Table of Contents
- What are NFTs?
- NFT metaverse marketplace
- The inception of the metaverse in the NFT atmosphere
- The hype around augmented virtual reality
- How augmented reality is roped into the NFTs
- Other use cases in the NFT metaverse
- Real estate in the metaverse
- Social media in the metaverse
- Community in the metaverse
- Influential companies and brands in the metaverse space.
- Final thoughts on the NFT metaverse space
The metaverse has been manifesting itself in existence for quite some time now. The NFTs have adopted the concept as a separate use case. The metaverse in the NFT realm brings about a new level of excitement to the sector’s users and enthusiasts.
Niche NFT marketplaces have made the metaverse work for them. Depending upon the sector of art they handle, be it art, music, gaming, entertainment, they integrate the NFTs in the virtual space as they see fit. Metaverse now is termed with different terminologies like – museums, showrooms, etc., and they have customization options depending upon the marketplace that curates them.
Let’s look at how the metaverse is growing in the NFT space and how the dedicated metaverse NFT marketplace is being used with real-life examples.
What are NFTs?
NFTs are digital assets that are tokenized on the blockchain for trade, buying, and selling. Starting as an art trade tool for internet wizards, they have surged in popularity in recent years with multiple use cases. They have witnessed unprecedented growth in the sector since its genesis. The decentralized platform allows for transparency and security to be a mandatory setting in the forum, almost making them an afterthought.
The NFTs are developed on blockchain technology that supports cryptocurrency.
Blockchain is an online repository containing multiple copies of records of the assets linking, and authenticating them to the owner. It is a fail-proof system that takes advantage of the simplest task of record keeping. NFTs are developed mostly on the Ethereum blockchain, but with time other similar blockchains have emerged to support different use cases of different NFTs.
The metaverse is no exception, as the NFTs for them are also developed in the relevant blockchain. The NFTs in a metaverse can range from avatars to commodities for the avatars to use in the space, which is attributed to a certain value in their relevant marketplaces.
NFT metaverse marketplace
The market for the metaverse is usually an additional feature in the gaming or community platform in the NFT space, but there are exceptions. The marketplace is where the NFTs are listed for sale, trade, and investment. These marketplaces provide for the users to showcase their products in the aforementioned spaces for holding, advertising, and trading uses. There are also the occasional niche marketplaces that host a metaverse for industries other than gaming like the music, art, and entertainment industry.
The inception of the metaverse in the NFT atmosphere
Metaverse served its purpose when the concept of showcasing one’s avatar in the NFT space became more prevalent, and it’s in direct correlation to the gaming industry use cases. The sector found a use case for the avatars and accessories to be displayed and portrayed for fellow users on the platform to get familiar, buy, and play.
With time the metaverse made its way into all the other industries that have seen their boom in the NFT sector. Many platforms have introduced breeding as a concept; breeding is when two or more NFTs of particular, unique attributes breed. The resulting concoction is another unique NFT that can be minted and used at the owner’s discretion.
The hype around augmented virtual reality
The gaming industry and the virtual forums where people go to escape from tangible reality on the technological front have improved by leaps and bounds, and more discoveries are being made in real time.
Augmented reality has been around since the late 60s, and they have been explored and pushed to its limits ever since. Augmentation, by definition, is making a space bigger and augmented reality or virtual reality is when an immersive, animated reality is created in a faux environment.
The reality allows users to interact and participate in the space with their chosen avatars and accessories that they get to use as part of their virtual experience.
How augmented reality is roped into the NFTs
This aspect makes for a much wider range of use cases that can be adopted by other industries such as music, art and entertainment, inclusive of the gaming sector in regards to the NFTs, where users get to showcase, store, and sell their assets in the form of showrooms, museums, and metaverse spaces.
Though the gaming industry is highly likely to make the most use of these factors of the metaverse, that is not to say many other scenarios will not give birth to the next big development in the sector.
Other use cases in the NFT metaverse
Real estate in the metaverse
The metaverse has a variety of uses in the NFT realm. Virtual real estate development is one such case that is gaining attention among users. It makes it possible for investors to invest, sell, and upgrade their piece of digital asset or virtual land in the metaverse.
The investors are seeking a digital land with the basic amenities that they can get to own in each of their spaces different from the rest. This gives the freedom for creators to get creative with their integration of commodities that they can introduce into the space for minting.
Social media in the metaverse
Cloud storage and social media interaction has also seen their advantages used in the NFT metaverse, where users can store and find the application cases of their assets. These assets can be uploaded into the space for proprietary ownership to stamp their inception.
Community in the metaverse
With more focus on building communities, the metaverse spaces are welcoming wholesome well-minded community spaces, with the anonymity of avatars and accessories that can help users express themselves. These factors in closely with social media integration, as they can be interchangeable to some extent, but the distinction of a community space for building spirits and social spaces can be used as its own commodity for exploration and expansion.
Influential companies and brands in the metaverse space.
Facebook is one of the entities that is forwarding the metaverse sphere, and they went as far as changing the company’s identity to “meta.” They have promised obscene development in the scene in the coming future, with already in-use assets and commodities, users can take advantage of.
Gaming industries like sandbox, axie infinity, ultra, colexion, etc, have integrated the “play-to-earn” module in their domains. This enables the users to emerge into a space that makes it fun with real stakes in play.
Community gaming like Cryptokitties in Decentraland is one such example of community engagement as well as a gaming element added to the mix. This aspect also allows for newer and improved mintable NFTs to be born.
Final thoughts on the NFT metaverse space
In its simplest definition in context to NFT consumption, the metaverse is the beautiful augmented reality one could escape for a bit too. They provide community, proprietary benefits, investment opportunities, and entertainment value all at the same time. That, combined with the real-life consequences of investments and trading aspects into the space, makes it a win-win for the users.
They are also a great opportunity for getting familiar with the model, as many companies and brands in existence are developing commodities specifically for the metaverse, they would eventually shift all their energy into the space, and it’s always good to have the upper hand of being amicable with the space, so as not to feel left out.