What Are Metaverse NFTs and How Do They Work?
What is a metaverse NFT? The metaverse has been one of the most awaited online experiences. Now it is now available for users from all around the world through a simple internet connection.
Here’s what the metaverse brings and how the metaverse NFT tokens can be used.
What is metaverse technology?
The metaverse is an immersive virtual world, where users have their own avatar and can interact with each other, share experiences and create places and objects similar to real life. A metaverse is likely to build a completely new ecosystem, a massive-multiplayer online game if you will, with an incorporated economy, that enables users to buy and sell items.
When was the metaverse first mentioned?
In 1992, the SF novel Snow Crash by Neal Stephenson was the first published piece to mention the term “metaverse”. In the book, humans could interact with software within a 3D space similar to the real world.
However, the idea of the metaverse exists since the late 1970s. That’s when the internet pioneers talked about the internet as a place to create a bridge between the real and the digital world.
Why is everyone talking about the metaverse?
The Metaverse and Metaverse NFTs are taking over all industries, including crypto, gaming and social media. It has become one of the most used words in 2021, as more platforms are developing and integrating a metaverse experience for their users.
When Mark Zuckerberg announced Facebook will be rebranding and will be called Meta, he described a virtual world that will enhance and step up our online experiences.
The metaverse can be experienced through a computer, smartphone or a virtual reality (VR) headset.
Crypto Metaverse Games and Apps
Since the metaverse requires a safe and transparent technology to incorporate all aspects of a virtual world, including a financial environment, the rise of crypto metaverses has started. A metaverse app can be built on top of a programmable blockchain that supports smart contracts, such as Ethereum, Cardano, Solana, Harmony and others.
A crypto metaverse is all around the economy within the virtual space, which will rely on metaverse NFTs and tokens.
How are crypto metaverse app different from traditional online multiplayer games?
Firstly, the core component of the crypto metaverse apps and NFTs are :
- Decentralisation. A crypto metaverse is not owned or controlled by a central entity. At least a part of the metaverse is built on the blockchain. Participants can get equity in the metaverse, and the future of the metaverse is in the hands of the users.
- User governance. Most crypto metaverses are democratic environments that have a governance token and a decentralised autonomous organisation (DAO) to enable users to take control of the metaverse and decide on future updates or changes through voting.
- Transparent ownership. Crypto metaverses use in-game items, that can be represented through cryptocurrency tokens and metaverse NFTs. Gamers can truly own the assets they buy in a game and anyone can easily check on the blockchain the true owner and value of a metaverse token.
- Crypto tokens have real-life economic value. Users of a metaverse can easily trade the metaverse NFTs and tokens on DEXs or NFT marketplaces. Some use NFTs for investment purposes while others see them as a means to transfer wealth.
Several crypto metaverse protocols have been already launched in 2021 and more are announced to be released in the near future.
Crypto Metaverse Examples
The most popular crypto metaverses apps and are:
- Decentraland (Ethereum)
- Cryptovoxels (Ethereum)
- Axie Infinity (Ethereum)
- The Sandbox (Ethereum)
- Alien Worlds ( Ethereum, WAX, and the Binance Smart Chain – BSC)
- Star Atlas (Solana)
- Tranquility City (Harmony)
The blockchain network of a crypto metaverse game is one of the most important aspects of the experience, since a congested and hard to scale network may lead to high network fees for transactions and slow speed to confirm and register transactions.
What is a Metaverse NFT token?
A metaverse non-fungible token (NFT) enables internet users and metaverse participants to truly own the digital assets purchased within the metaverse.
By owning a metaverse NFT token, the user gets to own a part of the internet and has complete control over it, to trade it, store it and use it.
A metaverse NFT can by any crypto asset in the metaverse, such as digital objects or land. The ownership of the metaverse NFT is recorded on the blockchain network of that specific metaverse and represents a real value on the decentralised finance (DeFi) market.
Metaverse NFTs can be traded for digital assets, such as bitcoin (BTC) or ethereum (ETH) on supported NFT marketplaces and decentralised exchanges (DEXs).
How to Buy Metaverse NFTs
With the great surge in the interest in NFTs and other crypto tokens for the past years, Metaverse NFTs are a great investment opportunity. However, it’s important to check the scarcity of the metaverse NFT that you want to purchase, as well as the brand and community behind it before you make your investment.
Step 1. Decide on a metaverse
To buy a metaverse NFT you will first need to decide on which metaverse you want to start your digital experience. Some of the most popular crypto metaverses that support NFTs are Decentraland, Star Atlas and Alien Worlds.
Step 2. Connect your wallet to the metaverse
Metaverse NFTs are traded using a cryptocurrency wallet, such as MetaMask and other wallets supported by WalletConnect.
Step 3. Explore the metaverse
After you connect your wallet, you will be able to access and experience the metaverse. Users can interact with each other and set a custom avatar for the metaverse.
Step 4. Buy Metaverse NFTs from the marketplace
Metaverses have incorporated NFT marketplaces, where you can buy or sell NFTs, using the crypto metaverse native token. To buy an NFT, you will need to hold the required sum in the wallet you used to connect the metaverse.
The Metaverse Is Free
Obviously, users can enjoy the metaverse for free, and there’s no requirement to buy a metaverse NFT.
Now that you know how the metaverse works and how to access the metaverse NFT tokens, we hope you will enjoy this new era of the internet.