The Metaverse and NFTs is the result of all the protocols and processes that power the web and the emerging Web3 and which are coming together to create a single, interoperable space. This future realm will include communications, finance, games, personal profiles, NFTs and other aspects of an online experience. It’s is an extensive network of persistently rendered 3D worlds or simulations in real-time that supports continuity of identity, objects and history. It can be experienced simultaneously by an almost unlimited number of users with their own senses of presence.
Facebook, the tech company that holds the largest stake in the metaverse is arguably the most prominent.
There are other metaverse-related taxonomies, such as one created by Raph Koster. He draws a distinction among “online worlds,” multiverses, and “metaverses.” Online worlds, according to Koster, are digital spaces that focus on a single theme. A metaverse, on the other hand, is “a multiverse that interoperates better with the real world”. It includes augmented reality overlays, virtual dressing rooms for real shops, and apps like Google Maps.
Janet Murray, a digital scholar and snarky commentator, can be cited for something more impressionistic. She has described the modern metaverse as a “magical Zoom meeting that has all of the playful release from Animal Crossing.”
But what about the metaverse?
It will be a huge change in our business models and in how we interact with the outside world when we can have a digital overlay.
It is difficult to imagine what it will look like and even harder to quantify the impact. I bet that NFTs will be the revenue model of the metaverse.
Video gaming’s revenue model is now virtual items. That’s $175 billion annually. The metaverse should be ordered of magnitude larger than that, because it encompasses everything and not just gaming. It’s very difficult to do a fundamental analysis of something like this, because there is no real reason.
Shreyansh Sing is the head of Polygon’s NFT & gaming arm, Polygon Studios. This NFT-centric gaming hub helps web 2.0 game developers integrate NFTs and web 3.0 elements into their platforms. These views are not necessarily those of Decrypt.
Many people associate NFT with digital artworks and collectibles that are tied to large sums of money. While the digital art frenzy is indicative of a compelling use case for NFT, it is not the only thing that is going to happen to the sector. There are many opportunities for investors, entrepreneurs, and hobbyists that will accelerate NFT adoption. NFT-controlled access, especially to the metaverse, is the most important.
How can you get into the metaverse? Of course, NFTs are the best way to enter the metaverse.
NFTs and the metaverse have almost become one another. This is due to the explosive growth of NFTs in Blockchain Gaming. Many believe that virtual worlds will be the way to manifest the metaverse, and interoperable gaming is a great vehicle for this. The NFTs allow access to the metaverse in many ways, including real-life identities linked to digital avatars.
Do you know…
NFTs, a special kind of blockchain-based token, can be used as proof of ownership for digital items such as art and music.
The inaugural NFT.NYC conference in 2019 was the first to allow NFT-controlled access. Although a crypto conference was not the “metaverse”, it set a precedent.
Diverse projects and games are now rushing to take advantage of the intersection between NFTs and the metaverse. They’re promising to revolutionize the way we interact online. Decentraland is one example. It has a limited number of tokens called LAND that can be used to denote ownership of metaverse property. Similar to Decentraland, NFTs could be used as both the deed and key to a virtual property. This gives the owner access to the location in the metaverse as well as the ability to grant access. Smart contract features such as the deed/key NFT allow for easy sale of the house to another metaverse denizen, conferring ownership and all rights.
NFT-controlled access can be extended to include VIP access to real-life events like festivals and conventions, as well as access to events that take place within the metaverse. These access points could be used to airdrop branded merchandise and allow fans exclusive access, opening up a new avenue of fan engagement.
Stephenson’s book is still a popular choice for metaverse fans, alongside Ernest Cline’s 2011 novel Ready Player One.
One hand, imitating Ready Player One or Snow Crash virtual worlds is less creepy than naming your tech venture “Skynet” and your nutrient shake “Soylent Green.” Silicon Valley metaverse proponents often refer to Matthew Ball, a venture capitalist and author of the Metaverse Primer.
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