Technology is constantly evolving today. Science has let us achieve the unthinkable, and it will continue to do so. Recently, Metaverse has been the new hype. The parent company of Facebook, Instagram, and WhatsApp has rebranded itself as Meta due to its future plans to develop its own Metaverse.
But what exactly is the Metaverse? And why should we care? This subject can be especially confusing since it has not been established yet. Well, at least we are not aware of it. The aim of this blog is to give you a clear perception of the Metaverse, the extent of its ability, and its relation to digital NFTs.
What is the Metaverse?
Metaverse is essentially a virtual environment used to connect people over the internet regardless of physical obstacles or distances. One could potentially carry out all real-world tasks in this virtual space.
While this concept seems like a recent proposition, the term has been first coined in 1991. Only recently did the visions of this concept become a possible reality in the future. There are several versions of Metaverse concepts to this day.
Mirrorworld: A virtual representation of the real world. The entire world will be identical to that of our physical universe including humans, buildings, objects, animals, and others. Deciding factors such as movement, force, gravity, and other fundamental concepts will all follow the laws of nature.
Skeuomorphic: As the term suggests, the skeuomorphic version of the Metaverse implies that the virtual space will be a nearly identical representation of the physical world with a morphed design. The version is aimed to enhance the living experience, perhaps test out experiments that have yet to launch in the real world.
While these are the two most prominent renditions, the Metaverse is certainly not limited to these. Many companies have started to develop Metaverses differently. Today, there are multiple small-scale Metaverses easily accessible online. The Sims is a popular game that uses the concept, however is yet to transform into a VR experience.
It is yet to be confirmed if Metaverse is going to be one large single entity or separate Metaverses owned by different authorities (like applications), regardless, we can still look forward to such technological advancements in the near future.
What Do NFTs have to do with it?
NFTs or Non-Fungible Tokens are unique or limited objects one can acquire or purchase. ‘Non-Fungible’ refers to the irreplaceable part of the tokens. One can think of these as the painting of MonaLisa or Nike’s Air Jordans. Both are irreplaceable items one could potentially possess.
Many people purchase these NFTs to support the creators, collect, sell for more profits, or simply because they can. Obviously, everything today must have a digital adaptation to stay relevant.
You guessed it, there are digital NFTs today. The most popular NFT market niche is the digital artwork NFTs. One can even sell music, GIFs, in-game items, and more. Creators or investors can complete transactions online and the buyer gets to claim rights to the item being sold. However, original creators can still exercise their copyright and reproducing rights.
But others can legally still view or download the work, right? Correct! Anyone can access it except for times there are technical obstacles. But only the investor will be the rightful owner of the original. Essentially they will receive a certificate with the creator’s signature and verification.
Metaverse and Digital NFTs
The exciting news about all of this is the Metaverse will allow every digital sector to expand in ways one could only imagine today. The same applies to digital NFTs. While potentially anything can be sold as an NFT, due to technical shortcomings it had its limitations. Since Metaverse can be a potential iteration of our physical world, one could buy their avatars digital Nike Air Jordans if they were sold.
The Metaverse allows new scope for video games. Combining NFTs and these games, one can now earn NFTs by playing certain games! This thrilling progress has encouraged many to begin their journey.
The Metaverse allows for ground-breaking technological advancements. It is predicted to dramatically boost economically. The restrictions of the pandemic have played a significant role in the concept’s popularity. With the Metaverse, physical distancing would be a bit more bearable.