Metaverse may not be the new term, but Facebook CEO Mark Zuckerberg and other tech giants watch it as the great leap in the internet world. This term was coined by author Neal Stephenson in ‘Snow Crash,’ his 1992 novel. The Metaverse is the new virtual world that many technology companies are working on to develop. Moreover, NFTs (Non-Fungible Tokens) are chosen as the revenue model for this virtual world.
Metaverse And NFTs
The co-founder of the stablecoin Tether and one of the pioneers of the cryptocurrency space William Quigley, watches Metaverse as the huge economic strength. It will change the lives of the people in the coming years. William is the co-founder of the WAX or Worldwide Asset eXchange. The WAX is the proof of the stake Blockchain that has specializations in video games and non-fungible tokens.
Metaverse is the non-physical world in which people can interact with others through different types of technologies. People linked in the Metaverse will be using the technologies like AR and VR. Also, it can be used in the gaming or gambling industry. Players who opt for online slots or sports and betting can play with the improved experience in this Metaverse. The players can opt to play various games using live gaming options too.
Talking about Metaverse and NFTs, Quigley stated, “Metaverse is a vision to the internet-enabled virtual world. Here, people will play their roles and interact with the digital assets. The users can also interact with the corporeal objects related to Augmented Reality. Metaverse is going to evolve similarly to the Blockchain technology.”
The supporters of the Metaverse and cryptos think that this will help crypto users to buy any of the crossover products seamlessly. The digital collectibles and NFTs have already attracted crypto users. Many celebrated brands are making their place in this Metaverse. Dolce & Gabbana has already rolled out the collection of suits, dresses, jackets, crowns, and the tiaras that the digital avatars will wear.
These dresses will be sold as the Non-Fungible Tokens by the brand. The popularity given to NFTs has made the marketplace establish and pop up with the help of cryptos. The popular companies that are given a push to these NFTs are Alibaba and Rakuten.
Growth in Metaverse and NFTs World
Ethereum drives the market value of the NFTs. The crypto-rich have already made their way into the Non-fungible token market. Even millions of NFTs are being sold at $1 each, giving way to business for the digital collectibles.
The NFTs, along with the Metaverse, is becoming a bigger and better market. The reason being the digital overlay will bring in drastic changes in the businesses models. It will change the way we interact with the digital world. NFTs are already chosen to be the revenue model for the Metaverse so that virtual items will become worth the business.
However, we must be careful in choosing the type of Metaverse we want to live in. The options are infinite in the vagueness of digital collectibles and Virtual Reality, but users need to judge. The great thing about the digital world is that you can create it anytime required, and it can work as an alternate one. Metaverse may be the next big digital world with the NFT revenue model, but a few experts still view it as the Internet 2.0.
However, the dreamers of the Metaverse technology believe this digital space is much more than that of VR and AR. This is what the 3D future will look like for the human race.