Metaverse And NFT: What Is The Relationship Between Them And How To Use It?

“Metaverse” means “Meta (Higher Dimension) + Universe (Galaxy) = Metaverse. It means a higher dimensional different world and is a 3DCG virtual space created on the Internet.

In the world of Metaverse, there are games that can be played with a sense of reality that uses VR/AR.

It should be noted that in recent years, NFTs (Non-Fungible Tokens) have been legally recognized, and game items and land can now be bought and sold for real money.

Also in the game industry, a growing number of large companies are paying attention to the economic activity of the metaverse. And in recent years, metaverse and NFTs have been gaining attention in various industries.

So, in this article, we will focus on the “Relation between Metaverse and NFT”.

What is the Metaverse?

“Metaverse” is used to refer to a higher dimension of a different world. Users can manage their own avatars (themselves in virtual space) in the Metaverse, interact with other users, shop, and enjoy life in another world.

The development and spread of this metaverse technology are expected to drive global economic development in modern business and entertainment industries.

What is NFT?

NFT stands for “Non-Fungible Token”. It is a digital token that can authenticate assets such as art and in-game items with owner information and is embodied in a blockchain. It is a resource.

For example, NFTs are used in various genres such as in-game items, SNS icons, art, and music.

NFTs are already being traded around the world and across OpenC The largest NFT marketplace has a total circulation of over $365 billion in August 2021.

In recent years, there have been cases where simple images have been traded for tens of millions to millions of dollars. NFTs, which can give digital data unique assets, have been used in the metaverse in recent years.

* Note that NFTs are digital assets that can prove authenticity, but do not carry copyright.

Case study of NFT utilization in Metaverse

Here, we will explain three examples of NFT utilization in the Metaverse.

Originality and authenticity have long been an issue in the digital industry.

In the past, it was easy to copy or steal an idea, making it difficult for artists to earn. However, with the advent of NFTs, it is now possible to secure ownership of digital art. As a result, many manufacturers have begun to enter the digital art industry.

There are many scenes where digital art plays an active role, such as cinema, TV, promotional videos, painting, and design. The time may soon come when digital art will be exposed to the light of day.

Another advantage of NFTs is that digital art can be sold directly without going through an intermediary. For example, an NFT event called “CRYPTO ART FES 2022 (commonly known as CAF)” is being held. This is BeyondConcept Co. Ltd. An event held, which creates and develops NFT projects and the Web3 Metaverse.

It is a digital art festival where hundreds of NFT creations will be displayed in real space and metaverse space. “Crypto Art Face 2022”, which will be held for the first time in April 2021 and for the second time, will be stronger than the previous one, challenging the fusion of metaverse and physical.

In the Metaverse, it is possible to buy and sell virtual land using NFTs instead of deeds of transfer.

For example, one user created “Mystery of Satoshi’s Tea Garden” consisting of 64 plots and sold 1.3 million MANA (equivalent to 80,000).

Now, with the Metaverse and NFTs combined, we are in an era where real money carries the same value in the real world.

P2E models like Aavegotchi are driving a new kind of virtual economy that rewards users with in-game crypto assets and NFTs that can be traded, sold or borrowed.

Additionally, Battle Racer exposes vehicle parts as separate NFTs for added utility.

Users can purchase vehicle parts and build their own vehicles, or buy and sell them on marketplaces like OpenSea.

Metaverse recommended NFT games

Here, we will explain five recommended NFT games in the Metaverse series.

Sandbox is an art game that combines cubes to create a world.

The virtual currency “SAND” can be used as a common currency and can be used for event participation fees and land purchases.

Also, if you own land, you can create your own facilities and mini-games on that land and let other users play with it.

Also, creators can create NFT voxel art and sell it on TheSandBox Marketplace. The SandBox is explained in detail in the following article.

Axis Infinity is a metaverse game released in 2018 built on a blockchain where you can earn virtual currency (tokens).

The main game subject is an NFT pet called Axe, which is played, bred, raised, and traded. Axes are usually bought but can be borrowed for free. So, it is easy to start even for beginners.

Initial costs vary depending on the time of year. But it’s worth noting that it usually costs from a few thousand yen to several thousand yen.

Axis infinity is explained in detail in the following article.

Decentraland is a 3D virtual world browser-based platform.

Users can purchase virtual parcels of land within the platform as NFTs with the in-game currency “MANA”.

In addition, there is an exhibition hall equipped with unique NFT art that can only be enjoyed as Decentral and’s virtual space and venue for crypto project community events. Also, digital fashion is also shoppable and you can enjoy dressing up your avatar.

Non-landlords can also explore the virtual space for free, so please give it a try. As of 2019, in-game land “land” sold for about $50,000 per land, but in the second half of 2021, prices will increase from about $600,000 to $1 million.

Therefore, it seems that many start Decentraland as an investment.

BlankosBlockParty is an MMO-type party game where many people play in the same world in real time.

You can play mini-games like obstacle races and shooting games with other players. You can create your own stage or invite other players to play. You can trade avatars and fashion items in the market.

In August 2021, a collaboration with the fashion brand “Burberry” is also underway.

EmberSword is a blockchain MMORPG (Massively Multiplayer Online RPG) where various game items can be traded as tokens.

You can level up your character by defeating enemies to earn items and experience points. And you can acquire materials by placing facilities on land (LAND).

Each land has a different role depending on its size. Small plots of land can be used to set up basic facilities such as camp facilities and NPC houses, while larger plots can be used to set up guild and equipment refining facilities.

There are also in-game items called cosmetic crypto collectibles, which are created by community creators, selected by community votes, and applied to the game.

Royalties received from the sale of the item will be returned to the manufacturer.

Summary

In this article, we have explained the relationship between Metaverse and NFT. Beginners to mid-level students interested in Metaverse and NFTs can now learn more about it.

Metaverse, based on blockchain, is primarily used in the games and entertainment industry and is beginning to be introduced to businesses.

With various companies starting efforts to launch Metaverse, it is very likely that the market will grow in the future.

Please pay attention to how Metaverse and NFT will develop in the future.

Originally published at https://blockchain101.famecoin.ai.