Epoch-making: that’s how we can describe Facebook’s foray into the metaverse. While tech giants focus on their metaverse entries, something grandeur is brewing in the background: NFT metaverse. Even though Metaverses have existed (in various forms) during the last decade, NFT (non-fungible token) is the most talked-about thing of 2021.
This column will discuss how the NFT metaverse will usher in the new iteration of the Internet world and more such things.
But then, you might wonder, what’s the connection between NFTs and the metaverse?
How Do NFTs Fit Into The Metaverse?
Think of Metaverse as a real-world office environment where people work, converse, and brainstorm with each other. In essence, the metaverse is an extension of that collaborative environment. Moreover, with the increasing virtual technologies, possibilities in the Metaverse are infinite. So Metaverse is the advanced form of Google’s VR headset if you wonder? In the simplest form, yes. The most contributing fact is people’s changing preference for virtual interconnectedness, which has opened new virtual realms.
Similar to our transitioning preferences over the last few years, the way we value intangible assets has also changed (a lot). The recent boom of non-fungible tokens (NFTs) exemplifies just that. Furthermore, the NFT investor base has grown to the point that traditional bond and stock strategy financial services organizations are raising capital expressly for the digital asset market. The constant validation we witness in that market is an analogy for where we as a society are redirecting our attention.
With Facebook’s recent rebranding to Meta, the world is witnessing yet another massive push into the digital future of human contact. Meta has taken advantage of optimistic crypto markets to use its database and worldwide presence to become a first-mover in the mainstream acceptance of Web 3.0’s metaverse, as seen by this makeover. Meta is also attempting to holistically combine two of the major neoteric digital movements: NFTs and the Metaverse, by incorporating Blockchain (as well).
Jump-start your entrepreneurship journey with the NFTs and the Metaverse
Connect on WhatsApp NFTverse: How Do Brands Perceive This?
NFTverse is a portmanteau, a made-up word combining terms like NFT and the Metaverse. As a new monetization opportunity, tech companies and brands are dropping billions of dollars into the NFT metaverse development. The Sandbox, a Hong Kong-based NFT metaverse platform, has recently raised $93 million from investors led by Softbank. It gives creators equity in the form of NFTs and gives them tools to produce assets on the network.
The Metaverse is also great in enhancing, progressing, and enriching real-time social media conversations. With the integration of AI capabilities, the Metaverse allows interaction in a fashion that mimics how humans communicate in the physical world. Our avatars will meet up with pals in the metaverse in the future to explore and share mutual experiences, go shopping together, see family and friends, attend virtual concerts and conventions, visit galleries and museums, and even attend school.
Long story short, the NFTverse experimentations won’t just stop with the NFT-specific brands. Instead, the status quo EdTech platforms and communication platforms will dip their toes in the metaverse soon. This is not to say NFT-specific brands won’t emerge, but then, remember that it’s still early.
Three Attributes Of The Metaverse That Propel NFTs Forward
Both Metaverse and NFTs are critical means to delivering a creative yet collaborative future. Below, we outline metaverse’s help to drive meaning, activity, and deliver utility in the future NFT world.
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Collaborative medium
NFTs serve as the gateway for onboarding users into the Metaverse and vice-versa. While Metaverse’s widespread popularity dwarfs NFT participation, it is important to highlight that the former is also a key enabler for the latter. Fortunately, all the advancements and innovations happening in the NFT space evangelize the NFT metaverse irrespective of the market trajectory.
The Metaverse will run in real-time and will be a highly participative media fueled by millions of people’s creative efforts. Most importantly, the participants will be an attendee in the NFT metaverse space and play a vital role in how the space shapes up.
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Fair economy
The ideal Metaverse will include a robust economy that will revolutionize resource allocation while allowing any participant to find a “job” through virtual labor. Virtual economies do exist in games like World of Warcraft and Fortnite, but they are typically centralized, closed, proprietary, and extractive.
To help usher in the fair mechanism, NFTs incentivize metaverse participants who contribute to the virtual world they inhabit. Some examples include play-to-earn games, NFT DeFi, and DAOs. Take YGG (Yield Guild Games), which incentivizes metaverse participation to build virtual economies that propel NFTs.
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Entrepreneurship intact
One of the essential characteristics of the Metaverse is that it gives people a sense of agency. Participants are made to believe that they have control and influence over their Metaverse experiences. NFTs play a crucial role in providing Metaverses with identity, community, and variation. Participants can use NFTs to design spaces in the metaverse and own them and transfer ownership of the spaces they’ve worked so hard to create.
Conclusion
While the current NFT metaverse environment feels like the early Internet era, much of the fruition is set to happen in the upcoming years. The bulk of NFT Metaverse’s use cases is yet to be created/finalized. We will dig deeper into those use cases through a blog in the near future.
Are you ready to cash in on the NFT metaverse bandwagon?
Marketing is my soul mate and writing is my side kick. Using my writing skills to share the knowledge of app development and upcoming technologies.
