Why NFTs Are The Key to Accessing The Metaverse

Non-fungible tokens or NFTs are all over the internet. The Metaverse, depending on who you ask, is here in some form or the other. That is because there is a thesis that our digital lives are more valuable than our physical lives. This is because we create more and more data with our interactions on the internet. For instance, think of your browsing activity, comments, chats, purchases, and enquiries. All this data makes up your social profile. This data is nothing but you, yourself. You exist as a stream of data points on the internet. Hence, the internet is a large hive mind of all our thoughts, ideas, feelings, and emotions.

If this sounds dystopian, do not worry. We arrived at this scenario a long time back. This was when we revealed ourselves to social media companies for free. What is missing is VR, that blurs the boundaries between physical and digital. Once this happens, is when the magic begins all over again. Today, we have virtual reality headsets that make this vision a reality. But not as per expectations. As hardware and software upgrades proceed ahead, expect this reality to come soon.

What is the Metaverse?

Think about the Metaverse as a digital universe embedded on top of the real world. The Metaverse will become the global settlement and coordination layer of the world. All powered by the internet. We need many things to fall into place to make the Metaverse a reality. For instance, higher data speeds. Think 6G and even beyond that. Second, better VR hardware. The moment all these things happen, we will have a ‘Metaverse’ revolution. People from anywhere in the world will transcend their physical limitations of geography. We will meet, work and earn in the Metaverse.

Also Read: 5 Reasons The Metaverse is Going to be Crazy

What are NFTs?

If the Metaverse feels like a large, limitless, virtual world, NFTs are the objects and items in it. The best way to think about it is to imagine the world as it is in the proper way. Someone owns a house. Someone owns a car. Likewise, someone owns their clothes, bags, computers, laptops and so on. Hence, in the same way, you can own objects, assets, and items in the virtual world. NFTs can be land, buildings, and any other digital file that owned by an individual. The blockchain stores all ownership records. Hence, no single party controls the blockchain, it is a decentralized database. This means entire markets and sectors can operate from the same database.

NFTs are the keys to the Metaverse

The metaverse is a collection of open software applications. NFTs are the assets that get used within each software application. This is because NFTs are data files. And data can take the form of anything we want. Images, audio and video are some of the basic examples we’re familiar with. Today we will understand why NFTs are the keys to accessing the metaverse. We present the below points for you.

NFTs are already Mainstream

NFTs have taken the world by storm. They already have. But we are still far from massive adoption. Think, the scale of billions of users that get amassed by companies like Meta. Likewise, the idea of ownership is not new. Everyone knows humans like to own valuable objects. The difference is that for a long time we did not think about the radical yet simple idea of digital ownership. Now that the concept it here, prepare to use the avalanche of applications and services. These are going to be dreamt up by founders and developers to make life easier for us.

The NFT based Metaverse is Open Not Closed

This is a matter of debate. There is every chance that the Metaverse may end up looking like the internet we have like today. A group of aggregators is to regulate the actions of billions of users. This gets done through aggregating content and information across the world. But, remember that the blockchain is a different type of database. This is because the blockchain can confer unique ownership, verifiable by the world. This is something that is impossible to replicate on today’s internet. An open metaverse means users can migrate from one service to another with all their data. Exactly like the real world.

NFTs can get programmed with Unique Properties

Depending on the type of application, NFTs can get programmed with unique properties. Hence, this means to say that NFTs are programmable data files. They can replicate the underlying context in the metaverse. Likewise, we’ve seen digital characters that confer unique benefits and other properties. Hence, it is prudent to reason that NFTs will be the key to access the Metaverse.

Conclusion

Non-fungible tokens or NFTs are on their own to become the base layer of the Metaverse. The benefits of blockchain technology are obvious. Now, it is a question of building the right products and services on top of it which will make all the difference for us.