When you think of NTFs, maybe the image that springs to mind is that of digital artworks and headlines of people spending insane sums of money on them.
We already covered how NFTs are more than that and can be used in a smart marketing strategy. But there are many things going on in the NFT sector. There are a lot of opportunities for hobbyists, enterprises, and investors who are ready for NFT adoption. One of the major applications we can expect to see for NFTs in the future is accessing and navigating the metaverse.
The metaverse represents a future realm. This is a virtual world that we could all be walking through in the future and suing for everything from communications and finances to gaming. NFTs are set to play their part in this future online experience. In this post we will explain how, and why you should care.
How do the metaverse and NFTs connect? It's more than that they are both new tech trends. One of the big reasons for the explosion in the popularity of NFTs is blockchain gaming.
The metaverse is likely to take the form of a virtual world which holds obvious potential as a vehicle for gaming.
For example, one of the ways that NFTs could provide access to the metaverse is through digital avatars.
MMO (massively multiplayer online) games and AR (augmented reality) present an opportunity to connect through NFTs. These gaming (and other virtual) experiences can be personalised and also sold as marketable commodities that can be exchanged for currency within the blockchain.
It was only a few months ago that “metaverse” became a part of the vocabulary of the masses as Facebook CEO Mark Zuckerberg presented his vision for the future of his company.
Facebook is already attempting to bridge the physical and digital spaces but there are other companies also working on metaverse technologies so we can be pretty sure that one will become a part of our future.
The tech world is betting on it and many are already preparing for a metaverse-based future.
This is why NFTs are more important than ever. NFT-based augmented experiences could become the center of social media experience in the future.
Not only will the augmented experiences be how we interact, we will need NFTs to enter the metaverse. The secure blockchain technology makes NFTs the perfect vehicle for avatars and IDs within this virtual world. NFTs will represent our keys into the metaverses. They will be issued like ID cards and passports.
NFTs go beyond ID cards to help us identify. They will be how we show our personalities. They will be a part of the community and social experiences in metaverses.
For example, holding certain NFT assets can show that an individual user has affiliations or support for a project, brand, etc. This will help like-minded individuals holding such NFTs to build communities that share experiences together.
Another clear application for NFTs in the metaverse is virtual real estate. NFTs can be used to give ownership to virtual ‘land’ in the metaverse. The blockchain technology that supports NFTs enables users to prove ownership of an asset that has powerful applications within real estate.
In the future metaverse, we will see users buying and selling virtual land for profit, renting out their property to gain a passive income, and building everything from online shops to hotels.
One example of the metaverse’s digital real estate that we can already look at is Decentraland. Last year a virtual fashion exhibition was held here. Adidas collaborated with the event and designs were auctioned as NFTs.
NFTs have numerous applications within the metaverse. If your brand is thinking about expanding into the metaverse in the future (which it should be) then you need to understand NFTs. They will be the key to entering this virtual world. Not only will they provide avatars and ID cards, they will help you build communities and find audiences of like-minded people who will support your brand.
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