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The term “metaverse” has become more common throughout the second half of 2021. A metaverse refers to a digital ecosystem where elements of the virtual and physical worlds combine. It is the belief that one day the metaverse will represent an interoperable space powered by the internet and the upcoming Web3.
Metaverse projects have been under development for several years. Many have incorporated key elements from the cryptocurrency industry including blockchain technology, tokens and components of decentralized finance (DeFi). However, what has really spurred development is the integration of NFTs. Thanks to NFTs, users are able to take on a unique identity within this digital space.
What is an NFT Metaverse?
An NFT (non-fungible token) metaverse is a digital world that allows users to build, own, monetize and trade decentralized digital assets. These metaverses are built on a blockchain which then records transference and ownership.
Non-fungible tokens are digital tokens that are used to represent ownership of an item. Within the cryptocurrency sector, NFTs have been used to represent both digital and physical items, including digital art. With regards to the metaverse, projects have utilized the technology so that users can own parcels of digital land, avatars and other virtual objects.
While the ownership of NFTs adds a new element to these digital worlds, many projects are under constant development to further improve user interaction. Several projects are now pursuing solutions with both augmented reality (AR) and virtual reality (VR) technology. Developers hope that technology such as this will enable users to interact seamlessly with these new virtual ecosystems.
Augmented reality allows for the physical world to be incorporated and enhanced with digital objects. This is achieved by overlaying visual or auditory data over images of the real world. This type of technology was popularized by the Pokemon Go game, which was launched in 2016 by Niantic Labs.
When applying this technology to the metaverse, it is the hope of developers that the virtual and physical worlds can be combined. Instead of users being in an entirely virtual world, elements of the metaverse will be brought into the physical one. For example, digital assets, represented by NFTs, can be viewed within physical environments, such as one’s own home.
What is a virtual reality metaverse?
Virtual reality takes things one step further. Instead of overlaying elements of the digital world into the physical world, virtual reality creates an entirely computerised environment. Users of virtual reality technology are transported into a 3D world that can be interacted with. The technology is designed specifically to make users feel immersed.
Developers of virtual reality metaverses are looking to create digital representations of users within the virtual ecosystem. In the virtual ecosystem, users may be able to move, play and interact just as they would in the real world. By combining these virtual realities with NFTs, users will be able to swap avatars or different digital assets that they own.
List of top NFT metaverses
Here is a list of the most popular NFT metaverses, their platform and their token, if any.
Although several companies are working to create metaverse projects, many developers within the space hope that one day all metaverse worlds will be combined. The development of the metaverse will be simultaneous with Web 3.0, which encourages increased interoperability.
Other than the intention of combining the digital and physical worlds, little is known about Facebook Meta’s vision of the metaverse.
NFTs act as a key entry point for many metaverse projects. This inevitably means a user must own an NFT to take part in the ecosystem. The most popular route to buy NFTs is by spending cryptocurrencies such as Ethereum.
Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly
volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of
future performance. Consider your own circumstances, and obtain your own advice, before relying on this information.
You should also verify the nature of any product or service (including its legal status and relevant regulatory
requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may
have holdings in the cryptocurrencies discussed.
James Hendy is a writer for Finder. After developing a keen interest in traditional financial investing, James transitioned across to the cryptocurrency markets in 2018. Writing for cryptocurrency exchanges, he has documented some of the key blockchain technological advancements. James has a Masters of Science from the University of Leeds and when he isn't writing, you will either find him down at the beach, reading (coffee in hand) or at the nearest live music event.
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