What's the Future for These Two Projects, NFTs and Metaverse?
The Future of NFTs and Metaverse?
NFTs and the Metaverse have been two very hot topics over the last few months, with more and more companies and brands beginning to explore ways to capitalize on their success and social buzz. Some corporations such as Meta (formerly Facebook) have even completely pivoted their business strategy to focus on building out their ideal vision for what the Metaverse can become and the integral roles NFTs will play within it.
While not everyone is convinced that the Metaverse and NFTs will have a lasting meaningful impact on our society, others are more optimistic about their future and the possibilities they can bring to our increasingly digital social lives. This article will discuss some of the use cases we’re seeing now for NFTs and the Metaverse and speculate on some possibilities for where things can go as adoption begins to increase.
On the surface, NFTs come in a variety of forms including but not limited to static images, 3D models, video clips, and audio files. For the most part, they are seen as unique digital assets or collectibles each with their own store of extrinsic value. This value is often determined by the utility of the NFT, and in recent months, we’ve seen a wide array of unique features they bring to their holders such as granting access to exclusive content and/or events, DAO (decentralized autonomous organization) membership, full commercial rights, virtual accessories, land, or property, status symbols, and even opportunities for passive income by means of staking, to name a few. These utilities may differ from project to project, but where they intertwine is how they fit into the broad concept known as the Metaverse.
The Metaverse can be defined as the next iteration of the Internet with an emphasis on decentralization and maintaining more control over our personal data that will purportedly change the way we socialize, work, shop, and stay entertained. However, metaverses in general are not a new concept and aren’t restricted to just virtual reality, they’re simply any kind of shared virtual world. In fact, popular videogames like Fortnite, Roblox, Minecraft, and even Animal Crossing are considered metaverses of their own. The difference with this newer emerging construct of the Metaverse (usually distinguished with a capital M) is the addition of blockchain technology, which is often supplemented with a form of decentralized finance (think in-game marketplaces where virtual items can be sold for cryptocurrencies). This is where NFTs come in. In Web3 games like Decentraland and The Sandbox, nearly everything from clothing, weapons, furniture, animals, accessories, decorations, and even plots of virtual land are NFTs and can be bought and sold on the open market.
Bearing all that in mind, when it comes to the future of NFTs, what we’re likely to see is an expansion of the existing perks mentioned previously for holding certain NFTs from across different brands, celebrities, events, and companies. Some of these NFTs may be used across the Metaverse as a form of self-expression to make your virtual representation of you more you, while others may simply be collected or bought and sold for a profit. There’s even a chance they’ll lose momentum and fizzle out entirely, becoming the equivalent of virtual Pogs or Beanie Babies. The reality of it is, only time will tell what the future holds for these tokenized digital assets.
As for the Metaverse, it’s something that’s still being actively molded and ideated. It will likely take a good few years before it takes shape and becomes something the general public is familiar with and has easy, affordable access to. Aside from gallivanting throughout virtual worlds, we are sure to see similar expansions upon existing platforms being used for social experiences such as workplace collaboration, watching movies with those afar, playing immersive games, and more.
Here in the present day, we’re living in an exciting transitional time where new digital collectibles and experiences are creating a unique shared culture that transcends borders. NFTs and the Metaverse are still young and finding their way, but with these two emerging blockchain-powered technologies at humanity’s fingertips, the possibilities are virtually endless.
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