In the not too distant future, it seems inevitable that we’ll be able to seamlessly immerse ourselves into any virtual world. This is thanks in part from advancements made by the innovative minds who have been working hard on technologies that bring us closer to the fully immerse world called the metaverse.
As the concept of the metaverse evolves, so too does commerce in this virtual world. One of the most exciting aspects about the metaverse is how virtual economies can and will be created.
Though many are still in their infancy, there’s potential for these platforms to grow and change over time as they continue to evolve. At the core of these virtual economies is NFTs (nonfungible tokens) which will likely become the very fabric of the metaverse.
But what is a metaverse NFT and what’s its value to the metaverse? If you find yourself asking this question you’re not alone. The very concept of what an NFT itself can be a bit confusing.
What is a Metaverse NFT?
Metaverse NFTs are unique digital items where the ownership and other information is coded into the token.
But before we get into the technical nitty gritty of what is a metaverse NFT, understand that NFTs use the same blockchain technology that powers cryptocurrencies. NFTs are stored on select blockchain ledgers such as Ethereum and Solana.
NFTs Are Ownership Rights
The simplest way to explain what an NFT is by imagining you own the original painting “The Starry Night” by Vincent van Gogh. Because you are the owner, you control where its displayed and who sees it. When you purchased the painting, your name is added to something call the provenance.
The provenance is a record of ownership of the painting. It also helps confirm that the artwork is the original and authentic. Now apply this to the digital world and you get an NFT. Metaverse NFTs are unique digital assets with the ownership information coded into the token. Like a painting, there may be copies but you own the original.
What Are Metaverse NFTs?
NFTs transform digital works of art and other collectibles into one-of-a kind, verifiable assets that are easy to trade on the Ethereum blockchain.
They can be pieces of art, music, sports trading cards, in-game items, and much more. They are unique digital items with a limited quantity, for which the ownership information is coded direct into the token. These tokens can be thought of as ownership certificates of virtual assets.
This unique non-transferable identity is used to distinguish it from other tokens. As an example cryptocurrencies such as Shiba INU, which when bought, sold, or traded is an exact duplicate of itself with no unique metadata.
Can Metaverse NFTs Be Duplicated?
NFTs are designed to give you ownership of the work, and cannot be duplicated by others. Sure, one could take a screen shot of an NFT for their own use, even share it with friends. But ownership of a NFT asset is confirmed by means of verifying a token and secured by the Ethereum blockchain. No one can modify the record of ownership or do a copy and paste a new NFT into existence.
This means that no matter how many copies you try to make, there will always remain one original and authentic version registered on the blockchain ledger.
How are NFTs used in the Metaverse?
NFTs allows complete ownership of a digital asset when previously in virtual worlds users only “rent” the digital asset. Using video games an example, purchasing items such as weapon skins, playable characters, or even multiplayer maps is a form of renting. You do not take ownership of these digital assets, and there could be millions of others that purchased that exact same game assets as you. This is genius of NFTs as they cannot be copied or duplicated.
NEVER MISS A STORY
Sign up to get the latest from 411 Metaverse, straight to your inbox.
When you purchase a piece of NFT artwork from a platform such as Rarible, only you will be able to show off this NFT in the metaverse. Because NFTs can’t be copied or altered, they are especially suited for the metaverse.
How to Buy NFTs
The first step in buying NFTs requires a digital wallet connected to an NFT marketplace. There are many options for this, including Metamast, Binance, or Coinbase which you can connect to the marketplace of your choice when planning to buy NFTs.
Another consideration you’ll need to make when opening an NFT marketplace account, is what type of tokens does it support? Some sites allow for a wide variety while others are more closed. When signing up with an online marketplace be sure to fund your blockchain wallet with the right crypto or token required to participate in the site’s marketplace activity.
You are ready to browse and buy NFTs once you have a digital wallet connected to a NFT marketplace.
Where to Buy NFTs
There are a lot of NFT marketplaces out there for you to choose from. So, we’ve compiled a list of 17 different NFT marketplaces that you can start using today.
Here is a list of the most popular NFT marketplaces in 2021:
- Axie Infinity
A video game where players can collect cartoon pets and battle other users or castles in order for them to build farming kingdoms where they are able to place their character’s NFTs (non-fungible tokens).
Category: Video game - Decentraland
A new virtual world where users can explore casino’s, underwater kingdoms and space. A user builds their land holdings with an easy-to use builder tool that allows them to amass power & influence in this metaverse. Playable with a VR headset or from a web browser, the game functions as a self-contained marketplace where users can buy and sell land, estates, avatar clothing and names registered on the Ethereum ledger.
Category: Video games, metaverse - Foundation
A platform that aims to build the future of creativity: an economy where creators can use Ethereum’s blockchain and reap stronger connections with their supporters. Creators’ work is arranged in a grid of cards, with trending auctions at the top of the page followed by featured artists. Works are listed at a reserve price, and bids can be placed for 24 hours, with a 15-minute extension if bids are placed in the last 15 minutes.
Category: Digital art - GROW.HOUSE
The newest game built on Polygon network, designed for gamers who are looking to farm their very own cannabis plants and earn some $GROW tokens. You can also buy NFTs using these tokens as payment. There’s even an auction section where you’ll be able learn everything about yield farming.
Category: Video games, metaverse - MakersPlace
A gallery of digital artwork stylized around creator collections and profiles. The websites feature short films, heady motion graphics, and images of lunar landscapes, reimagined statues and mythic gods. Each piece is issued and signed by the creator and permanently recorded and verified through the blockchain. Work can be purchased through digital auctions or fixed price sales, using ether or a standard credit card.
Category: Digital art, virtual reality, short film, motion animation
- Mintable
A two-sided NFT marketplace for buying and selling that resembles eBay. Built on the Ethereum and Zilliqa blockchains, the site is integrated with MetaMask. Creators have options to mint free “gasless” NFTs, short-run printable series or traditional transaction-based items.
Categories: Digital art, photography, videos, games, templates, domain names - NBA Top Shot
This game which is licensed by the NBA lets fans collect and trade digital “moments” from the NBA. Released in limited-edition sets ranging from $9 to $230, or available through open trade on the broader marketplace, moments feature video highlights, player stats and box scores. Collectors can display curated collections, follow their favorite teams and even trade assets secured on the company’s own blockchain, Flow.
Category: Sports collectibles
- Nifty Gateway
A centralized U.S. dollar marketplace that works with artists and brands to create Nifties — a branded term for NFTs. Sales are structured around “drops,” in which collections are made available for a limited time — typically three-week increments. After a drop ends or an artwork sells out, Nifties can be resold through the site’s peer-to-peer marketplace.
Category: Digital art
- OpenSea
Find everything from virtual real estate to sound loops on this marketplace. A stats tab — almost like a stock ticker — ranks sellers by volume, average sale price and the number of assets sold.
Categories: Digital art, music, games, domain names, virtual worlds, sports, collectibles
- Rarible
NFT marketplace where users can mint, buy and sell digital collectibles. Governed by the rules of the Ethereum blockchain, which allows for public, permissionless use. A governance token known as RARI allows the most active buyers and sellers to vote for platform upgrades and participate in moderation decisions.
Categories: Digital art, photography, music, games, metaverse, memes - Sorare
Cryptocurrency-based fantasy soccer league where users can collect player cards as NFTs and then use them in online competitions. The site has 180 licensed clubs, including the teams of Major League Soccer, and all transactions are done in Ethereum.
Category: Sports collectibles - SuperRare
A peer-to-peer marketplace for buying and selling single-edition digital artwork. Transactions are made using ether, the native cryptocurrency to the Ethereum network.
Category: Digital art - The Sandbox
A video game where players can monetize experiences through the Ethereum blockchain. A cryptocurrency known as SAND functions as the game’s usage fee and utility token. A web-based marketplace lets users upload, publish and sell creations made in VoxEdit, a 3D voxel modeling package, as NFTs. The Sandbox provides creators true ownership of their creations as non-fungible tokens.
Category: Video games, metaverse - Valuables
A auction marketplace for Twitter tweets for payment in ether. Buyers can place bids by entering the tweet’s URL or the user’s handle in a search bar. Minimum offers start at $1 unless the seller has set a reserve price.
Category: Tweets
- Venly
A peer-to-peer NFT marketplace allowing users to create, buy and sell game characters, weapons and collectibles without needing to worry about getting cryptocurrency first. Users can link their accounts to digital wallets to buy and sell assets from blockchain games, such as The Sandbox, Ethermon and Vulcan Verse.
Category: Video games, metaverse - Zeptagram
A marketplace that allows musicians to tokenize tracks as NFTs and sell a portion of the ownership rights to fans and investors. Through smart contracts, musicians and their supporters receive royalties on secondary sales.
Category: Music, art, games, photography, video
- Zora
A decentralized auction house to help artists recapture value that labels, galleries and big brands have traditionally taken as a commission for service and distribution. Buyers can find music, video, images, GIFs and text NFTs for sale through linked Ethereum wallets like MetaMask, WalletConnect and Coinbase.
Category: Digital art
What Is A Metaverse NFT Final Thoughts
The metaverse is a virtual world that doesn’t fade. It’s always there, waiting for you to log in and explore new experiences. When we think about the future of commerce in this space, it becomes clear how important NFTs will be. As the technology of the metaverse evolves, the concept of commerce is evolving too. This technology will allow for more seamless and equitable transactions, and metaverse NFTs are at the core of this evolution.
