Metaverse is going to the future of the Internet and this future is not very far from today. Facebook has changed its name and announced that it is going to launch its Metaverse within 5 years. Every big company has started to pivot towards the Metaverse concept. But, do you know what exactly is Metaverse? Well, if you don’t then don’t worry because here we are with “Marketer’s Guide To NFTs And The Metaverse” that would clear all your doubts.
Although there are different Metaverse projects working on developing their own virtual world. The concept would remain the same. Users will be able to create their avatars in the Metaverse and then use the Metaverse coins to purchase the land in the virtual world. The users can build their houses or shops to live in or rent to other users. All the trading will be done using the Metaverse coins introduced by the company in the virtual world.
This is a brief explanation of what Metaverse is and how it will work. Further, in the guide to NFTs and the Metaverse, you will find detailed information about the subject. So, let us not keep you awaited for long and start the guide.
A Complete Guide To NFTs And The Metaverse
Let us start this guide on NFTs and Metaverse with the most used terms. The Metaverse, NFTs, and Web 3.0 or the Internet 3.0. If you want to get through with the Metaverse concept then you need to understand these terms clearly. We have explained them in the most simple way possible.
What Is A Metaverse?
To start with the term, “Metaverse” was first coined in the year 1992 in a sci-fi novel, Snow Crash by the author Neal Stephenson. The author defined the term as a virtual environment where people could create their avatars and meet in virtual buildings to have discussions. Although it was a hypothetical concept then, over the years with the advancements in science and technology the concept of Metaverse has come to existence.
Different institutions define the Metaverse in their own specific ways. But, the underlying principle of the attraction of human beings to the virtual objects in the virtual world remains the same.
According to Mark Zuckerberg, Metaverse is “a virtual reality construct intended to supplant the internet, merge virtual life with real-life and create endless new playgrounds for everyone — you’re going to able to do almost anything you can imagine.”
Oxford describes the term as “a virtual-reality space in which users can interact with a computer-generated environment and other users.”
Disney has also stepped into the Metaverse race and the Disney Metaverse concept says that Metaverse is the overlapping of the Physical and the social life.
Well, as we said different projects have molded the definitions according to their version of Metaverse but the underlying principle of attraction of the real and the virtual worlds with the VR glasses is still the same.
What Are NFTs?
NFTs stand for the Non Fungible Tokens. These are the intangible digital assets that are present in the form of games, videos, or photos.
Yeah, we know the definition is a bit confusing but fret not, we will be explaining the term in the simplest language possible.
Okay, let us start with the example you made an exceptional painting using one of the art and craft software and you have the ownership of the painting. There might be hundreds and thousands of copies of the digital painting that you have produced. But, the original painting is still with you. So, you will create an NFT of the original painting. This NFT is the token or the certificate that the painting you have is the original painting and you are the owner of the asset. You sell this NFT to the buyer. In short, you have sold the possession of the original painting to the buyer.
You can relate this example with the famous painting, “Monalisa”. There may be millions of copies out there but the original is still the original.
A very famous example of selling digital goods using the NFT is, Jack Dorsey selling his first tweet “just setting up my twttr” for $2.9 million by creating its NFT.
Web 3.0 or Web 3, is the third generation of the Internet. Well, it is still on its way but is expected to arrive soon. Many big companies have started to pivot towards this change and the famous names are Facebook and Roblox.
You must be wondering how this new version of Internet 3.0 looks like. Well, to get an idea about it let us start from the very beginning when the Internet was introduced to the world. People used to turn on their computer and use the internet and then shut it down. In this era, only a few people have access to the internet and it was used with the limit.
But, as technology gets evolved and we get computers in our hands (Mobile Phones). This is the present era or what we call Web 2.0. Now, people use the internet and spend most of their time on the Internet, either playing games or talking to friends on social media.
If you pay attention then the time slit between using the internet and interacting with the physical world decreased while shifting from Generation one to generation two.
Talking about the third generation of the Internet or Web 3.0, this time slot will be eliminated. How?? As we said that Metaverse would be the next advancement in the Internet world. Many experts have been saying that Web 3.0 would be the combining of the physical world with the virtual world. A user can develop his own virtual world according to his will and interact with the digital goods and other characters in the Metaverse.
Metaverse From The Investors Point Of View
The news of Facebook changing its name to “Meta” and the announcement of Metaverse by Facebook within 5 years have created a sense of competition among other leading brands and this has fastened up the Metaverse process.
Well, if you look at the metaverse from the investor’s point of view then it is the perfect time to invest. All you need to do is pick up the top Metaverse stocks and invest in them.
To get a clear idea about why you should invest in Metaverse for a higher return value in the future, we have mentioned the market coin-sized graph below.
The graph above is self-explanatory why you should pick up the metaverse stocks to invest in right now. Well, give us a chance to explain the graph above. The present market value of the Metaverse is $148.5 billion. Facebook (now Meta) announced that it would launch its Metaverse within 5 years. If you look at the graph then the market size is expected to grow up by 3.21 times. But if you look at the longer run, say upto 10 years then the Metaverse Market Size will reach around $1,542.9 billion. That is 10.39 times the present Market size.
The graph makes one thing clear that investing in the Metaverse stocks would be beneficial in the longer run.
NFTs In Metaverse Play To Earn Games
The sector that is expected to get affected by the Metaverse concept the most is the Gaming industry. Well, there are various gaming projects that have already started to work on the Metaverse concept and introduced the concept of NFTs in them.
These Play and Earn games invite players to come, play and earn the NFT tokens from its platform. We know that it’s hard to believe but yes, my friend it is true. To clear your doubt here we are with the example of the game that is offering the NFTs to the winners and you can also create your own NFTs in the game. The name of the play-to-earn game is Axie Infinity.
Axie Infinity is the pay-to-play-to-earn game or also known as the play-to-earn. The game is an online NFT based video game that was developed by Sky Mavis, a Vietnamese company.
It is also categorized as one of the best Role-playing games (RPG). In the game, the players breed the special characters known as the Axies and use them to fight with other players in the game. These Axies are the NFTs that the players can trade within the game.
The player needs to buy at least 3 Axies before joining the game because Axies attack in groups. In the 2019 update, the developers introduced the features to buy the plot in the game.
According to a report by CNBC, Axis was the most played game in the Philippines during the Covid Pandemic. It became the main source of income for the people of the country.
Here is the list of the best Play To Earn Metaverse games.
- Axie Infinity
- Alien Worlds
- Gods Unchained
- Farmers World
- Plants vs Undead
- My Neighbour Alice
- Cryptoblades Kingdoms
- Blockchain Monster Hunt
How Are Big Brands Entering The Metaverse Era
Big brands like Nike and Gucci are planning to use the metaverse concept in a very specific way. These brands will be using AR and VR technology to make virtual stores and cater to their customers the virtual try-on.
Although various companies such as Lenskart provide a feature to the users to try the virtual try-on. The introduction of the Metaverse concept will definitely amplify the user experience in this aspect.
Not only the fashion brands, the car, and jewelry brands also see it as an opportunity to set up the Metaverse and display the product in the virtual 3D world.
Disney is another name that has joined the race of Metaverse. The Disney company is planning to launch the Virtual 3D theme parks for the fans who cannot make it to the real theme parks. Other than the Theme parks, Disney will very soon present the “Galactic Starcruiser”. The Disney Metaverse concept will let you be a part of the Star Wars story and your every action will directly affect the storyline.
Other than creating their own Metaverse the brands are going to do the sponsoring. Sponsorship is something that brands always do in the physical world to get their name publicized. For example, Louis Vuitton created a game to get more reach among the Young audience and try its hands in the NFTs.
The Metaverse and the NFT concept are going to be the future of the internet. But the fact cannot be denied that many of us don’t have the proper knowledge about the concept. According to the recent stats out of all the people who have created the NFTs of their digital artwork, only 5 percent are women. We can conclude that either they don’t have enough knowledge about the subject or still think that investing in the Metaverse NFTs is a risk
Well, whatever may be the reason, we hope that our guide to NFTs and Metaverse has cleared all your doubts. If you still have any doubt left in your head then feel free to ask us in the comments sections. We will surely reply to you as soon as possible.