Perhaps you have heard of the Metaverse before late 2021 if you are into tech, gaming, or crypto. Nevertheless, even if you do not engage in those spheres, the chances are that since Facebook announced its grand plans to create the Metaverse, you have noticed a marked increase in chatter.
In what sense is the Metaverse different from the world we live in? A quick snippet won’t do justice to such a complex issue. We’re heading towards a future where the internet becomes more immersive and all-encompassing.
Virtual reality headsets augment online experiences with realism and may even replace some real-life activities. Several companies, including JP Morgan, have announced their intentions to explore the opportunities offered by the Metaverse.
The Metaverse doesn’t have a clear definition yet, and the term is being used as a catch-all for a wide range of forward-looking tech, gaming, and NFT initiatives. Until then, here are a few things you need to know.
What Are NFTs?
There is no fungibility in these tokens – they are unique. Think of them as a kind of digital certificate of ownership. A digital file is created when such a document appears. It involves generating a certificate of ownership and authenticity with cryptocurrency and selling/granting it to a new owner.
Because digital assets are notoriously easy to copy and steal, NFTs are valuable. Digital assets are impossible to steal with NFTs, but they are verifiable neutrally and unbiasedly. We might be able to use NFTs as evidence for misuse of digital goods if NFTs come into effect as part of copyright laws.
Uses of NFTs In the Metaverse
There might be some confusion over what common ground the Metaverse has – or even if there is one in the first place. Although both concepts are relatively new, several companies have incorporated them simultaneously in creative and productive ways.
VR communication spaces, like VRChat, are already flourishing, so it’s not surprising that they can also be used as marketplaces for virtual currencies. Links and previews of VR assets are available directly in the VR landscape, or sellers can provide links and previews of assets on the web.
Avatars are the characters in the Metaverse. It’s more than just a picture of a face in the Metaverse. It’s an expression of who you are. It’s a personal expression of your personality. They are humanoids with upper and lower torsos, limbs that can move, and a face that can express emotions.