How NFTs will be the key to access and experience the Metaverse

by AryanArtnews
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Two hot topics, non-fungible tokens (NFTs) and the Metaverse, are closely related and have attracted a lot of media topics, headlines and interests. But they also created as many questions. This weekly column will help you navigate the quirky and promising world of NFTs and the Metaverse.

First of all

Before delving into the details, let’s briefly summarize the two concepts. Get started with any digital item, including art, photos, videos, GIFs, mp3s, and even selfies. It became NFT.

You might think that NFTs are just jpeg files that you can easily copy.However, what makes NFT different from other digital formats is that NFT Blockchain technology.. The blockchain is a distributed ledger that records all transactions. Think of it like a bankbook, except that all transactions are transparent and visible to anyone, and once recorded, they cannot be changed or modified.

For beginners, the Metaverse can easily be defined as a surreal, immersive, interactive shared virtual space, thanks to the use of augmented reality (AR) and virtual reality (VR) technologies. Metaverse is posed to reflect the real worldAlthough it is digital. However, keep in mind that the Metaverse is not intended to replace reality, but to enhance the digital space we see today.

NFT is used in the Metaverse

Since NFTs are primarily associated with digital art and metaverse to VR, it can be confusing as to whether NFTs have something in common in the first place. The following is an example of using NFT in the Metaverse.

online shopping: Metaverse allows you to try out virtual costumes before you buy. This will prevent you from purchasing clothes that do not fit your body or products that are mislabeled. In some Metaverses, tokenized clothing can be purchased in NFT format. These NFTs can also be exchanged for physical clothing.
Shoe giant Nike has already entered the world of NFT-based Metaverse. The company calls it “Nike Land,” and customers can buy tokenized shoes at Metaverse.

game: NFT-backed Metaverse takes video games to another level. VR-based multiplayer games are set to be as realistic as possible. Players can earn rewards in the form of NFTs, which helps boost the gaming economy.

real estate: If you purchase a virtual property in the Metaverse, you will get an NFT for the virtual land. NFTs minimize the potential for real estate fraud such as forced cancellations, unauthorized sales, fake promises, and even delayed ownership.

Metaverse loan: Getting a loan is not as easy as you might think. There are many factors involved in lending a loan easily and safely. Decentralized finance requires collateral to process the loan. For the Metaverse Collateral can be NFT What you bought.

Ownership of the Metaverse via NFT

Imagine if you want to attend a musical concert in the Metaverse. Just like a real concert, you’ll need a ticket or pass to access the event. You can also issue a digital pass, but how does the Metaverse organizer verify that you actually own the pass?

Metaverse NFTs provide proof of ownership to both ticket owners and organizers. Everyone involved can verify the authenticity of the pass. In addition, NFTs can be non-transferable if ticket resale is prohibited.

In 2019, NFT controlled access was enabled at a crypto event in New York. That is, the organizers admitted using NFT-based tickets, VIP dinners, and even the opportunity to display a custom message on the Times Square sign. ..

NFTs provide an important concept in the Metaverse ecosystem, allowing people to own virtual goods in the form of real estate, cars, boats and even items such as accessories and paintings. All of this is possible through NFT.

For example, if you own a virtual land in the Metaverse (which is very possible), you will get an NFT as a certificate to the virtual property. This means that you are a legitimate owner, grant access to others, and have exclusive access to the location of the Metaverse.

In addition, NFTs are also responsible for building digital identities in the Metaverse. NFT-enabled digital avatars provide identity in the Metaverse. Created on the blockchain, this avatar can be transferred from one metaverse to another. In particular, NFTs are immutable. It is owned only by you and no one else can duplicate or edit your customized NFT based avatar. Therefore, it is clear that the Metaverse and NFT are mutually created.

The last word

The Metaverse is still in the early stages of development. High-tech companies take full advantage of the potential and economic opportunities offered by NFTs and the Metaverse together. By combining the power of VR, social media and cryptographic elements, NFTs An integral part of Web3.0.. It will be interesting to see what the future holds for NFT-enabled Metaverse.

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