How can NFTs power the brands in the Metaverse?

The trending acronym of recent days is NFT. It is an unchangeable token acting as proof of authenticity. Any digital asset when associated with blockchain gives us NFT. The asset collected might have value or no value but NFT surely propagates collections. Explaining NFT gets complicated unless we experience it first handedly. The scarcity of any asset makes it valuable and there is a spree around to collect the rarest. This incident of scarcity reminds of one fine example related to the selling of the first tweet in history costing around three million dollars. The unique properties of NFT make it extraordinary compared to conventional currencies. To explain in a more lucid way, let’s think of one more example- Suppose a child becomes a world-known artist tomorrow then people might get hungry about possessing the very first painting made by that painter as a child even if it has value or no value at all. There was a lack of a secure system for valuing or preserving digital assets until now but NFT created digital certificates of authenticity. There are certain steps required for the creation of NFT and for someone who is venturing into this crypto world for the first time, can always seek help from Non Fungible token development companies to assist you in developing NFT exchange platform, work of art, digital collectibles, etc.

Metaverse:

Metaverse is one kind of collective virtual space that includes ubiquitous networking, cryptocurrencies, virtual reality, augmented reality, and NFTs. The term was first coined in Neal Stephenson’s science fiction novel called the “Snow Crash”. The writer used the term to describe a successor to the internet which was virtual reality-based. In lucid language, a metaverse is a network of virtual environments where people can interact with one another through a virtual representation or avatars of their own. The word literally means beyond the universe and comprises three elements. The first element allows the digital content to assemble with the real world. The second element enables the real world to be interactive within real-life space. Thirdly it gathers real-time information instantly through the user’s experience. A device is necessary to connect users to Metaverse; it can be anything like a pair of goggles as well. The biggest use case of business today is the application of Metaverse in gaming. Fortnite and Roblox games use Metaverse to engage players with digital and physical worlds. 

How NFTs power Metaverse:

Metaverse is the virtual alternative to the physical universe and probably the next-gen of the internet. With NFTs and Metaverse collaborating, there would be a single virtual space where any digital asset can be bought or sold. The real-world problems like raw material and third-party risk can easily be extinguished. The Metaverse needs to resemble the real world in order to become the alternative. Fortunately Metaverse infrastructure doesn’t demand to pour millions of dollars into this. As we advance towards Metaverse, one finds further innovations in NFT. NFT helps in transporting assets of real value into this newly formed space and then across different spaces. The whole process doesn’t mean that one is simply buying avatars or any rare piece of art; instead, it is a way of gaining membership to a club whose offerings and benefits are bound to increase over time. This is the beauty of NFT in that it works like a ticket and opens doors to multiple experience opportunities with one single purchase. Moreover NFT interconnects different spaces. For example, one NFT based sword or weapon of one game can be used in the other game in the form of a sword or some other weapon. Ownership of Meta key gives access to special discord and multiple exposures with time. With NFT as back up one can add different utility cases like in games one can print different designs and have access to different in-game assets. For example, Decentraland recently launched a wearable editor which will enable you to make wearables for your community, and in the future, these wearables can be taken to different spaces like crypto voxels or sandbox, etc. The projects must add healthy marketplace value to their assets so that people can economically sustain themselves by placing their interest in those projects. Within a Metaverse, one can create a whole new world with buildings, real estate, movies, virtual concerts, etc.

After the hype dies down, in order to make it a long-term thing, some utility should be introduced. Assembling Metaverse and NFT enables not only investing into a piece of art but provides access to a ticket-like thing for exploring more advanced features in near future. It is no more about dropping art or collectibles; it is advancing beyond that so that the value can be attached with each purchase. The motive also includes building a community and identity in order to enhance the activities. These communities need not to be geographically connected but by similar interests. Interestingly one can put up a bank in the metaverse and provide decentralized loans to members of the Metaverse with the help of Defi. So it may sound much silly when a section of people dismiss this virtual wonder accusing it to be unsocial or just for kids. In fact, it is more social than they could ever imagine. Recently there are exchanges happening between virtual assets and real ones and Metaverse is working as the magical key here to take this next logical step.