NFTs are non-fungible tokens. They are revolutionary in the sense that they have the potential to change how we understand, use, and invest money.
In this article we will be looking at the role that NFTs play in the metaverse.
A lot of people think that NFTs are just pieces of digital art with very expensive price tags. And while NFTs do come in the form of digital art, that’s not all they are.
Their non-fungible nature means that the data stored on NFTs is unique. This data is then tokenized and stored on a blockchain as proof of ownership and authenticity.
To put this in simple terms, there can be millions of copies of the Mona Lisa, but there is only one original.
In the digital world, NFTs guarantee the authenticity of the data (which can be digital art, music, video, etc.) and prove ownership. Amazing, right? But that’s not all.
The metaverse is built on blockchain technology so practically everything that exists on the metaverse right now is an NFT. For now, it’s mostly virtual land and assets, but in the future NFTs could be entrance tickets to virtual events, various licenses, academic degrees or certifications, and so on.
All of this is pretty mind-blowing, right?
And imagine, we’re only in the super early stages now!
To sum up what we’ve covered, we will be looking at the development of the metaverse and what that means for us in the next article.
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