Metaverse is a virtual reality space where users can create and sell digital tokens. It is a fictional world, which may or may not have blockchain links.
This is a theoretical concept of a digital 3-D world that you enter via a virtual reality headset. In this virtual world, you have a “body” (avatar) that you can customize, a home to fill with the stuff you like and hundreds of spaces to visit. You can interact with other users, do work, play games and basically perform most of the activities that you do in everyday life.
The metaverse is useful because it greatly reduces our need to travel and use physical resources. In a 3-D world, we can visualize and interact with any object without putting in much effort and time. We can cycle between activities, chats, locations and data with a simple gesture. Instead of switching between apps and a web browser, everything is connected and accessible in this digital world.
Recently, tech giant Facebook’s entry in the metaverse category has lifted the status of metaverse coins. Also, one can buy plots of land, houses and even yachts in the metaverse.
In 2021, a noted transaction took place in the metaverse when a plot of real estate land was sold in the 3-D virtual world Decentraland for a record USD 2.4 million worth of cryptocurrency.
Bridging the gap between the real and virtual, TechCrunch founder Michael Arrington sold his Kyiv apartment for over USD 93,000 via the real estate platform Propy in 2017, using Ethereum and smart contracts to close the deal. At the time, the collection included the ownership deed, the apartment picture and a unique NFT artwork by Kyiv-based artist Chizz. A smart contract is a programming in the Blockchain that stores all transaction information related to the NFT and once the deal is done, it can be accessed by the owner. The smart contract is transparent and cannot be altered.
For many, buying and selling real estate property can be a tedious process involving ceaseless paperwork. If such assets can be turned into NFTs and involve blockchain to transfer the ownership certification, the entire process would become rather simple and decentralised.
In this regard, a lot of regulations and governance would have to be involved. Whether it can be at all turned into a reality, only time can say.
NFTs serve a key concept in the metaverse ecosystem, allowing people to own virtual goods in the form of real-estate, items like cars, boats or even accessories and paintings—all possible through NFTs.
But, why only NFTs? This is because NFTs are built on blockchain technology that gives rightful ownership to the NFT holders. So for instance, if you own a land in the metaverse (which is quite possible), you get an NFT as deed to the virtual property. This means you are the rightful owner and only you have exclusive access to enter the location in metaverse alongside allowing access to others. NFT-controlled access could also help in ensuring VIP access to the events in metaverse.
Further, NFTs serve a useful role in airdropping branded merchandise to followers as well have their metaverse avatars only owned by them. Users can create a metaverse agnostic avtar minted on blockchain, that can be moved from one metaverse to another. It should be noted that since NFTs are immutable, it is only owned by you and nobody else can duplicate, edit your customized NFT based avatar. So, it is quite clear that the metaverse and NFTs are made for each other.
The possibilities in the metaverse are limitless which allow people to achieve things that may not be easy in the physical world. Imagine connecting to the world in all its entirety by simply staying at one place without the absolute hassle of movement or spending money to fly to that destination.
The future may have jobs in this part of the metaverse creating a revenue system. Investments are heavy in the metaverse with a lot of people investing in NFT’s and virtual real estate to earn an exceptional return of investment. Metaverse is not just a concept, it is the future that will change our futures forever.