By Isaac Francis
A lot of people see NFTs as mere images of digital artworks and collectibles that can be sold for incredible prices. But guess what, NFTs have gone way beyond digital artworks and collectibles that can be sold for insane prices. With the increasing popularity of NFTs, this unique ecosystem within the crypto space has opened the crypto community to new possibilities that could only be imagined years ago.
For instance, the NFT metaverse connection ushers the crypto community to a new wave of use cases for NFTs. More so, a close look at some of the happenings in the crypto space, especially with NFTs open investors, hobbyists, enterprises, and other actors to remarkable possibilities, which has the potential to change NFT usage and adoption as time progresses.
One of the most incredible use cases for NFTs, which has enjoyed massive attention lately is the deployment of NFTs to access the metaverse. We are sure you’ll be asking if NFTs can help you access the metaverse or if NFTs have the capability to determine how the metaverse will look in the future? Well, just so you know, the metaverse NFT is one of the biggest flex for anyone who has been keeping up with the advancement in the blockchain space. Read on to learn how NFTs will play a decisive role in the metaverse.
Blockchain, NFTs, and their connection to the metaverse
Without mincing words, blockchain is one of the most outstanding technological interventions in recent times that has risen to prominence within the last decade. Blockchain played a crucial role in resolving the issue of double-spend and has continued to serve as one of the very core foundations of the Bitcoin blockchain.
As if that’s not enough, blockchain also served as the building block for creating NFTs or non-fungible tokens. This has ushered the crypto space to new features like interoperability and scarcity. That said, there is an increasing buzz around NFT metaverse projects and increasing interest in NFTs. This has increased calls to look into the possible role of NFTs and blockchain in the metaverse.
NFTs and the metaverse: What do they really mean?
If you’re super serious about understanding the role of non-fungible tokens in the metaverse, then there is a need to answer the question, what is NFT and metaverse? And because we want to make things easy for you, we have that all covered below.
NFTs are a new exciting class of digital assets. They are unique, immutable, and indivisible. NFTs help represent the digital ownership of an artwork or physical asset on the blockchain. From digital artwork to the gaming ecosystem, NFTs are leaving a lasting impression that has attracted a lot of actors.
To be able to significantly understand the role of NFTs in the metaverse, it is important to know what the metaverse is. Think of the metaverse as a virtual world existing on the blockchain. Not just that, this virtual world powered by blockchain, features VR and AR which are deployed as visual components.
Thanks to the decentralized nature of the blockchain, the metaverse will enjoy unlimited business opportunities and social interactions. Without a doubt, the metaverse offers extremely, scalable, versatile, and interoperable virtual environments. The most exciting part is that the metaverse blends innovative technologies with intuitive models of interactions that connect participants from individual and enterprise perspectives.
Is NFT an integral player in the metaverse?
The majority of the conversations in the crypto space right now talk glowingly about the possibilities of blending the metaverse and NFTs. But on the other side of the aisle are people who believe that NFTs are just another component in the broad metaverse ecosystem. Notwithstanding, you can find that NFTs and the metaverse are pretty much synonymous with each other and you’ll understand why shortly.
The major reason for such insinuation points towards the increasing demand for NFTs in the area of blockchain gaming. At this point, it is only reasonable to think that the metaverse will shape up only via virtual worlds. That said, keep in mind that interoperable games will drive a lot of development in the metaverse and that’s because of their remarkable role in virtual worlds.
Also, let us quickly add that the association of NFTs with real-life identities and their connection to digital avatars present remarkable opportunities to access the metaverse through NFTs. The most brilliant example of the metaverse NFT token surfaced in 2019. The first NFT.NYC conference in 2019 deployed NFT based tickets. These tickets served as an entry to the event. Although no one could call the conference the metaverse as of then, it set the precedent for the NFT metaverse interplay.
Given the remarkable promises of NFT and the metaverse, many new projects have been taking advantage of the intersection between NFT and the metaverse. Most of the projects we have seen are largely focusing on bringing about massive transformations in terms of online interactions. For instance, the metaverse project, Decentraland, shows how the community can gain ownership of real estate in the metaverse, using the project’s native token, LAND.
Will NFTs serve as building blocks for the metaverse?
By now, you’ll agree that the metaverse is a broad concept. That said, NFTs will play a crucial role in the broad metaverse ecosystem. NFT metaverse projects will undoubtedly increase the potentials of deploying NFTs as a deed of virtual properties. Not just that, NFTs will help actors within the metaverse to gain exclusive access to locations in the metaverse while opening up access to others.
Interestingly, the smart contract component of the NFT will make it possible to sell real estate in the metaverse. Also, one of the interesting uses cases of NFT in the metaverse will focus largely on NFT-controlled access in the early stages of the metaverse development. Just like the first real-world example of NFTs role in the metaverse, NFT-controlled access will play a crucial role in ensuring VIP access to real-life events and other exciting events in the metaverse.
NFTs could also play a robust role in airdropping branded merchandise and other special access privileges to followers. Besides increasing fan engagement, NFTs will bring interoperability outside the metaverse along with infrastructure supporting features of location-based engagement and augmented reality. With this, you’ll agree that the metaverse and NFTs are built for each other.
NFT and its effect on the metaverse
As part of your efforts to answer if NFT is part of the metaverse, we are sure you have found exciting ways through which NFTs can help build the metaverse. Nevertheless, it’s important to highlight the significance of NFTs in conceptualizing and changing the fundamental designs of the metaverse.
From what we have written so far, you’ll agree that NFTs will bring about disruptions across conventional social networks, especially as it pertains to user interaction, transactions, and socialization across the metaverse.
Now, the million-dollar question is how would these effects impact the metaverse? Well, read on to see some highlights of how the NFT metaverse intersection will play out in the future.
The roadmap to a fair economy
As of right now, both enterprises and individual users across the metaverse can easily represent real-world assets and solutions in a digitized and decentralized environment. More so, the metaverse could usher users to a blend of more real-world assets via innovative gaming models and interoperable blockchain games.
With the launch of play to earn gaming models, the role of NFTs in the metaverse would become even more prominent. This unique ecosystem doesn’t only provide opportunities for NFTs to increase engagement in the metaverse but also promises to empower gamers. To top it off, play-to-earn games provide a fair gameplay experience as it allows complete ownership and control of in-game assets to players.
New frontiers of community, social, and identity experience
The effects of NFT metaverse projects will play a crucial role in changing the identity, social and community experience of actors in the metaverse. For instance, users could show their support for NFT metaverse projects or share their opinions on the virtual and real worlds by simply holding NFT assets. To add to that, like-minded NFT owners could form communities that allow them to share their experiences and collaborate on content creation.
A close look at the trending NFT avatars gives a clear picture of how the NFT metaverse connection will transform the real world. In case you’re confused, keep in mind that NFT avatars represent a player’s real self and the one they imagine. Using NFT avatars, players can access tokens that allow them to enter and switch between different locations within the metaverse. Also, you can consider NFTs as a real representation or extension of real-life identities of users who have complete control, ownership and flexibility for building virtual identities.
Using NFT avatars, users can earn virtual membership to a variety of experiences, both in the real world and the metaverse. What we are simply trying to say here is that the unique relationship between the metaverse and NFT could improve social and community experiences for users.
In a nutshell
The exciting potentials presented by the NFT metaverse are sure going to transform the future. While NFTs deliver ownership and uniqueness to digital assets, the metaverse ushers users into a digital world where everything is possible. The possibility provided by the digital world along with a unique way of representing real and digital assets in the virtual world will dramatically change the economy and social experiences.
While a lot of people assume that NFTs are part of the metaverse, we have some people who see NFTs as building blocks for the metaverse. Overall, it is pretty clear that the NFT metaverse will open the crypto community to a broad range of opportunities.