How NFT is bringing Metaverse to life
It is a proud feeling to live in a world where terms such as Metaverse do not seem to be far-fetched but a reality encompassing us all. The umbrella term metaverse is not a sci-fi term anymore as we at present are a part of it in some form or another. Metaverse, in a nutshell, is a digital world where anything you can imagine can exist.
Concepts such as non-fungible tokens (NFTs) or Metaverse NFT games were just an imaginary concept not that long ago. However, with the advancement in technology and introduction of blockchain technology, NFT token in the digital space, NFT Metaverse is not only possible but a thriving industry sector with several use cases.
What is the Metaverse?
The term Metaverse was coined from the concept ofà la the OASIS in Ready Player One. One of the best examples of the expansion of Metaverse is the fact that in 2021, Apple customers alone spent over $1.8 Billion on digital items.
However, it is just the beginning, and experts believe the Metaverse is set to expand, engulfing the entire universe. This expansion of Metaverse is undoubtedly good news for the digital world as it will bring more use cases and better rewards, services, functionalities, gadgets, etc., as evident from various NFT Metaverse projects.
Even if the Metaverse did not achieve its full potential, it would bring several new opportunities in the same way non-fungible tokens have not just reshaped but invented a new economy.
How do NFT tokens interact with Metaverse?
Metaverse includes a digital item market that has already grown considerably, creating a Billion dollar market. However, the introduction of NFTs will even furthen the industry’s growth exponentially. NFTs are non-fungible tokens registered on the blockchain and sold in an open market with the ownership and control remaining with the creator.
NFTs have integrated themselves with every part of the digital world, including art, digital collectibles, real estate, music, sports memorabilia, etc. All of these industries are what form the Metaverse as they have a digital presence that has reached the point of an outbreak.
NFTs can transform real-world assets by registering them on the blockchain and making their ownership permanent. Moreover, NFTs contain a trail of transactions storing all the information from creation to trading between different hands. Apart from the trading and collectible aspects of NFTs, there is a whole new metaverse NFT game world that is growing by the second.
NFT games have become increasingly popular because of their ability to let players own and personalize their characters. Imagine a world where players can not only purchase in-game assets but own them out of the game world, too, in the form of NFTs. This is what NFT gaming is all about and the reason behind its widespread adoption.
It is evident that NFTs have a significant role to play in the Metaverse, and it is just the beginning. With the evolution of technology and increased adoption, non-fungible tokens will become as common and essential as money.