Metaverse is a network of 3D virtual environments where people can play games, work, collaborate, or participate in live events. As a concept of a parallel universe, it not only mimics our physical world but also envisions ways to merge with it to open up endless immersive experiences.

Many technologies will act as the backbones of this yet-to-be-fully-realized vision. Among them are blockchain, virtual and augmented realities, 5G, artificial intelligence, and the internet of things.

NFTs have a vital role to play in the convergence of these technologies. Forward-thinking companies are already getting to grips with NFTs’ potential by integrating them as different kinds of digital assets into their metaverse projects.

Virtual lands
A metaverse is comprised of digital pieces of real estate, in other words, virtual lands. The blockchain metaverse projects like Decentraland or the Sandbox sell these virtual lands as NFTs.

NFTs function as a deed and grant buyers the ownership of these lands. Consequently, owners control their assets and benefit from many economic advantages.

To give you some examples, landowners can sell their assets for profit on NFT marketplaces like OpenSea. Some metaverse projects also allow renting lands. For instance, Sandbox landowners can earn passive income by renting the lands to game creators. They can also create their own games to generate revenue when other players visit their lands and interact with the games.

Access to exclusive events
NFTs can serve as tickets to access exclusive metaverse events such as concerts or art exhibitions.

These token-gated events are trendy, particularly in the Decentraland metaverse. The Halloween party hosted by the team of the Deadfellaz collection was an example of such an exclusive event. The party was in partnership with the famous DJ Steve Aoki, and it was only open to the holders of Deadfellaz or Steve Aoki NFTs.

NFT avatars
You join a metaverse using a digital representation of yourself known as an avatar. Your avatar doesn’t have to be an NFT. But if it’s, it’ll be unique, and you’ll own it.

The prominent profile picture (PFP) NFT projects that made the headlines in recent years, like the CloneX NFTs by RTFKT and the Bored Ape Yacht Club NFTs, are transitioning into metaverse avatar projects. The owners of these unique digital NFT arts will be able to convert their profile pictures into 3D avatars in the near future.
Source: NFTNewsToday.com
#METAVERSE