If you have spent the last several years on Earth, you have come across NFTs and Metaverse. The Metaverses were first mentioned in science fiction by Neil Stevenson, who describes them as alternate worlds where people are represented as characters who escape reality and live out their fantasies.
While the development of NFTs has made it possible to bring the use of blockchain in the real estate market to a qualitatively new level. Usually, NFTs are associated with games and multimedia, but they are an excellent tool for minting different assets. But before passing to the ways of using NFTs in Metaverse, let us quickly break down what Metaverse and NFTs are.
What is Metaverse?
It is a 3D virtual space designed to be inhabited by millions of people on the digital spectrum. That is, a person can create a digital identity to interact with others in the Metaverse and even perform everyday activities such as buying goods, art, articles, or services. This digital universe is conceived as an alternative to the real world, where digital currencies (cryptocurrencies) and NFTs (non-fungible tokens) provide a medium as users can buy products or services in it.
Furthermore, this concept of the Metaverse is presented both for Android and iOS systems, so it’s a place for entertainment as well as a business opportunity for independent app developers and content creators.
What is the NFT?
Recently, along with cryptocurrencies, crypto enthusiasts started obsessing over NFTs.c NOw they are constantly searching for NFT projects to start investing in NFTs. . NFTs are unique digital assets that certify the originality of work or a particular article. For example, on the virtual reality platform Decentraland, several pieces of digital land have exceeded half a million dollars.
The greatest particularity of NFTs is that they exist in a single copy, and all information about their author, transactions and buyers is stored in the blockchain. Like any blockchain project, NFT is not tied to any server, and by purchasing it, you declare your right to a digital object for the whole world. Moreover, even small business owners can benefit from this strategy if they implement it properly.
3 ways to use NFTs in Metaverse
As mentioned previously, NFTs are an excellent tool for minting various digital assets. And real estate is definitely a promising way to apply this technology. Now, each real estate property or other object can have its own unique token, which is freely tradable in the blockchain. This is the first way to use NFT in the Metaverse. Members of Metaverse can buy, sell and rent out their NFTs to earn money in the virtual world or to have passive dividends. While you can still use an online payment software or own an eCommerce store, don’t forget to get into something fresh and innovative.
The second way of using NFTs is play-to-earn in-game assets. Such games like Axie Infinity and Aavegotchi reward users with assets like NFTs and other in-game cryptocurrencies. These assets can be sold, borrowed, and swapped.
And yet another use of NFTs are the NFT passes that can be used as tickets to Metaverse parties and concerts. For example, famous rapper, songwriter, and entrepreneur Snoop Dog hosted an NFT party in September 2021 in partnership with Sandbox. For this event, 1000 passes were released so that people could attend the event hosted by the rapper.