NFTs x Metaverse: What To Expect?

Metaverse, or interoperable virtual realms, isn’t a new concept. It’s been around for decades. It became mainstream after Mark Zuckerberg changed Facebook’s name from “Meta” to emphasize the possibility of a future in the metaverse in his plans. This was only a matter of days.
Many metaverse-based blockchain projects were able to raise millions of dollars from prominent venture capitalists. True Global Ventures participated in a Series A fundraising round for The Sandbox, a metaverse leader. This was after they had backed them in the Seed round in 2019.
The Alpha access to The Sandbox is scheduled for release at the end of November 2021. This will allow everyone a glimpse into the next generation Metaverse, which has been in development for many years.
Place your bets on the Internet’s Successor
With so much money being raised in the crypto industry, innovation and development will only accelerate as more people believe in a metaverse-based world. It is important to emphasize that the success or failure of the metaverse will depend on the effectiveness of non-fungible tokens (a.k.a. How well NFTs are integrated into the system, and how reliable the digital economy built around them is.
The sudden popularity of NFTs and multi-million dollar sales of pixel avatars can make it sound like a bubble that will burst. But this is not true. NFTs are a transformative technology that allows actual ownership of assets, while also increasing their value and independence.
NFTs have already transformed many landscapes, including gaming, art and fashion. This is why they are essential to any metaverse. Let’s now take a look at the reasons why NFT integration into the metaverse is almost certain.
NFTs act as blockchain-based Identities
Metaverse is about creating virtual places where people can interact. It will be necessary for individuals to have a proven identity in these virtual spaces. An NFT is a great tool for this purpose.
The NFTs are digital assets that can easily be proven to be yours. An NFT allows users to easily prove their identity and ownership. They can also access premium content from creators, exclusive merchandise from brands, and even their achievements. NFTs can be used in metaverse to allow users to access any event, virtual space or venue by using their NFT as an accessibility card. This will let them show the community that they are “one of them.”
The Revenue Model for the Metaverse
The metaverse not only offers a unique online experience with NFT-controlled access but also introduces a new revenue stream using NFTs. A user’s profile is greatly enhanced by the scarcity of land or other assets in the metaverse. Users can create items in the virtual world that they can either trade with others or sell on NFT marketplaces.
Let’s take, for example, The Sandbox. It is the most popular NFT Metaverse in terms unique addresses. There are over 500,000 registered wallets, and 12,000 virtual LAND owners. In November 2021, they had generated more than US$144m in lifetime Gross Merchandise Valu (GMV).
Users could rent out their LAND assets to make consistent income. The value of their virtual space could rise significantly if they add more items to it.
These NFTs can be traded on a market place and the creator/artist or platform will receive a portion of the transaction revenues. This creates a new monthly recurring revenue stream that is difficult to track and pays the appropriate parties.
These results show that NFTs can be used to generate revenue models in the Metaverse in multiple ways. As the metaverse evolves, the revenue model will improve and earning opportunities will increase.
NFTs fuel play-to-earn gaming
Players will soon have two choices for playing their favorite games: one with Play-to-Earn or the other without. If both games are equally entertaining and produce the same content, then the question becomes: Where would you like to spend your time?
Players might not only want to earn some money, but they also enjoy the opportunity to play on Play-to-Earn. Although gaming companies can make millions from in-game items, the players don’t have any control over their assets and cannot trade them or sell them for a higher price.
NFTs are a huge part of the gaming industry. While players can make an income from the games, their NFTs will appreciate as they power up the avatars and make them more valuable. Players can also use their NFT-based avatars to access different Metaverses and different ecosystems when cross-chain technology becomes mainstream.
The Play-to-Earn video game Axie Infinity had sales of $36 million in June 2021. These numbers have risen to US$500m-US$800m+ over the past few months. With the introduction of new Play-to-Earn titles, this trend will continue.
What to Expect from NFTs x Metaverse?
Although no one can predict the future of the metaverse, there is one certainty: NFTs will play an important role. Users will continue to receive value, utility, status, and support from NFTs. They will be open to the metaverse application. NFTs also create crossovers with non-NFT Metaverses in order to provide more functionality for a metaverse. This trend is expected to continue and many NFT use cases will be introduced into the metaverse.
While the debate about whether the Metaverse should remain open or controlled by large corporations will likely continue for many years, one thing is certain: NFTs are an important part of the Metaverse eco system. It brings many benefits to users.
Disclaimer: This sponsored press release is intended for informational purposes only. This does not represent the views of Crypto Daily and is not intended to be used for legal, tax, investment or financial advice.

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