Metaverse and NFT: How Are They Related?

You are no longer bound to the physical world!
Imagine living in 2 different worlds – your real world and a corresponding virtual world.

Metaverse is that 3D universe that will represent your real world in the virtual ecosystem.
This digital landscape is a replica of your actual world. You will have everything – clothes, books, art, property etc.

But, the question is : How will you get access to all of these? Through Money? NO!
Through NFTs! You will have to purchase them from the NFT marketplaces. All kinds of assets in the Metaverse will call for a proof of Ownership. And, NFTs will be your mode of exchange for these goods and services in the virtual world.

So, in nutshell, NFT is your unique crypto key that will grant you access to most of the digital assets in the virtual setting – Metaverse!

NFTs x METAVERSE

It is safe to say, that all the metaverse projects will have to unite with NFTs to reap benefits. Through NFTs, you’ll be able to put a price on any digital form of art or property in the metaverse.

In 2019, the first NFT.NCY conference was held. It allowed entry on the basis of NFT tickets.

Decentral and collaborated with Adidas to host a virtual fashion exhibition, where the product designs got auctioned for NFTs.

Adidas sold nearly $22 million in NFTs.
Major brands like Nike, adidas, Puma, Prada etc. believe that the blend of NFTs with Metaverse has a massive potential to optimize the way they interact with their customers. With this, more and more brands are expected to join this space!

Role Of NFTs

By now, we know that NFTs grant authentic digital ownership of your assets in metaverse.

– In Metaverse, NFT represents ownership for every digital asset.

– Your personalized digital avatars, that represent you in the digital world-Metaverse, is given user access through NFTs.

– In- game trade with collectibles like skin, costumes, weapons, tanks etc., is done through NFTs. NFTs facilitate this buying and selling.

– Any event that takes place in the metaverse, like live events, webinars, workshops, music events grants entry through the NFT ticket technology.

– You can buy, sell and even rent any real estate minted on the blockchain in the virtual space like decentral and with the use of NFTs.

Scope – MetaVerse ft. NFTs

Post COVID-19, using the digital realm to hold official meetings, go on a date, attend classes, meet people to chit-chat, go out shopping, has been the new normal. Who knows, we may have to live with this forever!
The need for more virtual spaces to enjoy doing what we did is going to grow.

And, the fusion of metaverse with NFTs will make this an easy ride! Since, NFT is a digital code that cannot be altered, cheating and fraudulence remains out of question.

NFTs are being predicted to become a $56 billion market. However, a way to showcase and give value to these digital assets that NFTs will represent is – Metaverse.

– Transparent Economy: The combination will eliminate the role of corrupt intermediaries. NFT’s will reshape the future by transporting real life assets to the decentralized virtual metaverse. The most prominent example being the play-to-earn games.

These games have been able to attract young minds the most.

The one distinctive feature that makes metaverse so desirable is the ‘Freedom’ it offers. Through NFTs, anyone can take part in these play-to-earn games to make money.

Furthermore, if you are out of money, some mediators involved, also called guilds, will fund you to purchase in-game NFT assets.

This opens an opportunity for almost every individual to take part in the metaverse economy, eventually, promoting a fair economy.

– Redefining Social Experience: With NFTs collaborating with metaverse, you will be able to create your own unique identity in the virtual landscape.

Instead of having a text chat or a video call, you will now be able to meet the avatars of your friends or connections, which is an entirely new concept. It may change the way we interact, forever.

Brands can enhance their marketing tactics by creating an NFT avatar that represents them, to interact with their audiences.

This will help create a more personalized experience and foster customer engagement as well. Apart for that, this will facilitate a larger reach. And, the virtual products will not be restricted to one area.

Prospects from all over the world will have access to these virtual products, and marketers would be able to target a wider audience.

They will be able to promote their products by creating digital versions before launching the real product.

With NFTs, the digital scarcity is maintained, and the audience remains engaged.

A flood of employment opportunities for experts in NFT, Metaverse and Cryptocurrency.

– Virtual Real Estate: It is the same as buying a property in the real world, but with NFTs, users will now be able to own and even develop virtual spaces and stores, while choosing the décor and styling it according to their taste. Just like we do in our real worlds!

The concept of virtual real estates has fascinated many industries and artists.

As NFT’s make it possible for brands to sell products and merchandise online, artists can hold live shows and exhibitions on their virtual properties.

It is also being seen as a great investment as people can buy, sell and even rent these virtual properties.

NFTs make the trade very smooth. Whether it is of virtual products, entry tickets to online events, or virtual real estate, buying memes, tweets or art, the process is easy and authentic.

Conclusion:

If Metaverse is the Next Big Thing, then NFTs are the basis to it, – says creator of Winklevoss owned Nifty Gateway.

Metaverse is just starting to grow. On maturing, it might completely change our outlook towards the world.

Owning NFTs, is the key to growth in the Metaverse!

With celebs like, Justin Bieber, Lionel Messi, Jimmy Fallon, Snoop Dogg and many more entering the NFT world, a bright future can be seen ahead. But, even then, it is too early to be sure of its future.

You may call it a risky endeavor!

All we can do is have an open-minded approach to welcome and experience what Metaverse and NFTs, as a team, have in store for us!