Role of NFTs in the digital world: Nowadays, there are two main topics that are trending. These are:
- NFTs
- Metaverse
What is NFT?
NFT stands for Non-Fungible Token. Non-Fungible means non-replaceable. It means that they cannot be replaced by any other thing. NFT is the digital proof of ownership or proof of ownership on something digital. In addition to this, they can be used to represent ownership of many digital assets.
You may also like to know about the detailed introduction of NFTs. NFTs are bought in Ethereum currency. That uses the blockchain. That is why they are much more secure than others. In addition to this, another advantage of NFTs is that the ownership of the first owner of the NFT always remains. No matter how many other users buy it.
What is Metaverse?
The metaverse can also be called the digital world. It is a theoretical concept of a digital 3-D world that you enter via a virtual reality headset. In this virtual world, you have a body (avatar) that you can customize. In addition to this, you also have a home to fill the stuff you like and hundreds of spaces to visit.
You can interact with other users as well. There are different ways to interact with other users in the digital world. You can work with other users in the digital world. You can play games with them. In addition to this, you can do all the things in the digital world that you do in your daily life.
Uses of NFTs in the digital world
Digital currencies are the main assets in the digital world. We all know that their use in the metaverse is inevitable. As NFT is also a type of digital asset. We must clarify here that NFTs are digital assets, they are not digital currency. Yet they still are useful in the digital world. There are three discovered categories that describe the use of NFTs in the digital world (metaverse):
- Virtual Market Place
- Art Gallery
- New Frontiers
1. Virtual Market Place (Role of NFTs in the digital world)
With apps like VR chat, spaces for communication in virtual reality are already thriving. 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 ground links and previews to assets on the web or mint assets directly in the VR landscape.
VR and NFTs can appeal to many brands in various industries. Nike is a good example. It is already dripping 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 “Nikewood.”
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2. Art Gallery (Role of NFTs in the digital world)
VR is 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). In addition to this, the assets are all of one type (art composition) and the atmosphere is much more relaxed.
For example, many museums are currently placing NFT artwork in metaverses. Cryptovoxels, powered by the Ethereum Blockchain is a good example. According to The Art Newspaper, Cryptovoxels host “art galleries and museums, including San Fransisco Museum of Modern Art and the FC Fransisco Carollinum Linz, Austria.”
3. New Frontiers
Real estate can be a lucrative industry to work within the physical world, and the same could apply to the metaverse. We are not referring to real homes being sold digitally but rather digital lands and territories being partially or completely sold for further user development.
For example, decentralized is a virtual territory where plots of land can be sold as NFTs and everything is represented in 3-D. This country has its own cryptocurrency and is slated to enter the metaverse (make the world accessible to VR users) later in 2022.
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