You may have heard terms such as "cryptocurrency," "NFT," and "metaverse" and made the assumptions that they are complicated, confusing, and perhaps, ridiculous.

Ok, true.

However, there is more to it if you explore a bit further.

Below are three misconceptions that I have come across when opening up the conversation to people new to the subject.

Misconception #1: Digital wallets are only for trading cryptocurrency

Yes, digital wallets hold cryptocurrencies such as Bitcoin, Ethereum, and hundreds of other kinds of coins. But they can also contain membership subscriptions, concert tickets, artwork, videos, and songs. All of these digital assets are in the form of NFTs.

In conversations with people unfamiliar with digital wallets, I have discovered that the first thing that comes to mind is complex financial trading within the crypto markets. They have heard stories of friends or family that have made (or lost) a great deal of money in crypto.

But there is more to a digital wallet than simply buying and selling crypto.

A digital wallet will soon replace the username and password login. You will connect your wallet directly to websites. Inside your wallet, you will hold various digital assets that can give you access to experiences, memberships, and other types of utility.

A digital wallet is your key to unlocking your personalized internet.

Misconception #2: NFTs are just expensive jpeg pictures

The attention-grabbing headlines of images of pixelated animals that sell for thousands and thousands of dollars cause jealousy and outright confusion. Why would someone pay that amount for a jpeg only to see its value drop considerably as it has during this market downturn?

But if you go beyond the headlines and the hype, you will find extraordinary possibilities with the utility and ownership of an NFT.

One of the most significant benefits that the non-fungible tokens offer is the protection of the creator's intellectual property (just like a certificate of authentication) and can provide royalties to the creator that goes directly to them (and not an intermediary).

Smart contracts give specific instructions on the utility (or use) of an NFT. They can unlock memberships, special access, or privileges to the holder.

Some different types of NFTs include collectibles, games, digital real estate, music, fashion, video, and much more.

Misconception #3: The metaverse is just for gamers

Sure, the metaverse is a fun place for gamers to play in a virtual world. Is it just for kids or the young at heart that want to have fun? Or an opportunity for us to enhance our lives in a digital world with unlimited possibilities?

The metaverse will be a place where we will gather for business meetings, training, and presentations with people worldwide. You can collaborate over designs, explore operational scenarios, and go places together.

Instead of the hassles and high prices of attending concerts or sports events, you will soon enjoy the immersive experience in the comfort of your own home as an option.

Designers are creating extraordinary interior spaces, clothing for avatars, and 3D objects to discover in this virtual world. Brands will be selling their products in both the real and virtual worlds.

Conclusion

Explore beyond the headlines, the hype, and the misconceptions of digital wallets, NFTs, and the metaverse. Once you dig deeper, you will discover the practical and valuable applications this technology will bring us.

The possibilities are exciting to explore and discover.