Many people associate NFTs with uploaded "jpeg images" that they can buy and sell for a profit. However, the current popularity and adoption of digital art and collectibles has exposed a plethora of new potential and use cases for NFTs that go beyond photographs and artworks.
Access to the metaverse is one of the most significant use cases for NFTs that has recently gained a lot of attention. So, let's take a look at how the metaverse and NFTs interact and what's ahead.
What are NFTs and What is the Metaverse?
An NFT is a blockchain-based digital token that serves as proof of ownership for the person who holds it. Each token is absolutely unique since it has its own distinct metadata that can never be reproduced or substituted for another.
The metaverse is a three-dimensional virtual reality, an online realm where you can accomplish practically everything you can do in the physical world without the limits of the physical world. It is a world where you can interact socially, conduct business, relax, and shop. Virtual worlds can even have their own economies.
Those who have seen James Cameron's 'Avatar' may have a notion of what a virtual 3D other universe with a touch of Science Fiction looks like. You're 'connected' into a device (in our instance, wearable VR gear like Oculus), and then you're transported to a virtual world of limitless possibilities.
Transparent and Fair Economy
Blockchain-based metaverses must be decentralized in order for everyone to be fully represented and have a complete experience. This means that products for sale, online objects, and even online real estate must all be ownable, sellable, and transferable inside the metaverse without any centralized leadership or entities' control or approval.
NFTs will help everyone achieve true ownership of digital objects, and the concept of NFTs giving ownership of digital products will make metaverse interactions more frictionless.
Furthermore, NFTs will aid in the concept of metaverse gaming. The function of NFTs in the metaverse will become more significant when new crypto-economic models emerge, such as the play-to-earn gaming paradigm. NFTs can be used by players to expand their involvement in the metaverse through gaming. Furthermore, by offering players complete ownership and control of assets, play-to-earn games promote a fair gameplay experience.
For example, Axie Infinity is now the largest game project in the space, as well as one of the largest NFT projects. In the game, Axies, who are similar to Pokémon, are adopted, trained, and battled. Each Axie is represented on-chain by an NFT. As NFTs gain experience, the Axies they represent become more potent and, as a result, more valuable.
Players in Axie Infinity battle and interact with one another. Axie Infinity is simply a virtual environment in which individuals from all over the world may connect and interact using digital objects - similar to the metaverse.
Identity Theft
Consider a device that can serve as a passport, a wallet, and a portfolio of assets. When the metaverse scales, NFTs will be able to perform the same function as this imaginary gadget, with a concentration on your digital avatar, metaverse money, and digital art. NFTs will prevent identity theft and data manipulation in the metaverse due to the immutability of the blockchain.
Regardless, the metaverse is still in its early stages of development. Integrating NFTs allows people to play, work, socialise, participate, trade, and profit in entirely new ways, opening up a slew of social and economic possibilities.
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