Role of NFT and Cryptocurrency in Metaverse
Let’s dive deeper into the Metaverse concept by drawing parallels with a social network like Instagram. You go to Instagram with few desires of social acceptance:
- Meet your friends and make new friends
- Follow your fav celebs and interact with fellow fans
- BIGGEST REASON — to show the world that that you look cool, you have cool stuffs and you visit cool places. Of course, in many cases this is completely different from the reality.
But still the interaction is limited to likes, comments, and DMs.
Metaverse takes this to next level by mixing Virtual Reality with Social Acceptance.
Instead of your posts and photos, your online representation is able to interact socially. And this persona is known as your Avatar.
Just like a human in a real world, this avatar needs few critical items to be able to participate in Metaverse. Example:
- identity
- how i look
- what clothes, shoes i wear
- cars
- house
- land
- art collection
In addition to above belongings, avatar can enjoy experiences like with friends.
So to acquire the experiences or belongings for your avatar, you need to pay money in Metaverse. And that payment is done by cryptocurrency. And these unique belongings are called NFTs.
You can buy a Nike shoes
BTW, a ‘Yacht NFT’ was sold for a Record $650,000 USD
This post was created with Typeshare
