NFTs and Metaverse are two concepts that have been generating a lot of buzz across a wide spectrum. Many businesses are looking for ways to incorporate these areas of huge potential into their systems. But first, a little understanding of what these 2 terminologies are all about:
What is NFT
For the uninitiated, NFTs are non-fungible tokens that can be used like cryptocurrency on a virtual platform. They are 100% unique digital assets that come with an unduplicatable certificate of ownership on a blockchain network. These digital tokens are created when a digital file such as artwork, GIF, music, video clip, etc., is minted. Since its very easy to steal these digital assets online, NFT assets remain secure as their unique immutable certificates of purchase provide an unbiased confirmation of ownership.
With this system of digital currency, NFTs can be used to purchase digital assets like clothes, avatars or even weapons to facilitate the players virtual identity as they traverse through the metaverse.
What is the Metaverse
The metaverse is a combination of both the physical and virtual worlds using a virtual reality headset to create a 3D computer-generated digital space. To achieve this, it employs virtual reality (VR) and augmented reality (AR) technology, which you can learn about at Toonz Animation Academy, one of the best animation institutes in Kerala.
It provides endless opportunities to switch between activities, locations or chats, without having to put in too much time, effort, travel or physical resources. Your avatar can mingle with other virtual users, chat, play games, work and do just about any everyday activity, virtually. There are multiple metaverses with popular ones being SAND, AXE, ENJ, MANA, etc.
Using NFTs as a conduit to the virtual metaverse world, you can buy assets and customize your avatar’s body as you wish, go shopping, interact and visit hundreds of spaces! The metaverse offers an open economy, especially the play-to-earn gaming economy, powered by blockchain games via the NFT.
Empowering Metaverse with NFTs
NFTs play a key role in the metaverse space, allowing avatars to shop virtually for cars, boats, real estate, paintings, accessories, etc.
Real estate trading platform
You can buy, sell or rent out real estate in the form of virtual land, shops or property on the metaverse trading platform and get an NFT as a certificate or deed of ownership. NFTs are based on blockchain technology and best for purchase of virtual property.
Metaverse avatars can play immersive digital video games and earn money and rewards in the form of NFTs. Providing access to blockchain based gaming in this way, the metaverse helps avatars to invest in land and other types of virtual assets. The economy in the metaverse is open and fair and backed by blockchain’s inherent transparency.
Just like social media apps in the real world, metaverse has also evolved into a thriving platform for social interaction amongst its avatars. Users can communicate, traverse through the metaverse with this virtual space and even serving as a fertile business ground for NFTs. Avatars can also go on dates, attend online parties or participate in events in this space.
The metaverse and NFT minting are pretty much new concepts and only a few companies have implemented them. Those with knowledge of VR implementation are essential to these companies. Learn more about the virtual world at the best animation institute in Kerala, the Toonz Animation Academy located at Technopark, Trivandrum!