyone co-exists virtually with the real world. However, with the progressive acceptance of blockchain and influx of companies like Facebook and Microsoft into the Metaverse ecosystem, we believe that the reward of this exciting new digital realm is right in front of us.

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