Why is Metaverse Important to NFTs?
NFTs Are The Keys To Accessing The Metaverse
The Metaverse is a rapidly evolving concept for an advanced version of the Internet combining elements of socialization (including shared virtual worlds, professional work environments, gaming, and other entertainment), augmented reality (AR), virtual reality (VR), mixed reality (MR), virtual economies, and digital assets including cryptocurrencies and NFTs.
It’s a very young construct that’s still being shaped and defined by online futurists and corporations alike, which is why it’s currently more of a collective concept floating around than one singular thing or destination.
A major aspect of the Metaverse that we’ve been seeing a push for recently is that of digital ownership, particularly in the NFT space. So how do NFTs fit into the Metaverse? What’s their relationship and what roles do they play as it continues to develop? This article will explain why the Metaverse is so important to NFTs and vice versa through the lenses of digital identity, utility, and digital economies.
First and foremost, it’s important to understand that NFTs are a complementary component inextricably linked to this concept of the Metaverse because they exist within it and allow for a vast array of use cases throughout it.
One of the earliest phenomena witnessed by enthusiasts was the onset of users on social media sites like Twitter and Discord changing their profile photos to an NFT avatar that they own. Some have formed entire online personas and personal brands around their avatar, with several notable celebrities even sporting avatars from well-known “blue chip” NFT projects like CryptoPunks or Bored Ape Yacht Club (BAYC). These avatars and personas act as a unique form of digital identity and self-expression across the Metaverse, with each NFT holder’s ownership forever cemented on the blockchain.
But NFTs are often so much more than just a static social media profile photo, an art piece, or a status symbol. Nowadays an NFT’s utility features are usually what gives it its perceived value, and those with interoperability within the Metaverse are the ones most likely to succeed. Remember that NFTs can be just about anything, in metaverse games such as The Sandbox and Decentraland, clothing, decorations, and even virtual land plots are all NFTs.
In others like Axie Infinity, your in-game Axie characters used in battles are themselves NFTs that you purchase to play with and can sell on the open market at any time if desired. However, gaming isn’t the only area in which you’ll find unique use cases for NFTs in the Metaverse. Some act as access passes granting exclusive content and entry to events (both virtual and physical), while others such as the Ethereum Name Service allow you to purchase custom domain names and bind them to your cryptocurrency wallet address so you can use your name or pseudonym throughout the Metaverse.
In the grand scheme of things, it’s still very early on and these are only a few examples of NFT uses within the space, but in reality, there’s practically an infinite number of ways they can be integrated into our digital (and physical) lives due to their flexibility, and we’re sure to see more unique features and functionality arise as time goes on.
Much like NFTs, cryptocurrencies are an inherent part of the Metaverse umbrella. They’re commonly used when it comes to buying and selling NFTs throughout the Metaverse, and NFT marketplace platforms such as OpenSea and Rarible allow for the facilitation of these trades, not to mention metaverse games with their own robust marketplaces of in-game NFTs for sale, like the previously mentioned title The Sandbox.
While not everything in the Metaverse will use cryptos (or even NFTs), digital asset marketplaces are a notable facet of the space because they provide a means for a thriving digital economy where collectors and traders can coexist and earn income for their virtual possessions, all made possible by and through the Metaverse.
Each and every NFT out there is a part of the larger Metaverse at play, essentially giving them all a place to call home. Though still somewhat hazy and difficult to define, the Metaverse is a very real idea, and it’s only a matter of time before it becomes a more narrowed and familiar concept. No matter where it may take us or how it develops, one thing is for certain: NFTs will be a part of it and will continue to fuel its growth and adoption.
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