Role of NFTs in the Metaverse

Metaverse is a network of 3D virtual environments where people can play games, work, collaborate or participate in live events. As a parallel universe concept, it not only mimics our physical world but also imagines ways to integrate with it to open endless immersive experiences.

Many technologies will serve as the backbone of this yet-to-be-realized vision. These include blockchain, virtual and augmented reality, 5G, artificial intelligence and the Internet of Things.

NFTs have an important role to play in the convergence of these technologies Forward-thinking companies are already getting to grips with the potential of NFTs by integrating them into their metaverse projects as a variety of digital assets.

virtual land

A metaverse consists of digital pieces of real estate, In other words, virtual land. Blockchain metaverse projects like Decentraland or Sandbox sell these virtual lands as NFTs.

NFTs act as a deed and give ownership of these lands to buyers. As a result, owners control their assets and benefit from many economic benefits.

To give you some examples, landowners can sell their assets for a profit on NFT marketplaces like OpenSea. Some Metaverse projects also allow land rentals. For example, sandbox landowners can earn passive income by renting land to game creators. Other players can create their own games to earn when they visit their lands and interact with the games.

Access to exclusive events

NFTs can serve as tickets to access exclusive Metaverse events such as concerts or art exhibitions.

These token-gated events are common, especially in the Decentraland metaverse. An example of such a special event was the Halloween party hosted by the Deadfellas collection team. The party was in partnership with famous DJ Steve Aoki and was only open to Deadfellas or Steve Aoki NFT holders.

NFT avatar

You join a metaverse using a digital representation of yourself known as an avatar. Your avatar does not have to be an NFT. But if it is, it will be unique and you will own it.

Prominent Profile Picture (PFP) NFT projects that have made headlines in recent years are, like CloneX NFT by RTFKT and Bored Ape Yacht Club NFT, transforming into the Metaverse Avatar project. Owners of this unique digital NFT art will be able to convert their profile pictures into 3D avatars in the near future

Fashion NFT and Metaverse

Another hot topic closely related to the NFTs metaverse is digital fashion. This is a huge area as people are keen to represent their unique style in the digital sphere.

There have already been many collaborations with well-known brands in this regard. A notable partnership was between sportswear brand Adidas and NFT giants BAYC and Punks Comic, which has a collection of 30,000 copies of an NFT.

Another collaborative NFT fashion venture was between Under Armor and basketball player Stephen Curry. The NFTs were digital replicas of Curry’s sneakers, which he wore when he broke the all-time NBA record for three-point shots. The collection is called Genesis Curry Flow.

Earn NFT game to play

Games are at the heart of Metaverse projects. Play-to-earn (p2e) models have inspired gamers from all over the world as they enable them to have fun as well as gain financial incentives. In these games, in-game assets, Like leather, swords and heroes, all NFT. Thus, their buyers own them, unlike conventional video games.

P2e games are crucial to the mainstream adoption of the metaverse. Since gamers are tech savvy and already connected to gaming environments like Metaverse, it’s no surprise that NFT game pioneers like Axie Infinity, Illuvium and Star Atlas are all creating their own Metaverse.

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