Why are major global brands experimenting with NFTs in the Metaverse?

It is the integration of nonfungible tokens into the Metaverse that has initiated the transformation of our interactions in virtual worlds.

Blockchain is a core technology that differentiates itself from other technologies by having solved the double expense with the emergence of the Bitcoin blockchain in 2008. Nonfungible tokens, or NFTs, were driven by blockchain technology which brought scarcity and interoperability to nonfungible tokens. But, what do blockchain technology and NFTs have to do with Metaverse? Why are large companies experimenting with NFTs in Metaverse?

The Metaverse

The term “metaverse” first appeared in 1992 when Neal Stephenson released his science fiction novel Snow Crash. In this book, humans interact with each other and with software agents such as avatars in a three-dimensional space that acts as a metaphor for the real world. While it was Stephenson who first used the term, the idea of a virtual reality-based successor to the internet was already being discussed by internet pioneers in the late 1970s and early 1980s who envisioned the internet of the future as a shared virtual space. A place where our physical world blends with the virtual and creates new digitized spaces somewhere in between.

In these spaces, the rules change. People become what they dream of in their everyday lives. They express their inner selves through digital avatars and can even bring their digital idols into this world. Now that the word “Metaverse” has gained traction in the mainstream, some have ventured into conceptualizing the metaverse.

But, defining the metaverse is still somewhat of a gamble. Just as in the early days of the internet many had no notion of what it would become, let alone that it would be used for business models like Uber, Amazon and Netflix. When people say that the Metaverse will be this or here, in my opinion, no one really has any idea of the exact size and breadth of the Metaverse, yet.

For those who still don’t understand what the Metaverse is, the movie directed by Steven Spielberg and based on the novel Ready Player One written by Ernest Cline is well worth checking out.