Two words are contenders for the trendiest terms of 2021. We may not understand one hundred percent, but we have all heard about NFTs and the Metaverse.
But how are they related?
Well in everything.
Some experts assure that the rebranding of Facebook to Meta, the creation of the Metaverse, and the increase of the earnings in NFTs are not a coincidence.
From what little we do know, if you want to be one of the cool guys coming into the metaverse club, you should start looking for NFTs. Here's why.
First, what is the Metaverse?
Metaverses are 3D virtual environments that work on the blockchain. Yes, the same technology that cryptocurrencies and NFTs work on.
Through technologies such as virtual reality and augmented reality, we can experience these in lathes in a more "human" way. And thanks to the blockchain, we can count on decentralized spaces that offer thousands of opportunities for business and socialization.
You still don't know what NFTs are?
What year do you live in? In 2020?
The simplest way to understand NFTs is to think of them as digital contracts that you can attach to digital assets. To an image, a video, an mp3, a skin from a video game, or even a tweet.
These contracts are open and public. Furthermore, they are transferable and are not divisible. The veracity of the contract can be verified without problem, so that's why it works like a certificate of authenticity.
That's why Twitter founder and ex-CEO Jack was able to sell his first tweet. Although anyone can find it and take a screenshot, there is only one NFT in the world attached to that tweet.
How are the NFTs and the Metaverse related?
Play-to-earn games have exploited one of the functions of the NFTs successfully. The ability to have unique, rare, and irreplicable digital assets.
Imagine having a unique Fortnite skin in the world.
In NFT Gaming, players buy characters, abilities, or cosmetics that are based on blockchain.
In the Metaverse the use of NFTs is imminent. You can buy an avatar, a garment, an item, and use any of them in the digital environment.
Also, you can "own" a place in the metaverse. A space, an office, a club. NFTs can function as memberships. Having one is specific can open the doors to a virtual room where there is an exclusive group of people.
The possibilities of the Metaverse can be fully exploited thanks to the use of these digital contracts. And the properties of NFTs will finally be fully exploited in the metaverse.
It would be unrealistic to think that each will function separately from the other.
And you? Have you thought about which NFT to buy?
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