Crypto Hotshots 2022 🔥♨️

Twitter Instagram Facebook Facebook Linkedin Youtube Spotify Medium Reddit Telegram
Voice of Crypto
  • VOC Explained
  • News
  • Analysis
  • Bitcoin
  • Altcoin
  • Press Release
    • Sponsored
    • Global Crypto Events
  • Services
    • Content Marketing Services
    • Crypto Influencer Marketing
    • Advertise With Us
  • Know Us
    • About Us
    • VOC Team
    • VOC Vigilantes
    • Brands Who Trust Us
    • Contact Us
Reading: What roles Do NFTs Play In The Metaverse?
Share
  • bitcoinBitcoin(BTC)$28,129.00
  • ethereumEthereum(ETH)$1,808.32
  • tetherTether(USDT)$1.00
  • binancecoinBNB(BNB)$317.07
  • usd-coinUSD Coin(USDC)$1.00
  • rippleXRP(XRP)$0.53
  • cardanoCardano(ADA)$0.398221
  • staked-etherLido Staked Ether(STETH)$1,801.57
  • dogecoinDogecoin(DOGE)$0.075984
  • matic-networkPolygon(MATIC)$1.09
  • Events
  • Videos
  • Podcast
Voice of CryptoVoice of Crypto
Aa
  • VOC Explained
  • News
  • Analysis
  • Bitcoin
  • Altcoin
  • Press Release
  • Services
  • Know Us
Search
  • VOC Explained
  • News
  • Analysis
  • Bitcoin
  • Altcoin
  • Press Release
    • Sponsored
    • Global Crypto Events
  • Services
    • Content Marketing Services
    • Crypto Influencer Marketing
    • Advertise With Us
  • Know Us
    • About Us
    • VOC Team
    • VOC Vigilantes
    • Brands Who Trust Us
    • Contact Us
Follow US
Copyright © 2023 Voice of Crypto. All Rights Reserved
Voice of Crypto > VOC Explained > What roles Do NFTs Play In The Metaverse?
VOC Explained

What roles Do NFTs Play In The Metaverse?

Adekunle Joshua
Last updated: 2023/03/14 at 1:27 PM
Adekunle Joshua Published June 24, 2022 March 14, 2023
Share
VOC, Voice of Crypto, Metaverse, Adidas

The metaverse has been around for a long time. Long before Mark Zuckerberg, CEO of Facebook, changed the company name to “meta” and announced that the metaverse would be one of its primary concerns.

Contents
What Exactly Is The Metaverse?Non-Fungible TokensNon-Fungibility ExplainedNFTs And The MetaverseIn Conclusion

Before Facebook/Meta made its big announcement, however, other companies had been interested in the metaverse. Quite unsurprising, to say the least. The sheer potential of the metaverse as a virtualized world or an alternate reality is staggering.

What Exactly Is The Metaverse?

The metaverse can be thought of as a virtual world. A digitized environment running on a Blockchain. The metaverse utilizes technologies such as virtual reality (VR) and augmented reality (AR) to serve as the virtually immersive component of this new world.

With the metaverse, going to work, gaming, and even dating no longer have to be exclusively physical activities. This new technology has bridged the gaps in human interaction and is only beginning to scratch the surface.

Non-Fungible Tokens

Not many people understand the concept of NFTs. To some, NFTs are mere images of real-world objects that sometimes sell at insane prices for some reason. To these people, NFTs are no more and no less.

NFTs, however, are so much more than that. An NFT is a tokenized representation rather than a mere picture of a real-world object. NFTs are created, bought, and sold over the blockchain. 

As with regular cryptocurrencies on the blockchain, it is impossible to clone, duplicate or create a fake NFT.

This precisely explains why the world is so interested in these digital gems. For one, NFTs put an end to theft and plagiarism, ensuring that creators have full control and receive full credit for their work. What’s more, the creators of an NFT can pre-program conditions into their NFTs that pay them a certain percentage every single time their work is sold or resold.

Yet out of the numerous use cases of NFTs, one of the foremost is that of their use in the metaverse.

Non-Fungibility Explained

The word ‘NFT’ means ‘non-fungible token’. Almost everyone knows this. But not everyone understands what the words “non-fungible” really mean.

A fungible token like bitcoin has certain properties that make it ‘fungible’. The foremost is that one bitcoin will always be equal to another.

If Peter owns one bitcoin and Paul owns another, Peter and Paul will always have the same thing at any point in time. 

This is not the case with non-fungible tokens. One NFT is never equal to another. This is the whole point of non-fungibility. This is because NFTs are digital representations of different objects. Meaning that Paul in this case, can own ten times whatever Peter owns, even if they both have NFTs from the same collection.

NFTs And The Metaverse

NFTs have numerous roles to play in the metaverse. Consider gaming ecosystems, for example.

Players can have fun playing while collecting special NFTs that can be used to level up, pay for in-game purchases or even be sold in the real world for a profit.

NFTs can be used in the metaverse for controlled access. Moderators and organizers can hold conferences, concerts and even seminars while controlling who gets access to these events. They can make attendance exclusive to only those who own NFTs in a particular collection.

In Conclusion

There are many more use cases of NFTs in the metaverse.

NFTs can be used as deeds to virtual property like land, houses, and even vehicles. The short answer to “do NFTs play a role in the metaverse?” is a big YES.

The longer answer, however, is that NFTs are created using blockchain technology. This means that they are transparent and decentralized. 

NFTs play a huge role in the metaverse and may even be one of the most important concepts in this new world. 

It is certain that NFTs will continue to play their roles and even bigger ones as time goes on.

You Might Also Like

3 Bearish Price Indicators Every Bitcoin Trader Must Know About

Bitcoin, Ethereum Price Analysis: Bulls or Bears, Who Wins?

9 Proven Ways to Secure Your Crypto Portfolio

VC Bets Big on Bitcoin Price Hitting $1M By June

VOC x HQNFTs International Women’s Day Celebration Ends with Free Gasless NFT Giveaway

TAGGED: Bitcoin, Blockchain, Gaming, Metaverse, NFT
Share this Article
Facebook Twitter Email Copy Link Print
Previous Article VOC,Voice of Crypto, BTC Payments How Popular is Bitcoin As A Method Of Payment?
Next Article Metaverse Gaming Ecosystems The Metaverse And Its Relationship With The Future Of Gaming Ecosystems
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Binance

Follow US

Find US on Socials
Facebook Like
Twitter Follow
Instagram Follow
Youtube Subscribe

Subscribe to our Newsletter

Get Newest Articles Instantly!

Ledger
Popular News
Web3 Shorthand
Web3 Shorthand: A Glossary for Crypto Newbies
Gary Gensler SEC US Crypto
SEC Head Gensler Seeks $2.4B to Fight Crypto Corruption
Quick-Tips-To-Avoiding-A-Fake-Crypto-Wallet
Quick Tips To Avoiding A Fake Crypto Wallet

Follow Us on Socials

We use social media to react to breaking news, update supporters and share information

Twitter Instagram Facebook Facebook Linkedin Youtube Spotify Medium Reddit Telegram
Voice of Crypto

Voice Of Crypto hits a beat with almost 15 million users, churning out the best news and content in the Web3, crypto and blockchain space

Subscribe to our newsletter

You can be the first to find out the latest news and tips about trading, markets...

  • Advertise With Us
  • About Us
  • Privacy Policy

Copyright © 2023 Voice of Crypto. All Rights Reserved

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?