Technology is going through many changes that will affect us in many ways. Some will be positive, and some may be more questionable, but we need to learn how to deal with them. Metaverse is one such hot topic, that everyone is talking about but nobody really knows what it would be like?
Here we will talk about what really the Metaverse and NFTs (non-fungible tokens) are? What is the relation between these two? And what should brand leaders consider as they seek ways to showcase their products and services in the virtual world.
So let’s talk about it! starting with “Metaverse.”
What Is The Metaverse?
So what do you think? What is Metaverse? It may sound like a term taken from a comic book, but believe it or not, it is a reality that most of us already know to some degree. Metaverse can be traced back to Neal Stephenson’s novel Snow Crash, released in 1992.
According to the novel, Metaverse is a 3D virtual reality space accessible via virtual reality goggles with a lot in common with the Oculus Quest and other VR headsets. This 3D space appears to its users as a virtual reality environment where they can reside digitally. Stephenson writes: “Like any place we build in reality, the 3D environment is also subject to development. Developers can build buildings, parks, signs, and things that do not exist in our natural world.“
Victoria Petrock, an analyst who follows emerging technologies, said that. “It is the evolution of connection in which all things come together in a unified universe, so you live in your virtual life exactly like your natural life,” she also said. It unites various technology components, including AR and VR, where users “live” inside this virtual digital universe.
Adding to it, the Metaverse that Mark Zuckerberg wants to create seems to hold tremendous prospects. In his Founder’s Letter, he writes, “We moved from desktop to web to mobile; from text to photos to video. But this is not the end. “The next platform will be even more immersive. An embodied internet where you can experience, without just looking at it. We call this “Metaverse,” which will affect everything we build.”
So now you might be wondering – What is an NFT? So without any ado, let’s get into it.
What are NFTs?
NFT stands for Non-fungible token. That may seem like an alien term. Let’s take a closer look to understand it.
To better understand, let’s first break it down by addressing the intricate words of this term. The ‘non-fungible’ part means exclusive and non-replaceable. No swapping. The token means it is digitally secured using blockchain technology.
NFTs are digital assets on a blockchain that serves as a public ledger, allowing anyone to verify the NFT’s authenticity and who owns it. Unlike most digital items, which can be endlessly reproduced, each NFT has a unique digital signature.
In short, an NFT is like a digital stamp that verifies the ownership and authenticity of a digital or physical item it is allied to.
What is the Role of NFTs in Metaverse
The primary connection between the NFTs and Metaverse is associated with digital assets and how they are given value. The Metaverse allows people to showcase digital forms of art and property, and NFTs will enable them to put a price on that content with ownership proof.
While NFTs use the same blockchain technology that cryptocurrencies use, they’re not a currency themselves. Instead, each NFT is connected to a particular article. That article could be a work of art, gaming content, music file, or anything related to that specific token. This is ideal for digital assets, and NFTs are rapidly becoming the medium for artists and creators to monetize their efforts.
Now that we are well-known with NFTs, it might be possible that NFTs would become the main currency of the virtual world. They may allow people to verify ownership of all kinds of stuff in this virtual space. For example, imagine something like a property deed that only happens in a virtual space. NFTs are the way that would make it happen.
NFTs could also be picture-perfect access points for specific events and benefits that people can love within the virtual space. The potential looks limitless, which makes the idea attractive. Given that the Metaverse signifies the real world in a virtual setting, there is no doubt that it will open a massive opportunity for brands to prosper.
Formulating the impending changes triggered by the Metaverse will undoubtedly be vital for success. For example, brands can now make virtual representations of their products and ensure that people in this new world can discover them. Though all these advancements signify the unraveling of an inevitable virtual space, most experts say it’s just the beginning.
While still in the early development stages, this future environment presents numerous potential social and financial opportunities for NFTs. It offers new ways to play, interact, gather, earn and transact. At this time, real-world businesses are expanding into the digital space, and users are uncovering the versatility of these environments. Therefore, the NFT property is the key to excavating massive opportunities in the emerging virtual world.
The great potential associated with the daunting combination of the NFT and Metaverse may transform the future. NFTs, take ownership and individuality, whereas the Metaverse offers a digital world of infinite possibilities.
Author: Snehil Masih
Snehil Masih is a professional technical writer. He is passionate about new & emerging technology and he keeps abreast with the latest technology trends. When not writing, Snehil is likely to be found listening to music, painting, traveling, or simply excavating into his favourite cuisines.