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Relationship between Metaverse and NFT

Recently, the Metaverse has evolved as an amazing and exciting phenomenon. This technology has attracted the attention of celebrities, artists, athletes, companies and business owners around the world and has established itself as an important and influential game changer. A large amount of money is flowing into the Metaverse, and many enthusiasts and domain experts expect this trend to continue to grow. The global metaverse industry is expected to exceed $ 1.607 trillion by 2030 with a CAGR of 43.3%. According to a JPMorgan Chase study, Metaverse will become an integral part of all industries over the next few years, with annual revenues estimated at over $ 1 trillion.

What exactly is the Metaverse?
A popular metaverse in Neil Stevenson’s 1992 cyberpunk book Snow Crash is a virtual network that represents a dynamic real-time 3D environment. Metaverse employs cutting-edge technologies such as blockchain, non-fungible tokens, social commerce, augmented reality and virtual reality (AR and VR). The Metaverse platform enables you to engage in real-world activities such as playing, working, studying, shopping, and interacting with others. Metaverse can impact employee engagement, customer experience, omni-channel sales and marketing, product innovation, and community development.

NFT’s contribution to the Metaverse
Non-fungible tokens (NFTs) are one of the fastest growing areas of the Metaverse, highlighting people’s curiosity, creative talent and willingness to invest in digital art collections. NFTs are digital assets that represent physical things such as art, music, in-game products, and videos. They are often purchased and traded online using cryptocurrencies and are usually encoded in the same underlying software as most cryptocurrencies.

Before the advent of NFTs and blockchain technology, there was no guaranteed way to verify ownership of anything online, not just digital assets. I have it now. NFTs are used specifically to prove ownership accurately and transparently in virtual worlds. As such, NFTs will continue to play an important role in the Metaverse economy.

In addition, NFTs may act as metaverse building blocks for some applications, including the “TradArt” universe. This sector is hampered by intermediaries and businesses that do not pay enough for the efforts of creators. NFTs play a role in virtual real estate. In addition to acting as a legal agreement on ownership, NFTs make up the land and buildings of the Metaverse. To buy, trade, or build land in the Metaverse, you need to create an NFT that symbolizes the property.

Virtual marketplace
Thanks to apps such as VRChat, the Metaverse discussion space is already thriving and many virtual markets are functioning as a thriving trading venue for NFTs. In the VR marketplace, sellers may provide links to online content and sample mint files. Nike Virtual Nike Land is an example of how VR and NFT marketplaces can appeal to a variety of industries.

Play to gain access to games and events
You can earn real money and NFTs by playing to win the game in the Metaverse.
The only way to establish ownership and transfer the game in the Metaverse is to use NFTs. NFTs can also be used as tickets for exclusive shows, meetings and other virtual events in the Metaverse.

Art gallery
Currently, several museums are exhibiting NFT artwork in the Metaverse. Virtual reality is the most sophisticated and conceivable platform for viewing art (no physical structure). With access to a variety of artworks in a much more relaxed environment, you can view them in detail from every angle. There are different views on the relationship between NFTs and the Metaverse, and while many assume that NFTs are part of the Metaverse and others think that NFTs are a component of the Metaverse, NFTs are important. It functions as a concept and plays an essential role in the Metaverse.

Ola Lind is Chief Strategy Officer of Future Fintech Group and Director of FTFT Subsidiary.

https://gulfbusiness.com/insights-the-metaverse-and-nft-relationship/ Relationship between Metaverse and NFT

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