NFT in Metaverse, Innovation That Will Be Applied in Digital Industry

April 23, 2022
NFT in Metaverse, Innovation That Will Be Applied in Digital Industry

The trend of Non-Fungible Token (NFT) is increasingly popular in cyberspace. It started in November 2021, when investors, gamers, artists, programmers, and crypto enthusiasts attended a panel discussion in Midtown Manhattan, the third annual New York City NFT conference. Since then, NFT has become a growing and profitable new trend in the block chain world.

Block chain technology is like a distributed and open ledger that can record transactions between two parties efficiently and in a verifiable and permanent way. NFT technology establishes ownership of digital assets and is expected to give rise to a large virtual world called the metaverse.

An NFT is a unique and non-interchangeable unit of data that is stored on the block chain. On the block chain, one can track the transfer, ownership and property of unique digital assets. The term non-fungible distinguishes NFTs from other block chain entities such as digital currencies or crypto currencies which are of equal value and are interchangeable or commensurate.

In the crypto world units of currency is interchangeable but not digital assets

In the crypto world units of currency is interchangeable but not digital assets. The digitization of media including art, music, videos, books, and news or blog posts has undermined the nature of ownership, copyright, and intellectual property. This is largely due to the ease with which digital media can be copied and reproduced.

However, NFT provides a means for owners of various types of digital content to sell and trade their properties using the advantages provided by a decentralized crypto space.

As we all know crypto works on decentralized technology. Decentralized technology increases countless activities. That is, currency exchange occurs without the intervention of a third party, using peer-to-peer transactions.

Metaverse is also based on decentralized technology. The crypto currency exchange is completely based on a decentralized system. This shows Metaverse and crypto are very closely related to each other. Metaverse virtual world imagination is impossible with crypto and NFT.

Mark Zuckerberg Turns Social Media into a Metaverse for Users

In the summer of 2021, a 12-year-old in the UK made nearly $400,000 coding some digital NFT art, namely a low-resolution cartoon whale. The NFT representing the ownership of one square pixel was auctioned for over a million US dollars. If those prices seem a little jarring, consider the $69 million paid for much more detailed NFT work.

The application of NFT technology to digital art holdings can be considered a trigger for the expansion of NFT into other types of assets. The sector that is probably the biggest launch pad for NFT is gaming.

Online gaming has become big business, surpassing the popularity of movies, music and sports. Many games are already implementing block chain, including NFT into their games. Games like Axie Infinity allow players to create digital NFT creatures with unique characteristics that can be exchanged for real crypto currency to other players.

Reported by Forbes, writer Neal Stephenson in his science fiction novel Snow Crash (1992) describes the virtual world of the Metaverse as an immersive construction, technology that blurs real world with the digital connected to the internet. As the internet grows, metaverse references have gradually entered the technology lexicon to describe large-scale and persistent virtual environments in online spaces.

The idea of ​​the metaverse has materialized in the gaming world, especially with the advent of multiplayer online games and affordable virtual reality technology. However, this early metaverse was limited in scope. Yet the vision of the future metaverse is much more ambitious.

Facebook CEO Mark Zuckerberg turns social media into a metaverse

The idea of ​​an ambitious metaverse was announced by Facebook CEO Mark Zuckerberg. He turns social media into a metaverse for users. Because of his ambition, he changed the name of the Facebook to Meta.

Zuckerberg sees a virtual world parallel to the real world, where people work, buy, sell, and interact. Although NFT has a promising future, it is not without its challenges. Most NFTs today are built on top of the Ethereum blockchain, although this gap is shrinking as competitors like Solana are much faster in gaining popularity.

Ethereum has scalability, cost, and speed issues. Many of the technologies that will form the basis of the metaverse including the Web3 a network, crypto currencies, and NFT will most likely have to grow and develop gradually like the backbone of the internet in the 1990s.

NFT in Metaverse, an Innovation That Will Be Applied in Digital Industry

In the world of Metaverse NFT is a non-fungible token or token that cannot be exchanged. Reporting from The Economic Times, explained NFT is a digital asset that exists on a public blockchain and serves as a record of ownership. NFTs are sold and bought using digital currencies, such as Bitcoin.

NFT can be used in decentralized applications

Once recorded in the block chain, the NFT owned can no longer be duplicated by other parties. NFT can be used in decentralized applications (DApps) to enable creation and ownership of unique digital items and collections.

NFT can also be traded on the open market. The opportunity for NFT to become a major component in the digital economy is very wide open. This is because NFT can be used in many fields, such as video games and digital identity.

Before deciding to purchase an NFT, one should consider several things, such as what type of digital wallet will be used to store it and what type of crypto currency the potential buyer will use to complete the purchase process. Most NFTs are purchased with Ethereum and ERC-20 tokens such as Flow and WAX.

Recently, the name NFT has come back because many people are using it again. An example is Dolce & Gabbana, an Italian fashion company. The collection of clothes and jewelry is valued at 81 billion. Some of the collections are sold in the form of digital files.

There is also a work made by a smart robot named Sophia. The work in collaboration with digital artist from Italy, Andrea Bonaceto, was offered for 9.9 billion in the form of NFT. The work is about 12 seconds long in the form of an MP4 file entitled Instansiasi Sophia.

The Role of NFT in Metaverse

NFT technology gives individuals true ownership of digital assets such as images, audio, video and even real estate on the Metaverse. NFT allows individuals to sell, buy, and transfer within the Metaverse or over the Internet.

The price that some digital artworks pay for the NFT concept that gives ownership of digital goods has been recognized by the masses. Are you still confused?

Well, because of NFT, we can now buy or sell pictures, music videos as valuable digital assets. Suppose you buy an image through the NFT platform. What is the use of the image in the real world? Actually there isn't. The image is useless to us in the physical real world.

The Trend of NFT Market will Rise Sharply

But after the arrival of Metaverse, the trend of the NFT market will rise sharply. In the virtual world of Metaverse, you can use whatever you buy on the NFT platform. It would not be wrong to say that everything in the Metaverse or cyberspace will depend on NFT.

If you want to meet your girl friend virtually, you'll definitely need a rose for her or a special treat for the party. You can buy them all at NFT. This is where NFT comes into play. You just need to buy it from NFT Marketplaces. Just like you need a weapon after entering the PUBG Virtual World. Similarly, virtual lands must also be purchased on Metaverse from the NFT Marketplace. So in this way NFT and Metaverse are closely related to each other. However, the Metaverse is still in its infancy. It is only now that the technology that will be based on it is being built. The metaverse will begin to take shape as virtual reality develops, the internet becomes more widely accessible worldwide, and the use of block chain becomes widespread. This new perspective has also been built into the NFT initiative.

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