- Metaverse is going to change our world forever as it’ll blend digital and physical worlds. AR & VR will only make that easier. Many types of developed NFTs will come to life in the metaverse, mainly fashion and gaming NFTs.
Non-fungible tokens (NFTs) came out of nowhere, just like cryptocurrencies. Now they seem to play a more important role than people actually think. NFTs are more than just pictures you can buy and collect. People agree on the fact that NFTs are here to stay, and the arrival of metaverse will give them utility. And as a result, they’ll become more popular.
this might interest you: Virtual Lands In Metaverse Dominate The NFT Market
Metaverse is Becoming a Reality
NFT transactions have taken off and made headlines all over the world but to most people outside the crypto world, they’re just a gimmick. The metaverse is going to change that forever. There’s always a breaking point when new technologies go from incomprehensible subjects to sudden adaptation. That point usually comes from the confluence of a number of drivers and, right now, we’re experiencing what happens when two such trends hit the inflection point together.
The starting point in all of this was when Mark Zuckerberg announced rebranding from Facebook to Meta and since then, everyone wants a piece of the metaverse even though the concept of metaverse has been around for a long time. Major names, such as Morgan Stanley, are now in the business of predicting the future of NFTs, and the “digital luxury” sector has forecast a Metaverse valued at $50 billion by 2030. The next phase of the NFT cycle has officially started.
related: 4 Determinants For NFT Valuation
The Aim for the Metaverse
The metaverse is commonly thought of in terms of virtual and augmented reality (VR & AR), but it’s not that simple, even though VR/AR helps with the promised immersive experience. Metaverse is like a network of interconnected virtual experiences that blend the digital with the physical, offering new ways to work, play, socialize and create. People can think of it as an extension of the work from home experience accessible in a 3D virtual space. It’ll be accessible through a headset or even a simple 2D screen.
But, of course, it’s not just Meta, Sandbox, or Decentraland creating a metaverse. Another company that is focusing on the metaverse for some time is Epic Games, the studio behind Fortnite, which hosted a virtual concert by Marshmello one year before lockdown. Tim Sweeney, the CEO of Epic Games has bet the farm on the metaverse, offering services — including their Unreal Engine design tools for free. The goal is to nudge development in the direction he wants to see — one with fewer barriers, more interoperability, more data sharing. Less centralized; less harmful.
Blockchain allowed the creation of the metaverse. To create a metaverse worthy of the name, rather than a collection of separate 3D spaces, platforms need to be interoperable and seamless. Payments must be secure, friction-free and instantaneous, and it must be possible to retain and use the assets created (such as your customized avatar) no matter where in the metaverse you are.
NFTs Used in the Metaverse
NFTs are making it ever more possible to express individuality online, whether through randomly generated or carefully designed features. The virtual clothes and accessories users choose in the metaverse will help to make online identity feel true to each person and deepen their engagement. Fashion and art are a vital part of self-expression in the physical world and the online world shouldn’t be an exception. Digital fashion is booming and it will be essential in the metaverse.
Artworks are the biggest part of the NFT world, however, it doesn’t stop there. The invention and usage of gaming NFTs are very present lately alongside fashion NFTs. These are the kinds of NFTs that people will be able to use in the metaverse and build their own digital identity. People already started building their identity using pictures of different NFT projects as profile pictures. This is just a start. People will be able to use many more NFTs in the metaverse.
Everything points in the same direction and that’s a distributed metaverse. Metaverse will be using the capabilities of blockchain technology, in which online citizens can finally escape the limitations of Web 2.0 and enjoy the benefits of their contributions. In this exciting new world, NFTs will bridge the gap between the real and the virtual.
more to read
author: Rene Remsik
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.