This is the second part of this article – for part 1 click HERE
The Role of NFTs in the Metaverse
Till now, you have clearly understood the fact how NFTs are used in the virtual world in terms of ownership and access. Before blockchain technology, there was no system to guarantee the ownership of digital assets. Now, there is a system in the form of NFTs.
Hence, it is no doubt that NFTs are a crucial part of the digital world, especially when it comes to the metaverse. Here are some of the applications where NFTs have served as building blocks and leveled up the metaverse economy.
A TradArt universe is a virtual world run by small corporations that do not pay the creators for their valuable assets and creations. With the help of NFTs, you can now get rewards for your produced art or image gallery.
Virtual real estate is also an important part of NFTs. Now, you can own the buildings and areas in the metaverse and build your real estate business there. From the purchase of the land to buying and selling, everything will be made by minting and trading the NFT tokens.
2. VR Chats
Another important application of NFTs and metaverse is virtual reality chats. You can participate in any live discussion on any virtual reality social platform and interact with individuals. This VR marketplace has been further leveraged by the non-fungible tokens as they provide security and a safer environment for interaction and collaboration.
One of the best examples of this VR marketplace is Nikeland. In this virtual world of Nikeland, you will be able to dress up like avatars and 3D characters and can even interact on your social platforms. This is something appealing and attractive to customers and will soon launch new gadgets in the future.
3. Play-to-earn Games
Do you have any clue what play-to-earn games are? Have you ever played them?
If not, then you’re missing out on a leading digital ledger of this era. The gaming industry is rising from its previous records, and modern digital games are revolutionizing it.
This whole model of play-to-earn games works on blockchain technology, and you can earn money by playing them. In these games, players play a certain game and can earn cryptocurrencies. These cryptocurrencies are digital assets that act as virtual money in different online trading platforms.
Owing to its popularity among the new generation, gamers are making a living by playing online games. This has enabled the players to become owners of in-game items like clothing or land plots. So, the non-fungible tokens have changed the gaming system in true words.
Why are Play-to-earn Games Becoming Popular?
While we have discussed a lot about selling and playing P2E(play-to-earn) games, you should have an idea about its popularity as well. The rise in demand and future development is increasing day by day.
Do you know more than $2.8 million users are spending their time in Axie infinity, which is one of the largest P2E games today? With such hype, the P2E gaming society doesn’t seem to stop soon.
Enlisted below are some reasons why these games are becoming popular day by day.
1. High Trading Volume
One of the big reasons for the P2E game’s popularity is its high trading volume. With a $3.8 billion volume, play-to-earn games are making the most of a decentralized economy. One of the dominant P2E games, Axie Infinity, is being played in several countries, and people are even fulfilling their family needs with it.
2. Use of Crypto
Now, with the help of P2E games, there has been a significant rise in the number of crypto users. This is one of the main reasons why these games are gaining more hype with every passing day.
Now, players can purchase any NFT game and invest their virtual currency in the crypto market as well. This crypto adoption will benefit the players with long-term profit and investment.
3. NFT Artwork in Metaverse
NFT allow its users to showcase their creativity and make their in-game assets in the form of clothes, skin, and virtual lands. The more perfect your creation will be, the more your chances will be to earn valuable tokens.
After you have a satisfying amount of tokens, you can sell them at higher prices in different decentralized marketplaces. In this way, you can create your own art gallery and maximize your profit in the virtual world.
By selling your NFTs at higher prices, you can become a financial asset and make a long-term profit. Not only this, but it also allows you to invest in other digital platforms, like buying crypto coins and trading them.
Once you have the right investment options, you can earn huge revenue and an overall profit at the same time.
4. Increased Partnership
Due to the new improvements in the virtual industry, more people are moving toward this space. Moreover, game developers are working on more such games and collaborating with the decentralized blockchain industry.
Elements like Defi and other tokens are being announced by NFT developers, which will further increase the money market for players. Best of all, the NFT community is soon planning to develop a new model with the name create-to-earn.
This model will allow the players to create their unique gaming assets and win more money.
In the end, NFTs and Metaverse are no doubt the latest step towards generating more passive income and building a new virtual world. With current technical strategies and new advancements, the NFT will soon develop into a complete metaverse.
Blockchain, cryptocurrencies, NFT, and metaverse platforms will bring a new trend to the global virtual community allowing the players to represent and hold their tokens. Ultimately, this will lead to an environment where players can play, earn and enjoy the new digital world ecosystem.