• The metaverse is a dynamic, open, and interoperable space, much like the internet but in 3D.
• NFTs and the metaverse offer the potential to revolutionize business models and pivot careers.

What is the Metaverse? here’s a short history.

The metaverse is considered a vision of what many in the computer industry believe is the next iteration of the internet,(the virtual world): a single, shared, immersive, persistent, 3D virtual space where humans experience life in ways they could not in the physical world.

The metaverse is not a single platform or website, but it is an umbrella term referring to a new genre of experiences, virtual and not physical experiences.

Today companies use the term to refer to different enhanced online environments.”Metaverse” became a household word when Facebook rebranded its corporate identity to Meta in October 2021 and announced plans to invest at least $10 billion in the concept that year.

In addition to Meta, tech giants including Google, Microsoft, Nvidia, and Qualcomm are also investing billions of dollars in the concept.

Some of the technologies that provide access to this virtual world, such as virtual reality (VR) headsets and augmented reality (AR) glasses, are evolving quickly; other critical components of the metaverse, such as adequate bandwidth or interoperability standards, are probably years off or might never materialize.

NFTs  explained

Non-Fungible tokens (NFT) serve an increasingly important role in our digital economy. So what are they and where do they fit in the virtual world (Metaverse).

Related: MINTING NFTS, HOW DOES IT WORK?

An NFT can be thought of as an irrevocable digital certificate of ownership and authenticity for a given asset, whether digital or physical. An NFT is a unique digital identifier that cannot be copied, substituted, or subdivided,

Similar to any country’s economy, a metaverse needs money as well. Here, cryptocurrency comes in handy because it works like virtual cash in the digital space. Thanks to blockchain technology, cryptocurrencies can facilitate trustless and secure payments with no centralized oversight.

The same is true of cryptocurrency. Transacting in traditional money (known as “fiat” by crypto aficionados – because its value is supposedly based on government decree) requires a vast infrastructure of banks and regulators to act as custodians, intermediaries, and clearinghouses.

NFTs are unique assets stored on a blockchain and use the same technology that underpins Bitcoin(BTC) and other cryptocurrencies. With the help of NFTs, people can own virtual things such as Art, sports trading cards, in-game items, a song, a digital real estate.

NFT serve as a tool that makes transactions authentic. A metaverse developer can develop their own cryptocurrency and NFT.

NFTs and the Metaverse

Several companies have found ways of using NFTs and the Metaverse simultaneously, however, the metaverse and cryptocurrency are separate concepts and can happily exist without each other, though it’s clear that there is a potential synergy between the two.

A good thing about the virtual world is that there is less friction with the physical world. Because NFTs are generally associated with websites and transactions that occur through web browsers, and because the metaverse is mostly VR-based, there might be some confusion about what their common ground is:

1. NFT Virtual marketplaces

With apps like VRChat, spaces for communication in VR are already thriving, and it is not a huge leap to assume that these spaces can also serve as a fertile trading ground for NFTs. 

Sellers can easily provide links and previews to assets on the website or mint assets directly in the VR landscape.

A company like Nike is already dipping its toes into the metaverse with its own virtual “Nikeland” and has now acquired a studio (RTFKT) known for making NFTs of products. Perhaps it is only a matter of time before we see the two concepts meet in “Nikeworld.”

Another company that has ventured into the world of cryptocurrencies, is Bugatti, a luggage company that has been making bags since 1940. The company stuck a deal with Bored Ape Yacht Club, a collection of 10,000 bored ape NFTs. Through its official partnership with BAYC holders, Bugatti obtained the rights to print the NFTs onto physical luggage.

In a most recent update it partnered with Shiba Inu (SHIB), the duo will introduce a limited collection of tangible goods and NFTs in recognition of the owners of genesis SHIB NFTs, Shibosis.

2. Art Gallery

VR is perhaps the best possible platform (short of an actual brick-and-mortar building) for viewing art. You get to see it up close with every detail and from every angle. This type of solution differs from a marketplace because the prices are already set (and not negotiated), the assets are all of one type (art compositions) and the atmosphere is much more relaxed.

For example, many museums are currently placing NFT artwork in metaverses such as Сryptovoxels, powered by the Ethereum blockchain.

3. Real estate

So far, the majority of NFTs appear to be fun works of art and fashionable alternatives to cryptocurrency investments. But as we understand more about how they work and what they can do a physical real estate NFT is created by registering a real-life asset (your house, office, or business premises) on a blockchain.

Virtual real estate is land or property you can buy within these environments or games. Some virtual real estate NFTs are tied to physical properties in the real world.

As in the real world, these digital environments are developed with NFT houses, or you can invest in a sole NFT apartment in an NFT building.

The real beauty of an NFT is that it is programmable. Smart contracts within each NFT automate simple or complex actions, creating faster, more efficient operations. Here are some features to note.

That’s a lot of information. For example, if you buy an apartment with NFT asset properties, you can check every previous buyer, investment, action, legal dispute, payment, and more.

The road to adoption

For better or worse more and more of us are choosing to spend time online and that is only likely to increase the rate at which the online world becomes immersive, engaging, and entertaining, hence NFTs and cryptocurrencies will play bigger roles in our lives. This will eventually result in the crypto space becoming more regulated and environmentally friendly.

When it comes to establishing the currency of the virtual world, then cryptocurrencies are clearly a natural fit – and because this ground-breaking technology is also in its infancy, then its evolutionary course is likely to be influenced by changes in the way we live our lives.

Hopefully, now you know the main ideas behind the two concepts and have a sense of where the market is headed. If you choose to embrace the metaverse and NFTs in your business, it could be a great chance to break away from competitors.