What Are the Roles of NFT in the Metaverse?
Special Roles of NFT in the Metaverse
While the Metaverse is still in its early developmental stages and very conceptual at this point in time, it’s shaping up to be the next big innovation in Internet history, collectively combining elements of decentralization, blockchain technology, shared virtual worlds, virtual economies, digital socialization, entertainment, and true ownership over personal data and virtual property, particularly when it comes to NFTs, or Non-Fungible Tokens. These digital representations of both digital and physical items act as deeds of ownership, and many allow their holders to carry them throughout different parts of the collective Metaverse. So what roles do they play in this emerging space? In what ways can they be used? Read on to learn more about how they fit in.
Though many are simply static images, NFTs come in a variety of forms including artwork, music, and videos. Almost anything can be digitized and made into one (also known as tokenization), and depending on the type of NFT and its degree of functionality across the Metaverse, they can have a wide array of use cases.
Some are used as a form of digital identity and self-expression, like the many Twitter users who set NFT avatars as their profile photos. These holders form a unique attachment to their NFT and see it as a part of themselves. Thanks to blockchain technology, their ownership can be verified on the network and they are able to consistently maintain their image throughout the Metaverse. Community is another big aspect NFTs bring to the Metaverse, giving their holders a sense of belonging and opening doors for people from all over the world to chat, network, make new friends, and play games with each other, all over a shared passion.
Speaking of games, in more gaming-based metaverses such as popular blockchain titles The Sandbox and Decentraland, NFTs can be various clothing articles and accessories to customize players’ in-game avatars to their liking. There are even NFTs of virtual land that can be bought, sold, and rented out to other players. Other NFT games utilize them as their in-game playable characters and/or for different kinds of items that can be used within the game world to generate income through gameplay, which is usually rewarded in the form of a native cryptocurrency token that can be swapped for other cryptos or exchanged for fiat money.
Lastly, NFTs contribute to a vast virtual economy of digital goods and services over the entire Metaverse. Many games have their own built-in marketplaces where their NFTs can be bought and sold, but there are also third-party marketplaces such as OpenSea and LooksRare where NFTs of all kinds can be found.
In essence, the Metaverse acts as a medium through which NFTs can be utilized in different ways and passed around freely using cryptocurrency tokens and blockchain technology. They help us express ourselves, connect with others, stay entertained, and earn money in new and exciting ways. As our lives become increasingly digital, they will play a big part in shaping the ever-changing Metaverse we’re starting to see emerge today.
Special Roles of NFT in the Metaverse Info
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