NFTs and the Metaverse

So far, we have seen how the metaverse has evolved, and more importantly, how it cannot function effectively without blockchain, cryptocurrency and NFTs. While metaverses are hosted on blockchain networks, cryptocurrencies fuel their economy. 

However, in the absence of NFTs, Metaverses are just as good as an uninhabited planet, which also implies that NFTs serve as the basis for development in any metaverse. Just as humans are to the earth, NFTs are the building blocks for the development of the metaverse. 

According to different sources, NFTs play a range of instrumental roles in the metaverse, one of which includes enabling users to claim ownership of virtual goods and property in the form of real estate, cars, boats, avatars, and event passes, among other collectibles.

That said, we have started seeing diverse applications for NFTs in various metaverses. Perhaps most notably, NFTs are being used to earn or generate revenue in the metaverse in unique ways, and this appears to be a rising trend across different platforms.

Indeed, the metaverse space has played host to endless new use cases for NFTs, enabling the creation of art galleries, virtual marketplaces (including secondary markets), and virtual offices where corporate workers can connect and collaborate.