Isn’t it crazy that every 3rd person around you talks about cryptocurrency nowadays, and what is this metaverse?
And what are these weird, cool-looking toons floating all around on the internet, getting popped on Instagram ads being called NFTs?
Yes, it’s a Bermuda triangle mystery for those who are unknown to these terms, and a blessing and treasure for those who are well introduced to these.
Let’s break down the hot topic metaverse first! So, the metaverse is a 3d virtual world where people can live, meet & celebrate, trade, and maintain their virtual assets through their avatars. A pure example of this concept is the movie “Ready Player One”. Today when metaverse is still a project to be completely achieved from a fusion of various technologies, NFTs have already become a key feature for its economy and internal infrastructure.
So a metaverse is a fully-functioning real virtual world, but WHAT IS NFTs? That is getting mentioned as the foundation of the metaverse's economy.
Before we move ahead and talk about how NFTs work and affect the metaverse, we must know what NFTs are first hand. NFTs or Non-Fungible Tokens are digital assets that are unique, provably scarce, and indivisible. These represent your ownership of any physical and digital assets on the blockchain. The word “fungible” means divisible, which can split into two or more people, but non-fungible tokens are indivisible and are not interchangeable.
So if you buy any NFTs, either hold them or resell them in the marketplace. The transaction of this purchase will be recorded by the decentralized network and create a certification of authenticity that can’t be erased or altered.
So can NFTs be produced by some specific companies, and we can only purchase them? No! NFTs can be anything that is unique and you can also create it and sell it, let’s see some examples of NFTs:-
That means you can put any of your unique art on the platform, and anyone in the world can see it and if finds it attractive or profitable can give you a huge profit. The ‘weird whale’ NFT created by a 12-year-old boy got $250,000, and the bored ape that was free NFTs in 2019 got $210,000. Amitabh Bachan earned $1 billion by putting his NFT of him reciting Madhushala(a poem by his father) in the digital world.
Fact-check:-The most expensive NFT based artwork that values $69.3 Million was bought by an Indian Vignesh Sundaresan aka Metakovan.
The craze of NFTs is just getting intense, Collins Dictionary even declared NFTs as the word of the year 2021. The total sales in 2020 were $340 million, whereas it surpassed $9 billion in 2021 the heat can be felt.
You may underestimate NFTs just as mere collectibles, digital artwork, or images that can be bought and sold for huge prices. However, the fact is NFTs will play a crucial role to build an ideal metaverse. How if I tell you NFTs were recently used to access the virtual world? These will for sure provide new opportunities for investors, enterprises, and also for fans in the long run.
NFTs uses cases:-
Metaverse is a 3D digital space where users and businesses have vast opportunities, can achieve the level of their imagination, and can even port real-world services and assets. This all sounds possible due to NFTs and blockchain. The gaming industry is already what metaverse is planning to, this industry is already a play-to-earn and will bridge the gap between meta and the NFTs. The interplay of NFTs and metaverse is undoubtedly a highlight in the blockchain space and will affect what the metaverse is gonna look like.
Undoubtedly metaverse is a gigantic concept with a combination of various technologies, whereas NFTs can be stated as a key concept in the grand ecosystem. Though the use of NFTs can be vast in the metaverse from identity authentication, certification to physical assets and tickets and coupons the list is long.
NFTs can also serve a role for checking the fan engagement before dropping any merchandise in the real world for brands and big fashion companies. NFTs provide trustless verifiability of uniqueness and authenticity, so NFTs and metaverse can be considered as made for each other.
A brighter side;
This pandemic made time harder for us but also opened so many paths for technology and the future, a huge number of pets were adopted/purchased during the pandemic to share the loneliness. You can also adopt or purchase a pet in the metaverse, imagine a morning walk in the woods in the 3D virtual world alone, and then with a pet along.
On the other hand, projects that are getting popular aim and claim to blend the digital and physical world. For example, ClassicDoge, allows you to tokenize a 3D interpretation of your pet and take them along into the metaverse.
A great saying along with the introduction of the metaverse is “keep your friends close, but your IP closer” and it makes sense. The most frequent question of users is how their values can be protected if someone copies them. We in the real world will surely agree that product imitation is a major problem, but in the virtual world, it is complex. The NFTs stand as a safeguard here. When you have an NFT, it is recorded in the blockchain the same as a bitcoin is. A bitcoin owned by you cannot be spent twice, the blockchain gets transferred and similarly, copies cannot be produced.
Metaverse is the future knocking and waiting to be welcomed at our door. It's just a matter of a few years for it to become a mainstream platform for every other activity. Be it concerts, casual friend’s meet or a marriage.
To ensure your and the things you possess safety in the metaverse world. WoWExp is India’s 1st Metaverse company to create a customer-friendly environment and ensure their safety with NFTs.
By that time, we are creating a better world for you. What do you think? Will NFTs help us in accessing the metaverse?
If you really want to explore NFTs more, and want to know how you can earn through NFTs, tell us in the comments.
Writing to learn new things everyday, and not go insane in this pandemic simultaneously.