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A Deeper Look at the Metaverse and NFT

by Daniel Odoh
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Many of us have heard the word Metaverse, whether it refers to movies or games. We have heard it one way or the other. But what is the metaverse, and how does it tie in with NFTs?.

The metaverse, in simple terms, is a virtual world where people can do things they normally would do in real life. Think about playing new online games that allow you to play them via virtual reality. So, people can work, socialize, play games, and more virtually. What’s more, you can also set up a business, purchase property and go to concerts, all in a virtual setting. 

A deeper look at the Metaverse

The metaverse uses virtual and augmented reality technology to create virtual spaces that mimic real life. Think of it this way: you can socialize with friends virtually and create a setting that looks exactly like your home. What’s more, is that you can purchase items and customize your settings, all to suit your needs.

Non-fungible tokens, or NFT as it is commonly known, will be the medium used for these transactions. How does this tie in with gaming? NFT development for games is a much more secure way to ensure ownership of digital items. 

There are also famous digital and social media platforms, such as Facebook changed its name to Meta, which further cements the fact that the popularity of the metaverse is growing. It’s also not a new term, and it has been around since 1992. The term was created by Neal Stephenson, who wrote; Reamde, Anathem, The System of the World, The Confusion, Quicksilver, Cryptonomicon, The Diamond Age, Snow Crash, and Zodiac, and the groundbreaking non-fiction work In the Beginning. Neal coined the term in his novel Snow Crash where avatars can meet and talk in a virtual setting. There are also a few games that already incorporate the virtual reality experience, and these include Roblox, Minecraft, and Fortnite


What are non-fungible tokens (NFT)

NFTs are digital assets that are unique because they represent real-world items that include art, music, event tickets, fashion items, as well as in-game items. These are not all, though they are the most popular. NFTs tie in with cryptocurrency because they are built on blockchain-based smart contracts that verify the asset owner.

Both NFTs and cryptocurrencies rely on the same blockchain, meaning that any blockchain development company can offer services such as NFT creation, marketplace development, and NFT smart contract audit.

Gaming with VR Headset

The metaverse, NFT and the online gaming

We can tell you for certain that the metaverse is nothing new in the gaming world. And we’ve also seen examples of the metaverse in games that are free-to-play battle royale types. A trend we have noticed is that gaming is shifting from the traditional brick-and-mortar style gaming and in-app or in-game purchases to the new digital version, where we see avatars and transactions now being powered by NFTs or cryptocurrencies.

This is groundbreaking! What this means for gamers is full-own ownership of the content they buy. Simply put, NFT gaming solutions allow gamers to own their virtual things and allow gamers to rent them out in exchange for cryptocurrencies. All of this is powered by blockchain.

Another important note about the metaverse is that you need cryptocurrency for transactions. Think of it this way, in real-life, gamers would lease their physical game discs to other gamers and would charge them a fee according to the currency of the country they are in. 

Now, there are a few things to consider when enabling NFT gaming worlds, as there are so many possibilities; one can even say the possibilities are endless. But the fundamental part of NFT-enabled worlds and the metaverse is that it will allow so many things simultaneously, gaming, studying, work, going to concerts, etc.

The metaverse can supply so much in terms of the digital world, not to replace the physical world but rather to be an extension thereof. We are excited to see the next phase and how it will affect gaming and the world at large. 

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