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- Metaverse’s popularity has grown immensely following Facebook’s rebranding as Meta.
- NFTs have also made a significant space in the world of digital art.
- NFTs play a vital role in the virtual world as they can have various use cases.
The Metaverse frenzy remains to be prevalent among several large and small entities. It has somewhat integrated with the Web3 culture. Companies are constant with their efforts to put their own metaverses, for instance, Mark Cuban, Meta, etc.
Metaverse is basically a virtual world that would allow the users to put on virtual reality (VR) goggles and navigate a stylized version of themselves, commonly known as an avatar, through virtual workplaces, entertainment venues, and other virtual activities. Non-Fungibles Tokens (NFTs) would be a vital part of the Metaverse.
NFTs or digital collectibles had gained high traction in the last year when a lot of NFT projects emerged. And the creative folks managed to earn billions of dollars by just selling digital art collectibles. NFTs are tokens that signify the ownership of unique assets on a blockchain. Each and every NFT project has a smart contract that remains prevalent on a blockchain.
Metadata is the base of every NFT. This comprises a description of the NFT like the characteristics, name, etc., and a pointer to its media files. Most of the NFT projects store the data somewhere else and just keep a link to it in their smart contract, as storing it directly on the blockchain can be quite expensive.
NFTs are important in the Metaverse because they are built atop blockchain technology that provides rightful ownership to the holders of the NFTs. For example, an individual owns land in the virtual world, and he or she gets NFT as the deed to the digital property. Furthermore, NFT-controlled access also facilitates VIP access to the Metaverse events.
Additionally, by integrating the blockchain technology in the form of NFTs, all the data and information revolving around the physical twin can not only be saved but also verified. Digital twins are basically the twin of the real-world asset in the virtual world.
Metaverse is not only becoming a way to stay entertained but also is leading to new avenues for marketing. Several entities have already tried to attract new audiences for their products and services and have even succeeded in that.
Big names like Facebook, Gucci, Nike, Prada, Snoop Dogg, David Beckham, Matt Shadows, Paris Hilton, Adidas, JP Morgan, etc. Earlier, Citibank also predicted that Metaverse would be an industry worth $13 trillion by the end of the decade.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
