During the last few months we have seen how the news and emerging technological trends have focused on a term unknown to many until recently, such as the metaverse . It is no longer something more typical of science fiction and is becoming a (virtual) and physical reality for many companies that have joined the race to launch their own metaverse proposals so as not to be left behind in their proposal for business. The industries cover a wide variety, including design, architecture, fashion, entertainment, and retail.
And this trend is joined by two others that are also giving a lot to talk about, and that will resonate even more during 2022: NFT and blockchain technology . Sure they are familiar to you, but you may not be clear about what they consist of or why they are important to you or your business. Next, we clarify all these concepts, the relationship they have with each other and the reasons why you should not lose sight of any of them.
Metaverse and NFT
The options provided by the metaverse are so diverse that they include anything from going to virtual concerts, taking virtual vacations, buying, transacting, watching movies, trying on clothes, altering how we work, developing new kinds of branding, etc.
This digital universe will expand our borders to a much more interactive and massively promoted alternative reality. And one of the main features of the metaverse is that it contains a full-fledged economy and encompasses the physical and virtual worlds, so it will be in a decentralized way .
From here arises the main connection between the metaverse and NFTs, since the relationship of both is related to digital assets and how they are given value. The metaverse allows creators to showcase digital forms of art and property, and the development of NFTs will be in charge of putting a price on that content with proof of ownership.
NFT Blockchain
Despite not being a form of currency in and of itself, it is important to note that NFT development uses the same blockchain technology as cryptocurrencies when discussing it as a medium of exchange in the metaverse.
What we know as coins, are pieces of art, video game content, music or any material that can be attached to this specific token. Due to the need to monetize their work, a large number of artists and content producers have adopted this new trend.
The relationship with the blockchain goes through a fundamental pillar such as the fact that this technology guarantees that these assets are auditable , that is, the buyers of a single asset could track it. In summary, the blockchain is in charge of introducing the features of interoperability and lack.
In fact, the relevance of NFTs lies in the fact that their origin can be guaranteed by entering a code in the programming. This means that, if the work is sold to another buyer, the creator of the work will receive a percentage as compensation for each transaction.
Therefore, the emergence of numerous NFT markets is making it a phenomenon in many industries.
Why are NFTs the key to accessing the metaverse?
There are many questions that we can ask ourselves when we talk about the union of NFTs with the metaverse: Will NFTs help to access the metaverse? What role does the blockchain play within these virtual universes?
As we have said above, NFTs or non-fungible tokens are a new type of digital assets . Which are unique, indivisible and immutable. The limitless trading opportunities offered by the metaverse make its union with NFTs the logical succession.
NFTs can help gain exclusive access to enter a certain location in the metaverse, as well as virtual property deeds. They are actually crucial in converting traditional social networks that facilitate user contact, commerce, and socialization in order to alter the metaverse’s essential design.
Some examples are:
- Fair and transparent economy: The union of both allows individual users and companies to easily represent their real-world assets and solutions in a decentralized digital environment. The metaverse could be opened up to more real-world assets through new models that would be powered by NFTs. And the blockchain would be in charge of offering transparency and immutability, since the metaverse would be sustained by this fair and open economy where no possibility of artificial value inflation would be found.
- New Identity Experiences : In the process of creating metaverses, users could show support for a specific project by owning NFT assets. The result would be that like-minded owners of these NFTs could form communities to share experiences and collaborate on content creation.
- Buying Property : Metaverses give users the opportunity to gain full ownership of virtual spaces in the metaverse through NFTs. Some examples are the sale of virtual land for profit or renting land for passive income in conjunction with the development of structures, stores or events.
- Marketing tool : Another functionality would be when launching brand products or special privileges for followers. NFTs would be tasked with introducing interoperability outside of the metaverse with an infrastructure that supports location-based engagement and augmented reality features.
- Access control : The association of true identities with digital avatars presents opportunities to define access to the metaverse with NFTs. For example, tickets to an event may be NFT-based and will limit access to the most exclusive guests.
The possibilities are endless and there are still many more to discover.
The union of NFT, metaverse and blockchain represents a turning point and has a potential that will transform the future. The combination of the digital world, real and virtual assets and the new meaning they give to the economy and social experiences will be the key to the future of our interactions.
