What Do NFTs Mean for the Metaverse?

Metaverse world offers experiences on open and closed platforms by using different networks in both physical and virtual world. Between the process of a new technology from an inexplicable storm of interest to suddenly turning into a normal part of life, there are only a few small drops of water in the glass. These few drops are formed by a combination of factors, just as we are experiencing it now.

Now let's take a look at what happened. The concept of metaverse has been around for 30 years. Mark Zuckerberg's decision to rebrand Facebook as Meta was enough for a concept with such a history to make it to mainstream headlines. The notions that NFTs are a speculative crypto cheat are directly relevant to this rapid exposure.

In the case of the Metaverse, it is directly associated with virtual and augmented reality. Indeed, the contribution of VR/AR to this experience cannot be underestimated, but it is not limited to this. However, of course, both are valuable in terms of giving us an idea of ​​how things can take shape.

Working through the Metaverse has already evolved into "a kind of physical and bodily form of the internet," as we understand it from Zuckerberg's point of view. In other words, it is an interconnected network of digital virtual experiences that blends the digital and the physical, offering new ways to work, play, socialize and produce.

Remote meetings don't have to consist of a series of talking heads with part of their body visible on the screen. Instead, you can hold a meeting by sharing a virtual environment with a group of avatars. The importance of the more subtle and natural interactions that the sense of genuinely being present can provide should not be underestimated.

There is no other example that shows more clearly how games form the basis of a system that will create a much wider chain of experiences in the future.

Blockchain and Metaverse

There is no fundamental requirement that necessitates a decentralized structure in the Metaverse. However, many Metaverse fans are in favor of a decentralized structure.

A Metaverse that lives up to its name needs to be a seamless environment where all platforms can work together, rather than some sort of compilation of 3D environments. The payments you make here must be safe, hassle-free and instant. You should be able to hold and use created assets (such as your personalized avatar) wherever you are in the Metaverse.

Until recently, to join the digital world, you had to leave a mark that allowed gatekeepers (game maker, etc.) to get to know you. Blockchain offers individuals the powerful potential to decide and choose what they own and what to buy and sell.

It is one of the key factors that make the Metaverse possible. Another important part to underline in Ball's Metaverse definition is the "sense of individual presence and continuity of data" factor. The more you live online, the more important your individual identity will be.

Indeed, NFTs, whether randomly generated or elaborately designed, make it more possible than ever to express individuality online. The virtual clothing and accessories users choose on Metaverse will help make their online identities more real and their interactions deeper. Fashion and art are an indispensable part of self-expression in the physical world, but why should it be any different in the online world?

As digital fashion is booming, NFTs are providing yet another growth opportunity. Design houses and celebrities sell clothes, hairstyles and pets as NFT. The release of a new NFT is just as exciting as the release of a pending album. Essentially, both musicians and athletes can keep their copyrights thanks to their NFT assets. They hope for a new property rights order free from the interference of traditional brokerage firms.

The Meta-Economy of Tomorrow

So what does all this mean for capitalism, innovation and creativity? The range of revenue streams available on Metaverse, from games to ticketing, software subscriptions to healthcare, has the potential to shift the technology paradigm away from advertising and big data. This is not an absolute result, but at least a possibility.

The more open and accessible the platforms are, the stronger this narrative will be. Interconnected platforms attract more users; Then, seamless, interoperable payments and asset mechanisms design and increase trade incentives. It circulates income throughout the system and increases the potential for a parallel economic order.

Major game companies are already making their Metaverse development tools available to encourage interoperability and thus wider adoption. These companies believe an open Metaverse is the best option for the business. Metaverse will be the best way to create a thriving online economy. In this economy model, users are encouraged to participate and create value, while user-producers can benefit as well as platform developers.

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This time, technological, philosophical and economic events all point to a single direction. In this direction shown, there is a distributed Metaverse where online citizens can finally escape the fenced gardens of Web 2.0 and benefit from their contributions, thanks to blockchain. In this exciting new world, NFTs will bridge the gap between real and virtual. Tangible ownership will make a difference, from identities to enterprises. This is a completely new level of reality unlike the known.