Do crypto and NFTs sound like jargon to you? If so, you are still a few years behind. Well, we are all aware of Bitcoin, given the staggering increase in its value to $68,000, which keeps rising. However, it is the non-fungible tokens that broke the world in 2021. Enter Metaverse, giving popularity to the phenomenon of the NFT marketplace for Metaverse.
The Hype around Metaverse
No longer is the technological world constrained to tablets and PCs. As VR hardware becomes more affordable and accessible, the concept of an online world will appear to be more believable. The line between our physical world and the virtual space is going to blur even further. The NFT frenzy has hiked the interest in digital environments and digital currency supported by blockchain.
Many people are still speculating whether they are the new revolutionary technology or just another tech bubble. While allowing the conversion of traditional art into digital form, NFTs also guarantee ownership, authenticity, and monetization of digital assets. Experts are considering them to be the key to Metaverse, but how are the two related?
NFTs in the World of Metaverse
NFTs are not limited to art. They run the economy of the digital sphere with people buying land, buildings, and avatars as them. Its purpose is to let people hang out with friends, play games, and attend virtual events. Ownership of digital property is only possible through non-fungible tokens. NFTs will play a key role in Metaverse.
It won’t be a lie to say that NFTs and Metaverse have become analogous. In the latter, ownership of digital assets is only possible through blockchain technology, giving people bragging rights. It also allows transactions within this computerized universe. The concept of NFTs conferring ownership has already become a rage in the physical world.
But, What’s the Catch?
The idea of an alternate universe is not new; we have seen it exist in games and websites. However, the craze surrounding NFTs is kindling the success of the concept of Metaverse. The actual ownership of crypto goods and their usage in augmented and virtual reality-based platforms are the thriving force behind the ever-increasing hype of the two.
The recent endorsement by Facebook CEO gave fuel to the concept of the NFT marketplace for Metaverse. Facebook announced to venture into it, rebranding the company into Meta. Such a big move from a tech giant indicates its promising future. The company has dedicated 20% of its workforce to developing AR and VR. Video Game maker Atari also plans to launch its video game-based virtual network.
Money-Making in the Metaverse
As technological worlds continue to grow and innovate, virtual products usage will become more comprehensive to people. Gradually, digital currency replaced physical currency, and now cryptocurrency has taken the world by storm. While you can join Metaverse platforms for free, trading in crypto assets requires you to own cryptocurrency.
Create virtual copies of your product if you want to expand your brand to the digital region. For some companies, the application of computerized products is obvious. But, for others, like Taco Bell, it can get a bit complicated. However, it did not stop them from creating such products and selling them for hefty amounts.
NFTs Protect Your IP in Metaverse
Does launching your product in the virtual space raise concerns for you? Are you worried about your product being imitated or counterfeited in the digital land? Plagiarism is a big problem in the real world, but it gets more complicated in the virtual world. The question arises, how to maintain exclusivity in a computerized environment? That is where the NFTs come to the rescue.
Blockchain is the best way to own a record of ownership on modern crypto platforms. The only difference between blockchain and any other ledger of ownership is that the former is decentralized. NFTs are generated and protected by blockchain technology and allow virtual worlds to enforce rules regarding the use of identifiable products. All this facilitates IP owners to sell and regulate licensed use of their IPs.
What is its Future?
Do you remember the early days of the internet when there was a scramble to buy domain names? Metaverse enthusiasts are now in a run to purchase digital land in the virtual world. So far, only a limited number of unique landowners are driving the land prices. But, the days are near when there will be saturation of land ownership in the crypto world.
If you create and sell products in the physical world, you’ll find a way of doing it in the virtual space as well. The main concern is to look for a reliable NFT marketplace for Metaverse like XANALIA that has user-centric policies and encourages an economy based on digital resources. If you act now, you will reap bountiful rewards in the massive shift towards virtual spaces.
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Website: https://xanalia.com
Twitter: https://twitter.com/xanalia_nft
