Metaverse is a network of 3D virtual environments where people can play, work, collaborate or attend live events. As the concept of a parallel universe, it is not satisfied with merely imitating our physical world. It also offers ways to merge with it to create endlessly immersive experiences.
Many technologies will form the first step towards this vision that has not yet been fully realized. These include Blockchain, virtual and augmented reality, 5G, artificial intelligence and the internet of things. NFTs have a vital role to play in the convergence of these technologies. Forward-thinking companies are trying to explore the potential of NFTs by integrating them into Metaverse projects as different types of digital assets.
Metaverse and NFT
Examples of the use of NFTs in metaverse worlds abound. However, since the industry is still in its infancy, these are only what we know. Imagination will determine what kind of initiatives and areas of use will be in the future. To examine a few more closely, NFTs appear as virtual lands in the Metaverse.
Virtual lands consist of pieces of digital real estate. Blockchain Metaverse projects like Decentraland or Sandbox sell these sandboxes as NFTs. NFTs act as a deed on platforms. It also gives the buyers ownership of these lands. As a result, owners control their assets and enjoy many economic benefits.
To deepen the example, landowners can sell their assets for profit on NFT marketplaces such as OpenSea . Also, some Metaverse projects allow land leases. For example, Sandbox landowners can earn passive income by renting the land to game creators. They can also create their own games to earn income when other players visit their lands and interact with the games.
Looking at another area, NFTs serve as tickets to access special Metaverse events such as concerts or art exhibitions. These token-gated events have come into vogue lately, especially in the Decentraland Metaverse. The Halloween party hosted by the Deadfellaz collection team has been a special example for this. The party was held in partnership with the famous DJ Steve Aoki . Also open only to Deadfellaz or Steve Aoki NFT owners.
NFT avatars are another use case. It is possible to join a Metaverse using a digital representation known as an avatar. The avatar does not need to be an NFT. But if it is NFT, it will be unique. Prominent profile picture (PFP) NFT projects that have made headlines in recent years, such as RTFKT’s CloneX NFTs and Bored Ape Yacht Club NFTs, are examples of Metaverse avatar projects. Owners of these digital NFT arts will be able to transform their profile pictures into 3D avatars in the near future.
Another hot topic where NFTs are closely related to the Metaverse is digital fashion. This is a huge field as people are eager to represent their unique style in the digital space as well. Many collaborations have been made with well-known brands in this regard. There is a notable partnership between sportswear brand Adidas and NFT giants BAYC and Punks Comic, with a collection of 30,000 models of an NFT. Another joint NFT fashion venture was between Under Armor and basketball player Stephen Curry. NFTs are digital copies of the three-pointers Curry wore when he broke the all-time NBA record.
Play Win The Most Valuable Space In The Metaverse World!
Games are the most valuable area of Metaverse projects. Play-to-win ( p2e ) models attract the attention of players from all over the world, as they provide monetary incentives as well as having fun. In these games, in-game assets such as skins, swords, and heroes are all NFTs. Thus, unlike traditional video games, the buyers own them.
P2e games are crucial to the mainstream adoption of the Metaverse. As gamers are tech-savvy and already engaged in Metaverse-like game environments, it’s no surprise that NFT gaming pioneers like Axie Infinity , Illuvium, and Star Atlas have all built their own Metaverse. These initiatives help take both NFTs and Metaverse worlds to the next level.
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