With the passage of time NFTs have showed apparent advantages because the concept of metaverse has acquired public attention. This concept made its place in the mind of internet lovers when the company in earlier times known as Facebook rebranded to Meta platforms as a signal of its push into a future internet.
This summer a young boy in UK who is only 12 made $400,000. He made this amount with coding some digital NFT art- a low resolution cartoon whale. An NFT representing possession of a single square pixel went on auction for over $1 million. If those prices look a bit strident, consider the $69 million paid for a more comprehensive, albeit still digital, NFT work by an American graphic designer.
NFTs are considered the key to unlock the metaverse. This is because they provide ownership rights to an individual in the digital world. Virtual worlds like Decentraland are the first experiment in the metaverse. People can buy property here made on blockchain.
Craze for Metaverse
Celebrities, athletes and brands show their craz for the digital piece of art tied to the blockchain. Beeple and others like it have even made millions. Consumers expect the convergence of NFTs will give rise to an enormous, decentralized virtual world known as “metaverse.”
Where many games already implement blockchain along with NFTs they have become big business. In many games such as Axie Infinity players can create digital NFT creatures. These creatures have unique characteristics that are possible to trade for real crypto-currency to other players.
Users take part in a virtual real estate market in the property-trading games like Upland. In such games NFTs represent parcels mapped to real world locations. These games play a role as proving grounds for how NFTs could represent possessions in a bigger range. More, NFTs could also represent dynamic virtual environment like a metaverse.
With these features, metaverse enhance the craze of users to convert from conventional technology to advance form of technology.
The digitization of media vs NFTs
The nature of ownership, intellectual property, and copyrights has been puzzled because of digitization of media. In which art, music, videos, books, and even news or blog posts are included. This is because of possibility to copy or reproduce the digital media.
But it is not the case with NFTs. In fact that’s the place where NFTs come in. NFTs provide owners of different digital contents with a means of selling or trading their possession. The advantages provided by the decentralized crypto space help in this regard.
Metaverse of the future
Metaverse gradually made its way into the internet world to describe virtual environment in the online space. Furthermore, the idea of a metaverse has patented itself in the world of games. And it has manifested in the online games especially with the rise of multiplayer games.
However, these primordial metaverse are restricted in scope. The dream of the metaverse of the future is very much striving. Technologies like underlying Web3 network, NFTs and crypto-currency will form the basis of metaverse. They will evolve together, but in stages.