Non-Fungible Tokens (NFTs) and Metaverse are two of the most unique innovations in the recent times. Both are distinct technologies but Metaverse is said to be the game-changing technology of the future. It has even integrated NFTs into its sphere. So the question is what this Metaverse is and what is its purpose?
Metaverse – A Virtual Hangout Place
The birth of Metaverse is because of the video games. For instance, there is a game called “Skyrim” which comprised an explorable virtual world. Since the gaming industry is thriving and evolving a great deal, there are thousands of games comprising virtual worlds. Within these virtual worlds, the gamers can interact with other players, buy items and objects such as lands, buildings, playable equipment etc. So this concept created the need to have a virtual hangout place which further evolved into Metaverse.
It is true that there is a huge majority of people comprising of kids and adults who love to spend several hours playing online games. Metaverse is supplying these gamers a virtual place where they can hangout with others virtually. So the Metaverse is a virtual place comprising many games in it where each game has its very acquired an area. The Sandbox is currently the best Metaverse game and perhaps the most investment oriented game of the time.
The concept of Metaverse is so intriguing that it is drawing attention of not only games but also of investors, influencers, entrepreneurs and global brands. So basically it is an overhyped concept which has already surpassed its inherent object of providing a digital domain.Globally famed celebrities are becoming part of it and spending huge sums of moneys in buying virtual lands for building landmark properties in the Metaverse.
For instance, American rapper Snoop Dogg bought a land in the Metaverse where he is building a luxurious mansion. In this mansion, he will be organizing virtual parties where participants can join in by paying the host in NFTs.
An Investment Opportunity
Metaverse is now being looked as a great investment opportunity. Individuals as well as public and private institutions are seriously thinking for investing in it. Already some have even joined the band-wagon and the top most inclusion in Metaverse is that of JP Morgan.
JP Morgan too has acquired a virtual space in the Metaverse. The purpose of the acquisition is to develop an industry within this virtual space. According to JP Morgan, the investor has seen great potential for developing a gateway through its virtual space for hosting access points for the platforms of digital assets. Also JP Morgan wishes to promote culture of JP Morgan-backed gaming platforms to game developers and virtual space developers. The investor has in fact launched its services in the Metaverse and is hoping a great response and rightly so.
World’s top corporations believe that the birth of Metaverse is by far the best thing that happened in the history of mankind. Whether it is true or not, however, what is true is that Metaverse has removed the barriers between reality and fiction