How Are NFTs and the Metaverse Connected?
Curious as to how minting and selling NFTs will help you to enter the metaverse? And where does metaverse advertising come in?
If you’re looking to start or expand your business into this brave new world, read on ahead for our guide to NFT transactions for metaverse marketing.
The metaverse is a network of virtual worlds where entrepreneurs can create new goods or use metaverse marketing to grow their businesses. As the metaverse enables users to engage with one another and explore new digital realities, this virtual world has a number of benefits that growing businesses can take advantage of.
For businesses, you can think of selling NFTs as the keys to metaverse marketing. Let’s dive into what that could mean for your business in a concrete way.
What Does Metaverse Even Mean?
The term “metaverse” refers to how we will connect and live together as people in a series of interconnected virtual worlds.
Just like people’s lives moved online with the digital revolution of the internet, now we’re building virtual realities, the metaverse.
In terms of the actual technology that underpins the metaverse, there are two components.
The AR and VR tech helps us to actually tap into and imagine or experience life in the metaverse. It’s like the “plus” version of an online experience.
Then there’s the blockchain. This allows for verifiable ownership so that people can have trust in the processes of creating and transferring value in the metaverse.
Right now, each metaverse exists in a somewhat isolated manner, as a separate virtual world.
The assumption is that, in the future, each person will have fluid and seamless access across all the various metaverses under a single avatar. But we’re not there yet.
And What Are NFTs, Again?
NFT is the acronym for a non-fungible token. A token is a special digital asset that is genuinely yours and whose ownership can be proven through the blockchain. What makes it special is that it can be a rare and sought-after item, to be included in a carefully chosen online collection.
Still doesn’t make sense? Think of how people buy a signed photo that comes with an authenticity certificate or sneakers that are genuinely branded rather than from a knock-off factory. The certificate or brand demonstrates that the buyer owns the original copy rather than a mere reproduction.
That’s exactly what happens with NFT transactions. Since these tokens are kept on the blockchain, the public record of everyone involved in NFT transactions is readily available. That means the record of who made it on which NFT marketplace, who sold and bought it on the NFT marketplace, and where the token has finally ended up.
So, What About Minting NFTs?
Speaking on a more technical level, for minting, NFTs could be image files, GIFs, audio snippets and video clips. Most NFT marketplaces support this variety of file types for minting NFTs. If you’re looking to make moves in the metaverse, these will likely be the primary forms of tokens your business deals in.
Having said that, you could really use anything for minting NFTs. There have been examples of raw text files, tweets and trading cards that have been tokenised!
If you’re thinking of selling or advertising NFTs, there are countless ways to transform artwork into NFTs. You could release up to hundreds or even thousands of unique, one-of-a-kind collectibles.
Purchase of NFTs for Exclusive Access
NFTs can be used to identify people in the metaverse. Our virtual selves will need avatars to identify by, and often this comes in the form of tokens.
People use NFTs in their avatars in the metaverse to represent themselves, so it’s like they’re layering the social connotations of a given token into their own virtual identity.
It may reach further than just how a person presents. With some NFTs as avatars, users in the metaverse may be granted specific tokens, which they can then use to enter and move between various venues.
NFTs are about metaverse communities. By owning the right digital asset, you can become part of some exclusive clubs or take part in invite-only events.
Purchase of NFTs for Virtual Games
A key part of the metaverse where NFTs have a role to play is in virtual gaming. There are games where players earn money at the same time as playing the game.
These types of games, dubbed play-to-earn games, are part of creating the virtual economy of the metaverse. Tokens can give an added edge in the game, whether it’s part of dressing up and identifying the player or it actually confers an in-game benefit that will help the player win.
Selling NFTs for Virtual Real Estate
NFT transactions also have a role to play in the new property market of the metaverse.
Most people are already familiar with the fact that you can buy virtual lands and spaces in the metaverse. Depending on the rules of the specific metaverse, your purchase of virtual land may be in the form of an NFT.
And with the aid of NFT transactions, you can build on or otherwise customise your virtual real estate as you see fit.
Not to mention, you can also use the purchase of NFTs to rent land for passive income, sell your lands for a profit, and hold social gatherings on your property.
The Future of Crypto Is Here
Although its exact form is yet unknown, the metaverse and the NFT marketplace will undoubtedly play a significant role in how we interact with technology and with each other over the decades to come.
NFTs are a very young and rapidly evolving technology, and the metaverse is moving just as fast. How can you keep up with minting NFTs, selling NFTs, and all the other crypto trends you need to follow?
Whether you’re eager to learn more or want to develop a successful metaverse marketing plan, why not have a conversation with one of the First Page specialists right now? Our experts in crypto and the NFT marketplace have got your back.