The Metaverse NFTs

Metaverse - Is This Digitised World The Future or Simply Just a Fad?

The world of digital technology is constantly changing. The ‘newest’ addition – the Metaverse. You may have heard that Facebook has changed its company name to Meta but what does this mean for the wider development of this new digital universe?

So What Is The Metaverse?

Simply put, it’s a space where humans can interact in a shared virtual space and environment. ‘Meta’ is a prefix that means ‘beyond,’ and ‘verse’ comes from ‘universe,’ making the word ‘Metaverse.’ If you have seen the Matrix, the virtual world in which they live somewhat depicts what the Metaverse could become.

Literally, through this digitised world, users will be able to interact as if they’re together physically. They will engage with one another, play games, watch movies, visit museums and more. Think of it as a 3D depiction of what the World Wide Web does already – allow people to connect with others who share interests, opinions and more.

Even more impressive, Non-Fungible Tokens (NFTs) are likely to be a huge part of the Metaverse and its future. NFTs are unique assets that are not interchangeable and distinguishable. So for example, an owner of a labrador would unlikely trade it for another labrador as pets often have unique value to their owners. Similarly, NFTs use these characteristics but through cryptographic tokens which can be utilised to make videos, games etc. into an interchangeable and distinguishable asset. Funnily enough, Collins Dictionary’s word of the year this year is NFTs as it has grown in popularity exponentially throughout 2021.

Why Is The Development Of The Metaverse So Important?

Arguably, the Metaverse’s importance is subjective. If you have never shown interest in the world of virtual technology, it may seem completely un-needed and pointless. However, for some, it might be the exact development they have been waiting for.

If you have heard of the Metaverse before you have probably heard the words ‘Roblox Metaverse’ or the movie ‘Ready Player One’ mentioned but there’s ultimately more to it. Now, if you want to access the internet you have to actively go to it but through developments, it will one day be all around you. In the future, these new sets of virtual worlds will impact the economy through shaping online shopping, entertainment and simple communication. 

As a result of the Metaverse, marketing, communications, and branding professionals will face new challenges but also new opportunities. This new era of virtual universes will unleash amazing creativity and open up new frontiers and horizons for brands and businesses.

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