Technology has rapidly advanced over the past decade, and we can expect even more in the decade ahead. Facebook announced plans to launch a social virtual reality space. People can move through a more human-looking world, enjoy shopping, go to work, and communicate via their screens with friends and colleagues.
Recently, Microsoft announced that it would be developing its own version of Metaverse — a virtual space where the digital and real worlds meet. An authentic one-of-a-kind experience awaits.
Adidas is the latest brand to make its way into the Metaverse. In a tweet, the company said it is teaming up with prominent figures in the NFT space, including Bored Ape Yacht Club.
Right now, the idea may appear far-fetched, but it’s not impossible. Be it to socialize, mint NFTs, or meet a corporate end, the Metaverse buzz is taking places high. So, let’s see what’s behind the hype of Metaverse and NFTs.
Metaverses are digital environments based on blockchain technology. These environments combine innovative technologies and interaction methods for individuals and enterprises. Virtual reality and augmented reality provide the visual component, while a decentralized medium fosters social interaction and business. Thus, making them scalable, interoperable, and versatile.
Not just the efficiency, but a metaverse is also a digital 3D world. NFTs Metaverse can integrate personal profiles to communications, games to finances, creating virtual identities, joining social communities, NFTs, and more. As a result of this variety of use cases, there are numerous possibilities for monetizing real-world and digital assets, which can be integrated into metaverse frameworks by both businesses and users.
Freedom is the key to the Metaverse’s potential. For instance, anyone can create, buy, and view NFTs to collect virtual properties. While the future of Metaverse NFT projects is bright and will connect separate online worlds and facilitate cross-chain activities, can NFTs be included in this hype?
The Metaverse and NFTs are often integrated with discussions. Also, many people assume that NFTs are just another element of a larger metaverse. In fact, metaverses and NFTs are nearly identical.
NFTs in the blockchain gaming industry have experienced sudden bursts of growth, a primary reason for such assumptions. As we understand the Metaverse, virtual worlds are the only way for it to mature. Games that serve virtual worlds can act as a catalyst for Metaverse development.
Also, real-life identities can be associated with digital avatars, allowing an opportunity to define the Metaverse with NFTs. In 2019, there was the first instance of NFT-controlled access in the Metaverse. Attendees were allowed entry into the NFT.NYC conference in 2019 with NFT-based tickets. Though it may not have been called a metaverse conference, it set the stage for the NFT metaverse collaboration.
Taking advantage of the intersection between NFTs and the Metaverse has led to many new projects in recent years. A significant part of the projects is introducing widespread changes to online interaction approaches. For instance, Decentraland lets users purchase properties in the Metaverse using LAND tokens.
So, yes, can we just say NFTs and the Metaverse are already intertwined? Who contributes to this collaboration? And how do they work together?
NFTs are vital players in the Metaverse ecosystem, which is a massive concept. In the Metaverse, NFTs can be used to gain exclusive access. Not just for the creators, but whoever wants to access a specific location. Using NFTs as a deed to virtual property would be possible through NFT metaverse projects.
NFT will mainly be used for controlled access at the beginning of the metaverse development process. NFT-controlled access will help to ensure VIP access to both real-life and Metaverse events, like in the previous NFT. Curiously, the NFT’s smart contract capabilities could be utilized to sell real estate in the Metaverse. NYC example.
NFTs can also be used to airdrop branded merchandise or provide followers with exclusive access. Along with improving fan engagement, NFTs facilitate interoperability beyond the Metaverse, enabling augmented reality and location-based engagements.
Therefore, from our observation, Metaverse and NFTs are a natural fit. Then how would the impact be on the development of these ecosystems?
As you must have noticed, NFTs may disrupt the conventional social networks of interaction, transactions, and socialization. What is the impact of these disruptions on the Metaverse? The following are some highlights of the future with Metaverse NFT interaction.
Fairness and openness are vital for the Metaverse’s economy. As of now, users and enterprises can easily display their digital assets and solutions in a decentralized manner. The value of NFT in the Metaverse is clear with blockchains making it transparent and immutable. Supply and demand will determine the scarcity of NFTs and their value on-chain. Thus, no artificial inflation of value as possible. It demonstrates how the Metaverse and NFTs together create a holistic economy.
Users of the NFT metaverse would also experience significant changes in identity, social, and community experiences. Through holding NFT assets, users could express their opinions about the virtual and real worlds or show support for a specific project. Thus, like-minded NFT owners could collaborate on content creation and improve the experience across users and the community.
Real estate and virtual space abound in virtual worlds. NFT holders will soon have a space in the Metaverse as digital real estate. NFTs can be used to claim complete ownership of virtual spaces in the Metaverse. The blockchain could develop virtual real estate and prove ownership easily. In the future, auctions for Metaverse virtual spaces are not ruled out. Several musicians have also taken note of virtual properties to exercise ownership over their work.
There is a transparent economy, a new kind of community experience, and phenomenal virtual real estate space trends. With such impacts, what are the use cases of NFTs in the Metaverse? Take a quick look.
Apart from the economy, virtual real estate, and community experiences, NFT metaverse can be used in the below cases:
1. Advertising — If you own a busy digital land, you might attract many visitors for advertising space, similar to a real-world scenario.
2. Socializing — Events such as concerts, conferences, and community gatherings can be hosted on your digital land.
3. Gaming — An NFT video game might use your NFT land. An Axie Infinity land, for instance, may provide more resources, tokens, or crafting ingredients.
4. Work — Your NFT land can be explored with a 3D avatar for a virtual office space or to provide digital services. Like how PwC Hong Kong uses The Sandbox land for Web 3.0 advisory services.
Metaverses, which are in their infancy, offer many social and financial possibilities through the use of NFTs, which can be used to play, gather, interact, earn, and transact.
NFT’s blockchain and metaverses will be integral to Web 3.0’subiquitous inclusion of video games, VR, social media, and cryptocurrency. We are all about to uncover the versatility of an era in which businesses extend into the digital realm.
NFT ownership will soon be a key to the emerging metaverses and provide a wealth of opportunities. And to keep with this transforming tide, befriend Unleash NFTs and stay up-to-date.