A virtual trip into the NFT metaverse. – Finextra

Introduction

The technological revolution started a while ago. The novel technology of blockchain was readily accepted and the crypto market saw a bullish run. The devising of Non-Fungible Tokens twisted the crypto world. And now, the concept of Metaverse is the hostess topic revolving around the world of NFTs. The main factor that contributes to the world of Metaverse is virtual reality and augmented reality. Some events are being organized in the Metaverse. Like NFTs, the craze of Metaverse is at its peak and it has encouraged businesses to develop ventures based on Metaverse. 

Metaverse: Defined 

Metaverse is a digital world where digital forms of any art or property. The digital form of humans can also reside in the Metaverse world. The digital form of a human is called the avatar. These avatars can move and interact with other avatars like humans in the digital world. Avatars have already existed in video games like Fortnite and Roblox for years. And it can be said that Virtual Reality understanding is necessary for the metaverse world, which will also offer an enhanced experience of the Metaverse world.  

The Interrelatedness Between Metaverse and NFTs 

The world of NFTs and metaverse is connected with digital assets and the value these digital assets proffer. In the world of Metaverse, masses can showcase their arts and property, and NFTs offer proof of ownership to those art and property. Thus, the value of NFTs in the world of Metaverse rises. 

NFTs are developed on blockchain networks like cryptocurrencies. But, NFTs are not cryptocurrencies. An NFT is attached to a certain asset like a painting, video game content, music, etc. Thus, opening a lucrative avenue for creators and artists around the world to monetize their creations. Currently, many NFT marketplaces allow creators to come, tokenize, and monetize their work. The storm of NFTs can be felt in every industry. 

NFTs can be considered as the primary token of the Metaverse world. NFTs will showcase the proof of ownership for all arts and properties of the Metaverse world. NFTs would act as a deed for the Metaverse properties. NFTs would also act as access points for specific events, and let people enjoy the benefits of Metaverse. 

Metaverse: A big deal for enterprises and brands 

The movement towards a digital world began a decade ago. Digitization opens a wide variety of lucrative avenues for enterprises. How? Metaverse creates a replica of the real world, where brands hold a solid opportunity to flourish-following the latest trend in the walk of digitalization. A visual representation of products and services can be created and explore other parts of the universe.  

Today we live in a world, which is divided into two parts- Offline and Online. The offline world is the one where we have known and lived throughout the years. And the other world is the visual representation of the world we already live in. With the existence of both worlds, brands will crucially be successful. 

Metaverse NFT Marketplace

Metaverse NFT marketplace is a platform where trading, buying, and selling of digital land, avatar, and everything that exists in the world of Metaverse. Just like any other marketplace, one can promote, and sell their products through the marketplace. Enterprises are moving their growth vehicle towards the world of Metaverse. 

Usage scenario 

• Real estate 

Metaverse is just a digital replica of the real world. It has all the elements of the real world. Similarly, it has virtual land or virtual territories. If stats are to be believed the sale of virtual lands surpassed the sale of NFTs. 

• Game development 

Metaverse has the biggest use-case in the gaming world. All the gaming assets including assets, accessories, and realistic characters are available that offer realistic experience to the customers through Metaverse technology. 

Metaverse helps in the management of social networks by allowing masses to post, schedule a post, and keep track of all the internet activity over the network. 

Benefits proffered by Metaverse

• One single network can help a user to handle multiple social media accounts through one single dashboard. 

• With the help of AI/ML technology’s deep learning algorithms and neural networks, it brings out the best content to post on various social media platforms to arouse the interest of your audience. 

• It automates the process of content creation. All one needs to do is to set pre-defined criteria and Metaverse technology takes care of everything. 

Quick steps to create an NFT Metaverse Marketplace 

1. One needs to smartly pick up a blockchain network to devise the marketplace

2. Build an engaging UI/UX design 

3. The creation of a smart contract is an important step to execute so that the trade can happen automatically. 

4. A database should be developed and stored in the backend so that the track of NFTs, admins, and users can be kept. 

5. Create an IPFS storage system for the safe storage of NFTs. 

6. Look for any kind of bug before the launch of the marketplace, and fix them.  

Characteristics of an NFT Metaverse Marketplace 

• It is a decentralized ecosystem 

• A complete view of the entire ecosystem to drag more visitors

• Helps in the development of strong social bonds

• A P2P network

• CUtting-edge security features

• IPFS system for the safe storage system of NFTs

• Easy NFT listing 

Closing Thoughts:  

With the emergence of the Metaverse, an opportunity has been given to people to interact with each other in a virtual/online ecosystem. It offers a digital experience in a unique and upgraded way. Therefore, it can be stated that brands and enterprises must know the functioning of
NFTs in the world of Metaverse. One thing can be stated that Metaverse will play an important role in our daily lives in the coming year.

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