NFTs and Metaverse have been the hottest topics around us. Besides that, they've been areas of enormous business potential. This is how they are described nowadays. While they have been into media highlights and buzz, news headlines, they created a lot of questions among tech geeks.


Terminology


Metaverse

A concept of a digital 3-D world that can be accessed via a VR (Virtual Reality) Headset. In this metaverse, you have a customizable avatar (body), a digital simulation of real-life experience.

The metaverse can be easily defined as an interactive game allowing users to perform actions in real-life.

NFTs

NFT stands for Non-Fungible Tokens - a 100% unique digital painting. It can be explained as a certificate of ownership that works on the blockchain. They are created after minting a digital file - an image, video, or GIF. This means that NFT is generated via cryptocurrency (commonly Ethereum) and sold to the new owner.

As digital art and assets are too easy to steal and copy, NFTs gain an advantage here. While NFTs cannot directly stop anyone from stealing digital assets/art, they provide confirmation of the last designated owner of the item. They serve as a piece of evidence against the misuse of digital goods and items.


NFTs in Metaverse


Virtual Marketplace

Multiple apps provide buying and selling NFTs facilities to users and they can be considered trading apps for NFTs. Sellers can easily mint their NFTs and can add them to their collection to sell them at a fixed price and the Buyers can view the previews and links of the NFT they want to buy.

VR and NFT marketplace is so appealing that many brands in various industries are showing interest in it, Nike is already working on its metaverse "Nikeland" and has acquired RTFKT which is famous for making NFTs of products.

Art Gallery

The Internet is the best possible platform for showcasing art and assets. Getting an advantage to view the item from any angle and from any distance gives a slight edge over real-life items. It differs from real-life arts and assets as the prices are predefined and cannot be negotiated or changed as per demands or requests. The art pieces are dropped off in a whole broad category containing different compositions of them.

Many museums are currently placing NFT arts and assets in the metaverse such as Cryptovoxels which is powered by the Ethereum blockchain.

Real Estate

Real Estate is a booming industry in real life as well as virtual life. In the metaverse, real estate does not refer to real homes being sold digitally but rather digital land and territories being partially or completely sold.

Decentraland is a virtual territory where plots of land can be sold as NFTs. These plots of land are represented in three dimensions. It has its own cryptocurrency too.


Implementation of Metaverse With NFTs


Metaverse is a very new concept, only a few companies have already made solutions in this field that actually implement NFTs. Combining these two trends can make great hype for a business if resources are used correctly.

Most companies need VR developers which makes it pretty difficult for it to actually happen. Working with experienced companies is the only way of building out-of-the-box applications.