The Top-5 Examples of Applying NFT in the Metaverse

We've already touched on this issue in part. The NFTs of the Metaverse can represent almost anything, but most of the time we're talking about the following five types of objects.

The Land of the Metaverse

There are five official sites where land is bought and sold in the Metaverse. These are Decentraland, The Sandbox, Somnium, Cryptovoxels, and Upland, all regulated by Meta Platforms. As we said above, NFTs and cryptocurrencies are used to implement transactions to buy and sell virtual land.

The land itself is an NFT, it is non-interchangeable and exists in a single instance. Each site has its own tokens for settlement. For example, Decentraland uses the cryptocurrency MANA. An interested person enters the site, deposits funds in MANA or another cryptocurrency (in which case the funds are equivalently converted), and buys NFT on the ground. Subsequently, if necessary, sell, and withdraws funds from the site.

NFT gaming

This is another area that exists at the intersection of blockchain, the Metaverse, and NFT. Many experts consider it even more promising than virtual land (although land now costs from $13,000 per lot, and is constantly rising in price). Many games use NFT. The top ones to make money as of 2022 are Gods Unchained, Axie Infinity, The Sandbox, Alien Worlds, and Embersword.

What's the point?

The point is that in these games, the most valuable in-game items are NFT. Roughly speaking, a sword for your knight is an NFT. This means it's one of a kind, it can't be tampered with, and there's an opportunity to sell it. To whom? To another player, an auction, or an NPC character. The proceeds from the sale can be used to develop your hero (to buy him another sword, for example) or deposited into an external wallet and then converted into traditional currency.

The problem with NFT games is that there are hundreds of scam projects that allow you to add money to the platform, but don't allow you to withdraw it. In addition, many games are still raw and either not interesting in general, or not developed enough to show real commercial potential. Therefore, it makes sense to invest only in top projects.

NFT Art objects

Suppose you are an artist and draw a digital picture. What is the best way to sell it? In the past, you would put it up on DevianArt and promote it on Instagram. Now it is more profitable to transform the picture into the NFT format and put it in a gallery of some exchange or virtual site, for example, in Decentraland quite a lot of galleries.

Or you can buy digital land and build your own showroom. For example, that's what Bram Vanheren did - he has his gallery in Decentraland, which is called Vegas Arts Village. There you can admire his works for free and buy the ones you like.

This is true not only for paintings. In the Metaworld, books, songs, sculptures, movies - everything, if you want, is presented in the form of NFT. An object of art can exist in reality and you don't have to digitize it, all you have to do is create NFT and sell it.

NFT Digitized real-world objects

Continuing the topic of converting real-world objects into the NFT of the Metaverse, we can't help but touch on this unique area. The fact is that many companies are now digitizing physical objects - cars, buildings, and even entire cities. Digital avatars are then converted to NFT and sold. Or keep them, as the owner decides.

Digitized houses are widely used to create unique spaces in the Metaworld. Say you have virtual land and want to build on it the neighborhood you grew up in. Then you go to Matterport or a similar company, they digitize the right objects for you, you buy those objects from them in the form of NFT and transfer them to your land.

All this requires a fabulous investment, but the cost of actually recreating the area will be high. Especially if you promote the project. But usually, such things are done, as we say, for the soul.

One-time-use NFT items

Blockchain, NFT, the Metaverse - all these phenomena are tied to social interaction. People communicate, fall in love, fight, create or destroy something together, or maybe just have fun in online shooters. In the digital space, these interactions require connecting objects, and we've already given a couple of examples above.

Let's imagine you have a famous Rock Band and you're giving a concert in the Metaverse (say, The Sandbox). What's the best way to sell tickets? That's right, in the form of an NFT! It's easier, more profitable, and ensures there's no fraud. And NFT also has the ability to offer drinks at the bar. Any one-time-use item can be a non-exchangeable token. For example, in online games in addition to items of equipment and skins in the form of NFT, there are also items that offer unique buffs (temporary improvements in character features).

In the next article, we'll talk about how to choose NFTs in the Metaverse.

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