Recently, the meta-verse has developed as an astonishing and exciting phenomenon. The technology has caught the attention of worldwide celebrities, artists, athletes, businesses and business owners and established itself as a significant and influential game-changer. Large amounts of money are flowing into the metaverse, and many enthusiasts and domain experts expect this trend to continue to increase. The global metaverse industry is expected to exceed $ 1607 billion by 2030, with a CAGR of 43.3 percent. According to research from JP Morgan Chase, the meta-verse will become an integral part of every industry in the following years, with an estimated market potential of over $ 1tn in annual sales.
What exactly is the metaverse?
Popularized by Neal Stephenson’s cyberpunk book Snow Crash from 1992, Metaverset is a virtual network that represents dynamic 3D environments in real time. Metaverset uses cutting-edge technology such as blockchain, non-fungible tokens, social commerce, augmented and virtual reality (AR and VR), and many more. The Metaverse platform enables engagement in real activities such as playing, working, studying, shopping and socializing with others. Metaversen can influence employee engagement, customer experience, omnichannel sales and marketing, product innovation and community development.
NFT’s contribution to the metaverse
Non-fungible tokens (NFTs) are one of the fastest growing areas in the metaverse, appealing to people’s curiosity, creative talent and investment in digital art collections. NFTs are digital assets that represent physical things such as art, music, in-game items, and videos. They are often bought and traded online using cryptocurrencies and are usually coded using the same underlying software as most cryptocurrencies.
Before NFTs and blockchain technology, there was no guaranteed method to verify ownership of anything online, much alone a digital resource. Now that’s it. NFTs are used to prove ownership accurately and transparently, especially in a virtual world; as such, NFTs will continue to play a crucial role in the metaverse economy.
Furthermore, NFTs can serve as metaverse building blocks for several applications, including the “TradArt” universe. This sector is hampered by intermediaries and companies that do not reward creators adequately for their efforts. NFTs play a role in virtual property. In addition to serving as the legal agreement on ownership, NFTs constitute the metaverse’s land and buildings. In order to buy, trade or build land in the metaverse, it is necessary to emboss an NFT that symbolizes the property.
Virtual marketplaces
Thanks to apps like VRChat, metaverse discussion rooms are already flourishing, and many virtual markets serve as a thriving trading platform for NFTs. In the VR marketplace, sellers can provide links to examples of web content or new files. Nike virtual Nikeland is an example of how VR and NFT marketplaces can appeal to different industries.
Play to earn games and access events
Games to earn games in the metaverse make it possible to earn real money and NFTs.
The only way to establish ownership and transfer games in the metaverse is through NFTs. NFTs can also be used as tickets to exclusive shows, conferences and other virtual events in the meta-verse.
Art gallery
Several museums now display NFT works of art in metavers. Virtual reality is the most refined platform imaginable for seeing art (short of a physical structure). It is possible to see it up close and in detail from all angles, and have access to various works of art in a much more relaxed environment. Although there are different perceptions of the relationship between NFTs and the metaverse, where many assume that NFTs are part of the metaverse, and some believe that NFTs are the building blocks of the metaverse, it is clear that NFTs function as a critical concept and player. an integrated role in the metaverse.
Ola Lind is strategy manager in Future Fintech Group and director of FTFT’s subsidiaries
