Have you heard of the Metaverse and Non-Fungible Tokens (NFTs)? You’ve probably seen it on your newsfeed, or maybe on a list of trending topics. But what exactly is it?
What is the Metaverse?
The Metaverse is a new blockchain platform for a decentralised, immersive virtual reality experience. Users enter the virtual world to meet other users, engage in activities, and create digital assets. The Metaverse’s goal is to provide a rich and immersive environment that people from all over the world can share.
The Metaverse is built on a blockchain-based economy that can decentralise ownership. This means users can create their own digital assets, own them, and trade them with other users.
What are NFTs?
Non-Fungible Tokens, or NFTs, are a new form of digital collectibles. They are designed to be unique and have a variety of different characteristics. They can be bought, sold, and traded using a decentralized digital market, called the Metaverse Digital Asset Exchange, or MDE for short.
NFTs can be created in a variety of ways. For example, you could create a limited edition of a physical product with a certain number of units attached to it. With NFTs, each unit is 100% unique, and has a different level of rarity.
If you wanted to sell a limited edition of a physical product with a certain number of units attached to it through the MDE, you would create a new NFT with your product’s details on it. This would include the number of units available for sale and the price per unit. In addition to this information, you would also add the date the NFT will be available for purchase and the date it will expire.
This is where you would set your token’s metadata. You would set its name, description, and image to help prospective customers learn more about your NFT.
Most famous NFTs are CryptoPunks and Bored Ape Yacht Club.
However, you can already see that The Sandbox Metaverse NFTs have already made it to Top 3 on OpenSea.
How do these two work together in the Metaverse?
The Metaverse’s goal is to create a virtual world — one that is as immersive as real life. To do this, the Metaverse combines a virtual world and a blockchain platform. These two things work together to create a complete digital world.
In the Metaverse, people will be able to purchase plots of land and build their own homes. How? By buying NFTs.
Anything inside these homes will be owned by the homeowner (via NFTs), and the Metaverse provides the tools needed to produce content.
You can then sell your content or exchange it with other users to acquire other digital assets.
What are hot Metaverse projects now?
CoinMarketCap has released leaderboard of top 20 metaverse project by unique visitors and pageviews on their site.
Gate.io has also released rating of top metaverse projects — this time by trading volume and number of traders.
Top 10 Metaverse crypto projects by market cap
Radio CACA ($RACA) and Decentraland ($MANA) have made it to Top 3 by visitors, pageviews, volume, number of traders, and both are also in top 10 by marketing cap.
Conclusion
The Metaverse and NFTs is an example of how blockchain can be applied to other industries outside of financial transactions. As the Metaverse continues to grow, more people will become aware of its potential. The Metaverse isn’t just about speculation or value, it’s about how it can improve our lives.
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