How is the metaverse NFT changing the online fashion sector
NFT stands for Non Fungible tokens. Let’s start with the fundamentals of NFT’s.
NFT development platforms are the latest trend considering blockchain technology. It refers to the digital presence of rare work. Be it an art form, music, graphics, videos, audios anything can be used in NFT’s. These are unique and different rare assets. These cannot be copied and changed. Also, they are different from one another and they cannot be duplicated. They are a unique Avatar to work in the metaverse or they can also be considered as digital characters.
Fundamentals of NFT-
The basic fundamentals of NFT are :
- Every NFT (Non Fungible tokens) is unique and it is immutable which means it cannot be changed. Every NFT is an encrypted token which is minted (stored) and is stored using the blockchain digital technology.
- Every NFT token handles different kinds of digital media. These different digital media includes audio, image , text , videos , graphics which are executed on the blockchain platform.
- The tokens can represent a variety of digital media including audio, image, text or video files as well as computer code executed on the blockchain itself.
- Tokens can be bought and sold digitally wherein transactions are often processed using cryptocurrencies such as Etherium Blockchains or ETH.
- The tokens on the blockchain platforms have no physical form. It cannot be touched. It is stored in a digital wallet.
Metaverse is another word in the trend related to the technology space. It refers to a virtually-enhanced environment where humans can interact with the outside world virtually. Every NFT as you all know is unique. And this uniqueness makes them ideal to fit into the metaverse. It’s fitter through the decentralized internet system.
Why is Metaverse considered imperative?
The world as you all know consists of large companies. All these companies are trying to cope up with the trend. Big companies like Facebook, Google, Microsoft, and others have already invested heavy amounts in AR and VR. Facebook is recently developing hardware like Oculus VR headsets. AR glasses and Wristbands are also something they are working upon.
The recent big news about Facebook is that Facebook has changed its name to Meta which represents Metaverse. The CEO of Microsoft Mr. Satya Nadella has also been working on developing and building an Enterprise Metaverse.
One more example is Epic Games. They announced that they have completed a $1 billion round of funding. To create this, the company will create NFT, the long-term vision of Metaverse.
An insight of Metaverse –
Oculus is building a 3D virtual platform recently which is known as Horizon. The Mozilla hubs show how communication in mixed reality can come to life. Supportive communication can be turned into reality. Secondly, Decentraland is a platform, where users can create trade, and explore the virtual world. Everything is turned into reality in a virtual world. This shows the potential of what can happen when virtual reality is combined with digital Blockchain technology.
Metaverse in the fashion sector :
The metaverse is a vision and has provided a new platform to interact with other humans and bots to play games, conduct business, socialize, trading and shopping. Metaverse is the future. The fashion industry is blooming and exploring day by day . Fashion has increasingly been developing with NFTs, as the gaming and digital fashion sector is on a great boom and it has also come to the forefront. Gucci partnered with an auction house of art for the collection of Aria which was sold for $25,000 in June. This saved the downfall and this overnight success of NFTs is now leading people to accept auction bids with Ethereum which is the most popular crypto-currency. Other big brands have also engaged with varying strategies to take advantage of the great NFT collections which are sold down in minutes.
Metaverse and User Experience (UX) :
User experience is a must thing. It is going to play a crucial role in the adoption of the Metaverse. People are getting educated day-by-day which is important and a deep understanding of Human psychology, Human-computer interaction will help in creating a better immersive experience. Metaverse is in its nascent stage, and it will keep changing in the upcoming years. People are going to get educated day-by-day and this will emerge according to the efforts of User experience and designers of the interface. In conclusion, Metaverse can be a revolution, and it can change the way we use the internet as the possibilities and uses are endless.
Conclusion :
Metaverse is in a growing stage and people are getting used to it. As technology is booming, people are getting to know more about its uses. The metaverse will begin to take shape when the virtual reality world advances and internet facilities and education systems are available all over the world. Through this, blockchain will gain widespread usage. These new perspectives will change the usage of NFT.
