Impact of NFTs on Metaverse growing Adoption
The Metaverse has received massive acceptance from the general population in the past year, and the level of interest keeps rising.
Daily, new groups learn what the metaverse offers and how to access, participate and benefit from this new wave permeating the globe. The Metaverse is the next stage of the internet’s evolution, allowing users to be immersed in 3D spaces, VR and soon augmented reality too. Its critical components incorporate a continuous real-time engagement, active communities, and accessibility across multiple platforms including mobile.
At the forefront of the metaverse growing adoption are the Non-fungible tokens (NFTs). NFTs offer a wide range of use cases and have been established as an innovation that significantly impacts our civilization.
To fully comprehend the relationship between NFTs and the metaverse, we need to understand what they are and their representation.
What are NFTs and the Metaverse?
NFTs are blockchain-powered proof of ownership of an asset of value; they have attained prominent relevance in various fields, including gaming, sports, music, digital arts, artificial intelligence, etc.
The market is enormous, and the market cap of over $20billion with an exponential growth of 1785% is a testament to this assertion.
Meanwhile, the Metaverse can essentially be considered a network of 3D virtual worlds focused on social connection; it can be described further as a internet linked 3d spaces offering different levels of immersion facilitated by mobile, virtual reality and augmented reality headsets.
The name was derived from the 1992 science fiction novel ‘Snowcrash’ as a combination of Meta (beyond) and Universe.
How NFTs are leading the charge for adoption of the Metaverse
Blockchain Gaming
The NFTs and Metaverse are synonymous due to the rapid development in Blockchain gaming, subsequently driving further growth by pursuing a virtual world. In addition, real-life identities and digital avatars are granted access to the metaverse via NFTs.
The play-to-earn gaming model has produced an open digital economy built on virtual interaction, community building, and the financial growth of every user who adds value to the gaming ecosystem. Games like Axie infinity, Crypto Kitties, Gala Games, etc., have in-game earning and trading options powered by their cryptocurrencies, and usually, the items been traded are non-fungible assets. Over 24 blockchain-based gaming companies received $476 million in investments in the first half of 2021 alone.
The wide user engagement received by the interoperable blockchain based gaming models supports the heightened metaverse adoption and understanding of its use case in providing a digital economy.
Players can depend on NFTs and use in-game currency while playing. Furthermore, these play-to-earn games are unbiased as players will claim their resources instead of being constrained by the traditional gaming models.
Another significant example is the SIDUS Metaverse, a play-to-earn, NFT based gaming metaverse leveraging the power of the blockchain to build virtual communities.
Community Interaction
We consciously gravitate towards community interaction and achieving social experiences as social animals. This is one of our core at Space metaverse.
NFTs play a critical role as it is utilized in identity verification, social encounters, and interactions.
In some cases, ownership of certain NFT assets can show dedication and support for a cause or project. This enables like-minded individuals to connect, band together in communities, and create content together.
Case in point, NFT avatars serve as access tokens to move around in the Metaverse with complete proprietorship to arrange and assemble these virtual personalities. Furthermore, by possessing these avatars, there is virtual membership to exclusive events in the metaverse.
These identity symbols are continually shaping up experiences and environments of the metaverse with the aid of content creators.
New Trends for Real Estate
NFTs are relevant in gaining ownership of virtual spaces in the metaverse.
One exceptional example of NFT metaverse projects is selling virtual lands for benefit.
A prominent example for showcasing such a scenario is the Decentraland project.
Decentraland is a 3D virtual world browser-based platform where users buy virtual plots of land as NFTs via the MANA cryptocurrency on the Ethereum blockchain.
It was created by Argentinians Ari Meilich and Esteban Ordino and has been developing since 2015. It sold parcels of digital land for about $20 when it launched in 2017 and raised $26 million in its initial coin offering (ICO).
Through the Blockchain, users can easily verify ownership of the developing digital estates.
Conclusion
NFTs’ growing acceptance is intricately linked to the broader adoption of the Metaverse. As more innovative blockchain-based projects like space metaverse which is centered on targeting commerce, digital community building and social interactions develop, more people will become fascinated with the metaverse.
In the future, navigating to the metaverse will be more convenient, and virtual reality worlds will become a significant part of our civilization.
About Space
SPACE is a metaverse catering to the arts and commerce and aiming to provide powerful builder tools that allow users to design and create immersive commerce spaces without barriers. It acts as the glue to the various metaverses, bridging the many virtual worlds into one trading hub. We are focused on creating a vibrant user-owned economy through unifying knowledge, joint effort and fair rewards distribution based on a culture of collaboration and economic opportunities.
