Digital assets and cryptocurrencies seem to be the most imperative vertical in driving the emergence of a true Metaverse. Therefore, we hear and see NFT everywhere.
Non-fungible tokens are the first step in integrating individual ownership with digital assets. A non-fungible token (NFT) is a digital item that can be created (minted), sold or bought on an open market, and owned and controlled by any individual user, without the permission or support of any centralized company.
For digital items to have real and lasting value, they must exist independently of an entity that may decide at any time to remove or deactivate the item. What NFTs enable for the first time is a decentralized universal digital representation and ownership layer through which scarcity, uniqueness and authenticity can be managed transparently.
Metaverse for beginners:
Metaverse is a digital world in which anything we can imagine can exist. The term ‘meta’ means ‘beyond’ and ‘verse’ means ‘universe’, so the metaverse is the extension of the universe of physical and virtual reality.
The metaverse projects is that collective and shared virtual space that is created when the physical realm converges with the virtual realm, which includes virtual reality, augmented reality, and the Internet. Metaverse has the potential to become a separate individual economy in the next decade.
It is important to understand that the metaverse does not need to incorporate blockchain to exist, but to make the ecosystem more fair and secure for all participants, blockchain will play a fundamental role in its development. With the metaverse, humans will evolve as a fully developed digital species.
Now, let’s discuss more about metaverse integration with blockchain and cryptocurrencies.Hence, crypto may be the necessary cornerstone for the metaverse.
Why do you need to know about Metaverse?
Now let’s talk about the elephant in the room, why am I downloading so many technical things to you? Simply because I have identified an opportunity and I would like you to see it as well.
Today, the 10 largest companies in the world are the ones that adopted the Internet when nobody knew about it or, if they did know, they were very skeptical about it. We can be the first identifiers of the potential Internet of the new era.
There are a number of crypto projects trying to develop a complete blockchain-based digital ecosystem. And because it is based on the blockchain, we can participate in the projects by owning their tokens. One of those projects that I admire these days is Decentraland.
Decentraland is a 3D space where you can build virtual worlds, play games, explore museums full of NFT art, attend live concerts, etc. It works in a standard web browser to give you access to cryptocurrency and NFT features. You can buy and sell properties, create and sell virtual art for art galleries, or build worlds. Several companies have invested in land in Decentraland, and some of them may be willing to pay qualified builders to develop it.
There are no limits to everything that can be done in this space. Therefore, I am very intrigued by the idea of this new generation of technology that can change the world and our wallets for the better in the near future. I will keep you posted on such projects and will inform you of all substantive changes.