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11 Important Things to Know About The NFT Powered Metaverse

In 2021, almost 41 billion dollars worth of crypto was spent on NFTs.

The NFT Metaverse is changing the entire landscape of the internet as we speak. But do you know how it’s happening? 

NFTs or non-fungible tokens are like one-of-a-kind trading cards. These art pieces can go for thousands of dollars. Blockchain gaming however puts these art pieces in a price range for the everyman.

Digital ownership is finally upon us. Imagine having your very own Fortnite skin that you can use as an AR filter on Instagram. This is the exciting future that NFTs can bring.

If you’re ready to take the plunge into this new chapter of the internet, keep reading!

1. What Is The Metaverse

Before we get into anything too technical, let’s go over some basics. First and foremost, we’ll get into what the Metaverse actually is.

Mark Zuckerberg unveiled their Metaverse in late 2021 when Facebook rebranded to Meta. Tied quite closely to virtual reality (VR), their Metaverse Horizens is set to be the future meeting space. 

When discussing the Metaverse, it’s hard to avoid thinking about Ready Player One. Unfortunately, we aren’t at a point where we can almost fully exist in the metaverse, but we can get pretty close. As we’ll get into soon, there are countless economic possibilities within the Metaverse.

There are also other metaverses. In essence, metaverses are digital worlds that grow with the creativity of the users. Some centralized and some decentralized using blockchain.

2. The Blockchain and You

You may already be familiar with the blockchain if you’re into crypto. Naturally, it’s also used with NFTs. 

The blockchain is instrumental within the NFT-powered metaverse. This is the ledger where all transactions are recorded. This ledger will also be where you record your ownership of any given NFT.

In metaverses, NFTs take the form of digital assets like real estate and skins. The blockchain keeps track of everyone’s purchases for future trades.

Blockchain-based gaming requires purchasing these assets with crypto. This ensures the security of users and their virtual assets. 

3. NFT Price Ranges

You may have seen the headlines about outrageous prices NFTs go for. While that was an exciting time in history, the NFT game is changing.

Collecting NFTs has gone more toward blockchain gaming. That is to say, they’ve gone the way of smaller prices at a higher volume. 

It’s all well and good to sell one piece for well into the six-figure numbers, but the hype has slowed down. This new wave of NFTs brought on by blockchain gaming offers practicality. The best NFTs to buy these days are ones that you can use in a digital world.

The new trend in NFTs brings the price down to more palatable prices. These days there are even free NFTs! These free NFTs come from play-to-earn NFT games.

4. NFT Metaverse to Create a Community

One of the key advantages of metaverses is they bring people together. After the pandemic, virtual meeting places skyrocketed in popularity. Take Discord for example!

Before the pandemic, Discord was largely only for gamers. Now, two years later Discord is a hub for like-minded individuals to gather digitally. 

Metaverse promise to take this community to the next level. With NFT real estate, this will create entire virtual neighborhoods. 

This heightened sense of community promises things like NFT avatars. These avatars will make the digital world feel even more real.

5. How to Buy Metaverse NFTs

If you’re ready to get your hands on your very own NFT, we’ll teach you how! 

NFT marketplaces are cropping up everywhere. How do you know where to go?

Before you do anything, you’ll need a crypto wallet. As previously mentioned, crypto makes the NFT world go round. 

Next up, you’ll need to buy Ethereum. This is the most common blockchain for NFTs. Once you have ETH you’ll be ready for the marketplaces!

The best NFT marketplace will be more than a marketplace. You’ll want to find a marketplace that fosters a community. Things like contests and regular blog posts are something to look for.

Another hallmark of a good NFT marketplace is that it’s backed by reputable brands. Always be sure to check your marketplace before you do anything!

6. In-Game Economies With Real-Life Benefits

One of the coolest things about metaverses is they have real-life benefits. When you buy an NFT, it’s an investment. 

Even NFTs purchased for around 10 dollars have the potential for a good turnaround. This is even more true in digital worlds like the Metaverse. When people can see your NFT, there’s a big chance someone will want to trade.

Where NFTs are more accessible, NFTs are now small purchases with large returns. This large volume of low-cost NFTs allows for large resale opportunities. These are the best NFTs to buy as a beginner.

Outside of the Metaverse proper, Blinkos makes NFTs fun. These guys start at low prices and you can level them up. They make for a fun trading experience. 

Blockchain games are probably the most fun way to invest there is! 

7. Virtual Real Estate

We alluded to this earlier in the article and you’re probably wondering what this entails. It’s exactly what it sounds like!

This is another exciting investment opportunity. Creating and selling real estate in metaverses is the new way to be a real estate tycoon.

In a digital world, builders aren’t confined to real-life constraints. This of course allows for infinite creativity. Imagine if you could sell your houses in the sims for real-life money and you’ve got metaverse real estate.

It’s an interesting investment opportunity, to say the least. It’s also how metaverses are built into something great. Metaverses thrive off the creativity of their users. Buildings in metaverses make that digital world that much better!

8. Digital Scarcity – How NFTs Are Different From Webkinz

You may have heard “NFTs are just like Webkinz!” and we’re here to tell you that’s false. 

At first glance, this might seem like a fair assessment. However, Webkinz operated a little differently. 

On Webkinz World, there wasn’t a set amount of golden retrievers. At any given time, there was the exact same golden retriever wearing the same outfit. NFTs are built on the principle of digital scarcity.

When NFTs are minted, there is a set amount of them. The blockchain also means that there is a record of who owns which NFT. This also means that trades are documented as well.

NFTs are an investment in that they’re able to be sold and traded as NFT stocks. Webkinz on the other hand cannot be traded.

9. How to Sell NFT Art

If you’re an artist looking to get in on the NFT hype, go for it!

A lot of NFT marketplaces facilitate the creation of NFTs on their site. This is the best way to sell your NFTs. It’s secure and you know your NFTs will be up to snuff for metaverse purposes. 

The first steps will look the same as buying an NFT. You’ll need a wallet, and to decide on a marketplace.

When you’re selling an NFT, you’ll also have to decide on how you’re going to sell it. There are three main ways to choose from.

A set price is how it sounds. This means that you’ll set a price and that’s what it will go for. It’s exactly like buying something at a grocery store.

Timed auctions are auctions that will end at a set time. This option will mean that whoever put in the highest bid at the end of the auction gets the NFT. This may mean that your NFT goes for a lower price than you were anticipating.

Finally, there are unlimited options. These are auctions that end when you say it ends. When someone puts in a bid that you like, you can jump on it!

10. A New Virtual Meeting Space

If there’s anything that we’ve learned from the pandemic, is that there’s always a better way. If we couldn’t meet in person, we found a way to have meetings from everywhere.

Metaverses are an opportunity to improve on what we did with Zoom and Slack. It’s not a huge step to go from a Zoom room to a digital world. Also, meeting in a metaverse would just be cooler.

As metaverses flourish with creativity, the meeting spaces will get better and better.  

11. NFT Avatars

Metaverses give us the unique opportunity to be an enhanced version of ourselves. NFT avatars give us the epitome of digital ownership. 

NFT avatars may not be an investment, but they’re unique to you. These avatars are the best way to be recognizable in metaverses. 

Since these avatars are yours and yours alone, you can use them across different platforms. NFT avatars can also be great investments as they can be traded or sold for better ones!

Join The Fun

The internet has entered a new chapter and web3 is taking over. The NFT powered metaverse is the way to create the worlds of our dreams. No matter if you’re looking to invest or join in on the fun, digital worlds are in the future for good.

If you’re looking to read more about this exciting future, check out our blog!