NFT and Metaverse: what is the hype all about?
Blogs, social networks, Youtube, wherever you go, there is always someone talking about NFT and the metaverse and how they will revolutionize the way we experience the digital world. Some analyze it from its financial aspect; Others talk about the comfort it offers… the speculations are endless.
But the question is, is it really what they tell us? And if so, is it worth all the hype? And most importantly, could you capitalize on it? We will talk about this, and much more, in the next article.
So, without boring you with the nonsense, let’s jump right in and explain it from scratch!
So what are NFT and Metaverse?
Before delving into the deep intricacies of the topic, it is essential to clarify some concepts about what is NFT and Metaverse in general. If you already know, you can skip the part. It’s for newbies!
NFT is a short abbreviation for non-fungible tokens. What are non-fungible tokens? Anything that is unique and indivisible and has an unchanging state. It is owned by an individual who can transfer ownership to another person through the blockchain. The transfer trail is used as proof of ownership. An NFT can be anything from original art and music to a Metaverse avatar. In case you need to learn this visually, a quick Google search shows you plenty of explanations. animations about NTF .
In the simplest of words, the Metaverse is a place where your digital self can reside and be whatever you want. Your digital personality in the Metaverse is known as your avatar. This avatar can interact with other avatars in the Metaverse and perform activities that may or may not be possible in reality. It is essential to know that the Metaverse is expanding with each passing day and becoming more interactive. So much so that it could become an alternate reality in the future.
How are Metaverse and NFT connected?
Now that you know what NFTs and the Metaverse are, some of the most critical questions that come up as a result are:
- How are NFT and Metaverse connected?
- And if so, what is all the fuss about?
Well, here’s the thing. NFT is just one part of the vast virtual world of the Metaverse. The Metaverse allows you to present your unique creations to other people, get paid in crypto, and then transfer your assets into the real world and capitalize on them.
Are you already curious? Let’s tell you what all the hype is about!
Why are NFT and Metaverse so hyped?
Well, because they provide previously unimaginable opportunities. The following are some of the significant factors that make NFT and the Metaverse so important to today’s users:
1. Promotion of a transparent economy
NFTs in the Metaverse help create a fair and open economy where everyone can prosper, gather assets, and put them to good use in the real world. One of the best examples to explain this point is play to win games.
Such a game model is simple. It allows players to earn something with it while promoting maximum engagement. Also, give them full ownership control of all digital assets, also known as NFTs, that they earn throughout their gaming experience.
If players decide to sell these assets, player guilds help them. What is a Players Guild? It is a community that matches people who want to earn money with their assets or NFTs.
Being middlemen, gaming guilds buy a player’s assets and give them to new players to give them a head start without any starting capital, and then take a percentage of those players’ total earnings when they start making money.
Such activities help players make a profitable career in the Metaverse and pave the way for an open economy where everyone can prosper. Guess what? It could turn the Metaverse into a potential NFT market for future users.
2. Paving the way for new communities and social experiences
You might be thinking, how could that be possible? The word NFT and community do not seem to intersect at any point. Well, slow down, tiger! There are many things you don’t know yet.
NFTs could help create new communities in the Metaverse by bringing together people interested in buying the same assets to show support for a particular cause or project. Thus, it will provide a ground for like-minded people to interact, share and support each other through different experiences or collaborate on a specific project.
Furthermore, people could also use their NFT avatars as access tokens for different events and locations in the real and virtual world. And therefore their virtual identities will be more likely to become their real identities, with full ownership control.
3. Promotion of new real estate concepts
Did you ever think in your wildest dreams that you would be buying and selling real estate…in a virtual world one day? Well, now you can, and you should, at some point. Anyway, if it comes down to it, you could easily buy virtual spaces in the Metaverse through NFTs and use that virtual real estate to buy, sell, and rent.
The most famous example of this in current times is that of the Decentraland . It was the first virtual real estate company to collaborate with shoe industry giant Adidas to host a virtual fashion show. All of the fashion designs displayed at the auction were NFT assets that interested individuals could own through blockchain transactions.
There is no hesitation in stating that there is the probability of much bigger events in the digital space that you could take advantage of. Or, you could sell your virtual land like you do in the real world for a solid income. Pretty simple, huh?
Have an NFT project?
You should know that the first step is to explain it well to your target market. It is probably not obvious that the better you promote it, the better response you will receive from the public. In my opinion, an NFT Explainer Video is your best friend in this scenario. So don’t be stingy and hire a very professional studio to do it for you. Trust me, it’s going to go a long way!
NFT and Metaverse are inextricably linked with each other, and one is completely dependent on the other. Where the Metaverse provides a fruitful platform for NFT owners, it is likely that the NFT exchange will control at least more than half of the economic activity in the Metaverse in the future.
It is only a matter of a few years that we will see the Metaverse dominate the digital space with the comfort it will bring to the world. This leads us to the conclusion that, for whatever reason, the advertising is quite genuine.
On this note, let us end this informative article. I hope my two cents on the subject have been helpful in giving you some fundamental insights on the matter. See you with another!