Metaverse And Its Importance | Digital World, NFTs, Gaming
Real World Assets, Security Tokens - June 13, 2021
We live in a real world. But what if we want to own a piece of a virtual world, can we? That’s where Metaverse fits in. This is a layer in Decentralized Finance or DeFi is that is seeing a lot of innovation and will see a lot of innovation in the coming years. In this video, we break down what metaverses are, how they work, and why they are important.
Metaverses are more than just about gaming. Decades ago, gaming was dismissed as something kids do. Now, gaming is a $200 billion industry. Companies from Activision Blizzard to Amazon’s Twitch are built on this industry. In the cryptocurrency and DeFi world, gaming is built on metaverses.
Digital land is increasingly being sought. This takes the shape of metaverses. Metaverses are digital worlds that can be owned by people. Ownership is obtained by buying tokens of a particular metaverse and exchanging them for land. Examples of metaverses are Decentraland, Somnium, Superworld, and Cryptovoxels.
Metaverse and NFTs
Metaverses are the evolution of NFTs and gaming. An NFT or a non-fungible token is a virtual unique asset on the blockchain. What if you wanted somewhere to store and showcase or show off the asset. For instance, let’s say you bought a piece of digital art. And you wanted a museum to show it off. Or you bought a music NFT and needed a club to play it. You can show off your NFT at a Metaverse. This is only the beginning of Metaverses. Metaverses are going to be the setup for gaming in the crypto world.
Dismissing NFTs is easy. People often said, “this isn’t as big as everybody says it is,” about the internet. They said this about Bitcoin, DeFi, NFTs, and now about Metaverses. But eventually, each of these technological phenomena took over. Metaverses will eventually take over the virtual world. Or better yet, it is the virtual world
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