The buzz about the Metaverse and NFTs is everywhere, with everyone wanting to experience the benefits of adopting these trends early. Some experts and marketers have predicted that the Metaverse is the future of digital marketing as it will bring together businesses, applications, brands, services, people, and social networks within a single, real-time 3D environment. NFTs play a crucial role in the Metaverse as they provide a way of representing unique digital assets such as in-game items, collectibles, and virtual real estate on the blockchain. In this article, we take a closer look at Metaverse NFT, its use cases, and the top Metaverse platforms that are worth your attention.
What is the Metaverse?
The Metaverse is an immersive, shared, open, digital space entered through a virtual reality headset in which users can interact with each other and digital objects in a seemingly real way. It comprises different virtual spaces, each granting users access to specific services and solutions. It is a 3D world that reduces the need to travel and use physical resources.
The Metaverse has various activities that users can experience through shared screens, avatars, and remote meetings. The user avatars are customizable virtual bodies. The users also have virtual homes which they can fill with the items of choice. The users can interact with each other, play games, work, and do other activities they do in real life.
See the Metaverse as a 3D representation of the internet. Browsing the web is like visiting a virtual supermarket with various displays and shops. The Metaverse lets users visualize and interact with any object. The users can move between chats, activities, locations, and data with a simple gesture. Everything is connected and accessible, hence, users don’t have to switch between applications and a web browser.
What are NFTs?
An NFT is a unique digital asset stored on the blockchain that cannot be exchanged for any other token without changing its value. NFTs represent the ownership of assets on the blockchain or act as digital certificates of ownership for the assets. NFTs are created by minting digital files.
Each NFT has a unique digital identity, making it a one-of-a-kind item that belongs to its owner. You can acquire an NFT through minting or by purchasing one from secondary NFT marketplaces such as OpenSea. The most popular NFT categories are collectibles, artworks, sports memorabilia, music, domain names, video game assets, etc.
The Relationship between the Metaverse and NFTs
The Metaverse and NFTs are changing the future of the internet. NFTs are virtual tokens, while the Metaverse is a virtual universe.
NFTS are vital components of Metaverses. A Metaverse NFT represents the ownership of an asset within the Metaverse. For example, virtual land parcels. NFTs provide a way for digital assets in the Metaverse to have ownership and value, creating a digital economy. By the use of Metaverse NFTs, creators can monetize their digital content such as music and artwork. Users can also own and trade digital assets in the way physical assets are traded.
Metaverse NFT Examples
Metaverse NFTs have various use cases in the virtual world, and more use cases will develop as the technology matures. The following are some of the roles that NFTs play in the Metaverse:
#1: Virtual Real Estate
A Metaverse NFT can represent the ownership of a parcel of land or property in the Metaverse. For example, in Decentraland and Somnium Space, users can buy plots of land and develop their own virtual worlds or experiences.
#2: Collectibles and in-game items
The Metaverse has introduced the concept of play-to-earn games, in which players play games to earn rewards. Metaverse NFTs can be used to represent collectibles or unique items in games or other experiences.
For example, in Axie Infinity, players can breed and train creatures known as Axies and own them as NFTs.
#3: Art and collectibles
NFTs are suitable for representing the ownership of digital collectibles such as art, music, etc. Examples are SuperRare, a curated platform for collectibles and digital art, and Rarible, an online marketplace where artists can mint and sell their own NFTs.
#4: Virtual characters and avatars
NFTs can be used to represent the ownership of avatars or virtual characters in the Metaverse. For example, in Decentraland, users can purchase and customize their own avatars and use them to interact with others in the Metaverse.
#5: Virtual ticketing and event management
You can use metaverse NFT to represent event passes, tickets, and other types of access to virtual events and experiences. For example, virtual music concerts can mint tickets for the concert as NFTs, and the NFT holders will enjoy perks such as watching the concert, meeting the artist, and others.
How to Purchase a Metaverse NFT
The following are the ways through which you can purchase a Metaverse NFT:
#1: Metaverse platforms
Some Metaverse platforms come with built-in marketplaces where users can buy and sell NFTs such as those representing virtual land and in-game avatars. Examples of such Metaverse platforms are Decentraland and Somnium Space.
#2: NFT marketplaces
There are various NFT marketplaces from which you can buy a Metaverse NFT of choice. Examples include OpenSea, SuperRare, and Rarible. The platforms allow you to browse through a collection of NFTs created by game developers, artists, and other creators and purchase the NFT of your choice.
#3: Directly from the creator
Some creators choose to sell their NFTs directly to buyers without relying on an intermediary such as a marketplace. They can do this through social media, websites, or other channels.
#4: Metaverse wallet
Some wallets are capable of buying and selling NFTs. For example, MetaMask and Trust Wallet. You can purchase an NFT Metaverse directly from such wallets.
When buying a Metaverse NFT, ensure that you buy from a reputable seller and ensure that you have a secure wallet for storing the NFT. You should also be aware of the potential risks such as NFT scams.
Your wallet should also be funded with the right cryptocurrency for purchasing the NFT. Most NFTs are sold in ETH, but other cryptocurrencies such as SOL and Binance coin are also supported depending on the blockchain the NFT was minted.
Best Metaverse NFT Projects
Below are some of the top Metaverse NFT projects that you can consider investing in:
Decentraland
Decentraland is a successful Metaverse project that runs on the Ethereum blockchain. It is a 3D virtual world that can be accessed from a web browser. Users can buy, build, sell, explore, and manage their virtual property.
The users can also create their own avatars, digital infrastructure, applications, marketplaces, and settings. They can also create new businesses, participate in events, play games, meet new people, and much more.
Decentraland’s virtual property is known as land and it is minted as an NFT. A plot of land is known as a parcel, which measures 52 feet wide and 52 feet long. There are a total of 90,601 parcels of land, and these can be combined into larger estates.
Users can buy, sell, or rent virtual property within Decentraland using MANA, the native token of the Metaverse.
The Sandbox
The Sandbox is a play-to-earn Metaverse NFT platform built on the Ethereum blockchain. It uses a 3D voxel graphics style to give players many customization features. Users can create, monetize, and manage their game using SAND, the native token of the platform.
The platform has over 166,464 pieces of LAND where users can create games, assets, and applications. They can also trade the LAND on NFT marketplaces such as OpenSea.
Axie Infinity
Axie Infinity is an Ethereum-based play-to-earn Metaverse game powered by NFTs. Players can earn SLP (Smooth Love Portion) tokens by completing tasks and winning player-versus-player battles. Axies are at the core of the Metaverse NFT platform, which is bought and sold as NFTs.
Axies participate in battles, build virtual items, and hunt for in-game treasures. Players can use their Axies to participate in competitions and earn rewards.
Somnium Space
Somnium Space is another Metaverse NFT platform that you should consider investing in. It is a 3D blockchain platform with a focus on virtual reality experiences. It can be accessed from both mobile and desktop devices. It is a virtual reality platform where users can live, communicate, engage in entertainment, eCommerce, and much more.
Unlike other NFT Metaverse platforms, Somnium Space uses a multi-chain strategy via the Solana blockchain. Users can build an NFT gallery, create new NFT-based experiences and worlds to be enjoyed by others, and attend VR concerts using avatars. All in-game transactions are completed using CUBE, the native token of the platform.
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