NFT is an acronym we see all over social media and news outlets today. Thus, it’s no secret that it has grabbed the attention of several individuals and social circles. Now, people buy and sell NFT assets such as audio, images, and even videos online utilizing metaverses.
Over the recent years, these metaverses have gained traction, and leveraging AR, Augmented reality, people now gather in virtual worlds. More than ever, people are turning to virtual worlds or metaverses as a complement to their life in the actual world. If you recently just heard about NFTs, you’ll be surprised that the market of digital assets is booming in the virtual world. Research from non-fungible highlighted that metaverses now constitute 20% of the NFT market.
What Is a Metaverse?
Essentially, a metaverse is an alternate or parallel digital universe, offering a unique experience to users. Users can access them using a VR headset, computer, or smartphone. Today, several innovations are incorporating the concept of NFTs into metaverses. An exciting instance of such innovation is the Black Eye Galaxy. Here, incorporating the ideas of NFTs and virtual worlds, users can virtually explore the universe, mine resources, and kickstart their civilization. It allows users to earn by reaching some milestones like discovering a new planet.
In other words, the metaverse is computer-simulated universes where users can associate and interact with each other just like the real world. Usually, avatars represent such users, and they interact with each other by building horses, playing games, or even collecting art. The idea of digital gaming and virtual reality are interrelated concepts. These concepts have made gamers spend millions every year to acquire necessary items for their adventures.
However, thanks to the introduction of NFTs, the virtual world is now even more valuable. Users can get collectibles as NFTs, verify the ownership and trade them on the vast range of available platforms.
Virtual World and Non-fungible Tokens
NFTs, as mentioned earlier, are one of the key elements making the virtual world more enjoyable and more profitable. An NFT refers to a cryptographic asset that indicates that its holder owns a specific thing. It could be music, a game asset, digital art, land, and several other possessions. This even extends to the real estate ecosystem. A vital feature of this innovation is that you cannot interchange it, as opposed to Fungible. As such, an NFT is unique. Its uniqueness makes it scarce. Besides, the underlying metadata for each NFT makes it one of a kind and exclusive to its owners. . NFT represents virtual elements such as lands in the virtual universe. Today, the prices of virtual lands have started rivaling the actual estate prices as of early 2021.
The revolutionary and disruptive tendency of NFTs and virtual worlds is evident in several circumstances. Recently, virtual land was sold at 1.5 million USD in ether on Axxie Infinity. This is a testament to the disruptive tendency of the collaboration of both innovations.
Metaverse platforms incorporating NFTs are poised to revolutionize VR as we knew it. Considering the massive infrastructure and the current attention NFT receives, this innovation will even gain more traction in months to come.
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