NFTs in the Metaverse–Good or Bad?

As the world progresses, new technologies and processes emerge. Often, these novel technologies spur loads of media buzz, interests and questions from concerned enthusiasts. Usually, it is in the bid to understand what these technologies are. The Metaverse and NFTs are perfect examples. But, have you wondered why top tech giants embrace the Metaverse?--The likes of Facebook, Roblox, Microsoft, and Epic games, to mention a few.

What's the fuss about NFTs? Do they have a role in the Metaverse? Perhaps, there is a relationship between the Metaverse and NFTs? Could there be interactions between the two concepts that make for tangible results? You'd get answers to these questions in a bit. But, first, let's do a brief check into what these two concepts are.

Metaverse–The future of Virtual reality

If you imagine a world where you can practically engage in activities as though you're in the physical world, here is it. The Metaverse is an extension of the real world. A space that allows you to represent human profiles as avatars. You can also mirror office spaces, property, and events like in the real world.

Call it a collective, virtual shared space. The Metaverse combines physical, augmented, and virtual realities accessible via the internet. For example, facebook's Horizon Workroom is primarily designed for office workers to interact using virtual reality and headsets.

As a person, it is possible to communicate and transact with another individual or with digital 3D objects in the Metaverse. The virtual space also allows you to have a walk with your friends, buy things, and attend live events and concerts. As you can imagine– there's so much to do and explore in the Metaverse.

NFTs–Non-fungible Tokens

NFTs have been making the news of late. The concept is simple if you do not know about NFTs before now. These are digital assets displayed in the form of arts, music, gaming tools, or even videos. These items are transacted online using the digital currency–cryptocurrency.

With its first popularity in 2014, the concept of NFTs is gaining a wider audience and patronage. Investors perceive them as useful means to buy and sell digital assets for profits. According to a report by Forbes Advisor, the worth of the NFT market in 2021 is $41 billion. Guess what? That's almost the same year's worth of the global fine art market. Isn't it massive?

In other words, Non-fungible tokens are owned by individuals. You own them. That's proof of ownership there. The interesting part about these digital assets is that each Nfts owned or minted is unique. If you have a thousand copies of the same NFT artworks, files or assets, remember that they all have unique identities. Each of them is special, based on the meta-data they contain.

What are the roles of NFTs in the Metaverse?

Now that you have an idea of the duo of Metaverse and NFTs, you may want to ask–Are NFTs useful in the Metaverse? The answer to this is a resounding YES! NFTs in the metaverse help to connect real-life identities to digital avatars. Viewing the possibilities from now, they could serve as the key to buying and selling property in the Metaverse. Some other possible use cases of NFTs in the Metaverse include:

• NFTs as a deed or key to virtual property

As part of the use cases of NFTs in the Metaverse, there are possibilities that non-fungible tokens can help you gain extensive access to locations in the Metaverse. Furthermore, with the smart contract features, you can sell or purchase real estate in the virtual world. In other words, you can use your NFTs to buy property in the Metaverse.

Blockchain technology allows real estate owners to protect their intellectual property from fraud. For example, Decentraland, a virtual real estate platform, offers you an opportunity to buy and sell virtual land. All you need do is buy and sell this virtual land with cryptocurrency.

• Virtual marketplace

We expect alot of buying and selling in the Metaverse when it is fully operational. Think about a virtual marketplace where you could sell, purchase, or rent NFTs. The virtual world connects buyers to sellers. Here, they could interact and get to trade their NFTs beyond the typical NFT marketplaces. Interested owners would have to display their merchandise while they provide links to prospective buyers to access them.

It is an opportunity for buyers to mint their digital assets in the Metaverse. In addition, NFTs can also serve the purpose of airdropping branded merchandise or granting special access privileges to followers. Finally, it can drive efficiency in customer or fan engagements.

• Virtual events

It is your birthday, and you're looking at throwing a party; the Metaverse can host you and your friends. You all can be treated to an awesome and exciting virtual treat. Your friends can use their NFTs as a pass to gain entry into the party. That sounds like a perfect idea, yeah? But, that's not all; with NFT passes as a means of entry, the Metaverse allows you to stage your conferences, symposiums, shows or a meet and greet event virtually.

In addition, using NFT passes can assist in getting funds for more virtual events. If you've been following the trends around the Metaverse for a while, you'd remember the private party organized by Snoop Dog and sandbox in September 2021. That's a perfect example.

Do you know that about 1,000 NFT passes were created for the event? The passes afforded guests access to the snoop Dogg's private lifestyle. Talk about an event with unique NFTs experiences; talk about snoop Dogg's private party.

• NFTs and play-to-earn Games

The use of NFTs in the Metaverse brings about new gaming models. For example, the play-to-earn gaming model allows you to employ NFTs in driving engagements in the Metaverse. In addition, play-to-earn games allow for the ownership and control of assets on the part of the players. It could also be a tool to strengthen the relationship between NFTs and Metaverse, thereby ensuring a fair and open economy in the virtual space.

• Virtual art museum

If you are a lover of arts, the Metaverse will serve you. It is the perfect space for collectors to display and view digital art. Sometime in the future, the Metaverse will serve as a virtual art museum. Investors can access and assess the work of art in virtual museums. The way you could physically see a masterpiece in a museum, the same is possible in the Metaverse. You can appreciate the work of art anytime, day and anywhere in the world.

Conclusion

NFTs and the Metaverse are here to stay. They have the potential to transform the future, as pointed out above; NFTs bank on ownership and uniqueness, while the Metaverse, on the other hand, portrays a virtual world where you can replicate the activities in the physical world. Furthermore, the use of NFTs in the Metaverse brings about changes in users' identity, social, and community experiences in the virtual world.

As a user in the Metaverse, you have the opportunity to showcase your unwavering support for specific projects that interests you. You could also air your views or express your opinions with your NFT assets. This process allows owners, buyers, or even investors to collaborate and share ideas and experiences.