Metaverse & NFT — How They Are Related
Imagine a doctor in Tokyo operating on a patient in the United States with his robotic hands from the comfort of his own home. Yes! Metaverse is a world of innovation because of this.
What is Metaverse?
To put it simply, a virtual environment in which human beings control animated characters instead of living beings. A new kind of reality is being created, one that incorporates elements of both augmented and virtual reality.
Technically, using AR and VR, Metaverse allows users to engage with digital objects, virtual surroundings, and other users in a variety of ways. Multi-user virtual worlds have a long history of surviving in the Metaverse.
Meta, Apple, Microsoft, and other well-known IT giants are making significant investments in the metaverse. As an example, you can buy virtual plots and build your metaverse on services like LeapN.
But how will this work? If you really want to see your favorite musician perform, but it's a lockdown, how are you going to have fun? Basically, you can get entry via metaverse, and here's how it works,
Virtual access tokens and tickets are like decrypting a coding; only those with tickets can decrypt and gain admission to the performance venue.
You'll be able to attend the event from the comfort of your own house, but you'll be able to wave to the crowd from the safety of your own home.
Giant tech companies like Meta, Apple, Microsoft, etc, are investing in the metaverse. For instance, virtual plots are being sold on various websites like LeapN; you can purchase & make your own metaverse.
But how will this work? Suppose you wanna go to a concert by your favorite singer but it's the lockdown – how will you enjoy it? Well, you can get access virtually through metaverse, and this is how it works,
Take virtual access tokens/tickets – the tickets will be like decrypting of a coding: all that concert premises are concealed through coding; only those having tickets, decrypt & get access.
You'll be there virtually but at home physically...waving with the crowd while staying at home...enjoying the concert while keeping yourself safe.
What is NFT?
For the sake of this article, we'll use the term "digital token" or "certificate" to refer to anything that doesn't exist in the actual world, but rather exists in the blockchain system.
Technically, non-fungible tokens are digital securities held in a blockchain, a distributed ledger.
NFT stands for Non-Fungible Token.
What kind of stuff can you sell? Anything or Everything!Even this article as wellHow does NFT work? What is the mechanism by which NFT operates? Think of yourself as an accomplished painter – you've completed your masterpiece. It was much appreciated by all. Then? Nothing!
Using services like mintable, OpenSea, Rarible, etc., you can mint (convert digital data into blockchain-recorded crypto-assets) your masterpiece as NFTs. Didn't get it?
Suppose you list a painting on an NFT website as a gig and bidding begin. It's something an aesthete longs for and is willing to pay for, therefore you made a tidy profit. Cool? Yes, it is?
As long as the buyer retains ownership of the picture, it will be his or hers alone. Wait! How will the general public learn about this? The blockchain system is still relevant. A virtual record will be kept of a transaction or coding.
How Do Metaverse and NFT Interconnect?
Have you heard of that Japanese person who sells his selfies as NFT? Yes! His fortune has grown significantly. But It's hard to understand why somebody would pay for a selfie of others. Avatars! Have you heard of them?
Metaverse needs animated characters, right?
Isn't it reasonable to expect animated characters to include features like eyes and mouths, too?
Makes sense? Maybe some companies are buying selfies & likewise stuff to create avatars – graphical representations of characters. Although not announced categorically, maybe in the future.