Although metaverses are new, we're no strangers to the idea – games like World of Warcraft prepared us for the vastness of virtual worlds. They allowed us to enter a whole fantastic ecosystem with our avatars, meet other players, and even go on joint quests together. Now, let's take this to the next level: Welcome to the metaverse, where you can attend concerts, visit art galleries, travel to foreign lands, and buy houses. The sky's the limit.
Non-fungible tokens (NFTs) are vital protagonists in metaverses. In a nutshell, they are unique pieces that you store in digital wallets. People buy and sell NFTs for the same reasons they purchase paintings and photographs. Make no mistake, the fact that they are digital doesn't make NFTs less valuable than traditional artworks – many users pay thousands, in some cases, millions of dollars to get valuable tokens.
Let's explore the strong connection between metaverses and NFTs in more detail. 👇
NFTs are key to entering the metaverse
So far, most of the conversation about NFTs has been about how to make money with them – be it through flipping, renting out, or staking. Hearing about the astronomical sums of money in the space -- with Beeple selling his art for a record $69 million, it's hard not to want to join in. But the uniqueness of NFTs serves a different purpose in the metaverse.
First, thanks to NFTs, users can have complete control over their digital assets in the metaverse because blockchain technology provides unchangeable confirmation of ownership. For example, when you buy a house in the real world, you receive a property deed, which is the confirmation of ownership. Correspondingly, when you buy LAND in The Sandbox, you'll get a property deed in the form of NFTs – with its own underlying smart contract.
Second, metaverses are places where like-minded people come together and create groups. That's why holding certain NFTs can open the door to different exclusive communities and allow users to join special events and enjoy benefits.
To give you an idea, Venly's MetaRing NFT💍is on a mission to place its owners at the center of the entire metaverse ecosystem. It allows the NFT holders to participate in events and games, invest in digital real estate, and access discounts as well as exclusive drops.
Metaverses will open up more NFT opportunities
Today, fashion allows millions of people to express themselves. Why should the metaverses be any different?
Clearly, users need outfits for your avatar. But, clothing their digital selves is also about creating identities. What they're wearing and which accessories they're using enable users to show who they are in the metaverse. On top of that, it's possible to make their avatar more real and deepen your engagement. Consequently, digital fashion has a new growth opportunity – Dolce & Gabbana, Gucci, Louis Vuitton, Nike, and Balenciaga have already dipped their toes in the NFT water.
Of course, the NFT opportunities don't stop with fashion. NFT real estate is the new buzzing topic. If you're nostalgic, you can even build your childhood home. Snoop Dog built SnoopVerse in The Sandbox. Paris Hilton created an island in the metaverse and even performed a DJ set there on New Year's Eve. And of course, we don't want to leave our digital houses empty, so there will be more demand for NFT furnishings.
If you are wondering why people go wild about buying a virtual sofa, just remember that, unlike real sofas, they will never get old but will grow in value. An NFT of Andrés Reisinger's Complicated Sofa first sold for $5,000 – then resold for $17,650. Plus, furniture NFTs can help turn your metaverse property into a dream house.
NFTs and metaverses are showing no signs of slowing down. If you are interested in learning more, you can read our blog. 🤓