Everyone knows it: NFTs are all the rage right now! More and more projects are popping up where users can deploy NFTs in metaverses. But how does it work, and what are metaverses anyway?
What are metaverses?
Metaverses are collective virtual community spaces. According to Forbes, the word “metaverse” may be a portmanteau of the prefix “meta” (beyond) and “universe.”
Today, we experience the Web only by using it. But thanks to new technologies, we will have it around us everywhere we go! We will use it all the time, which will greatly improve our lives!
Is it hard for you to imagine?
Metaverses evolve at an insane pace! Remember Pokemon Go? Pokemon Go came out in 2016. People wanted to walk around the city to collect Pokemon. The Pokemon weren’t physically there. But people were ready to catch them virtually with their phones! And Google introduced Google Glass in 2013.
Google Glass may have failed, and that’s why the hype around Pokemon Go has faded. But these events have shown us that metaverses are becoming a reality!
Our lives will become more and more a mixture of the physical world and the Internet!
Use of NFTs in metaverses:
But what’ll NFTs do to metaverses in the future? Well, quite a lot!
People will use NFTs in metaverses, for example, they might buy a painting as an NFT and hang it in their living room, and since the painting is represented as a singular NFT, it’s also a real asset. Only the person who owns the NFT also owns the painting!
Since this NFT has a certain value, it can be used as collateral in DeFi to borrow money. So NFTs in Metaversen will also enable a new era of capital efficiency!
Your ID / passport, your pet, TV, all your home furnishings, etc. – everything will be an NFT!
Perhaps NFTs are the missing piece of the puzzle to bring Metaversen to the masses.
How to make money with NFTs in metaverses:
Let’s look again at the capital efficiency of NFTs in Metaversen. You can use them as collateral to borrow money from DeFi protocols like AAVE.
But you’ll also lend your NFTs to others. Let’s say you own a very rare pair of Dior glasses as an NFT. And next Friday there’s a flowery party in your city, but you’re on vacation and someone wants to wear your fancy Dior glasses to the party.
What could you do?
You could lend the person your Dior glasses. The person will be superbly dressed at the party, and you’ll make some money.
Cryptocurrencies and NFTs are assets of the metaverse. They merge the physical with the digital in the simplest way possible and are the ultimate means of building the metaverse.
They can be bought and sold for real money and add real value to a thriving digital economy.
Because the blockchain is a public database, metaverse assets are (at least in theory) interoperable with all games and applications. All it takes is perhaps a developer’s decision to use an existing asset in their project, and a cross-platform experience and shared audience is born.
Metaverse assets are managed by a system user who can move freely throughout the Internet, and that’s the key to a ubiquitous digital experience that matters.
We have done our best to help new projects enter the blockchain market because we see the potential it has – not just for them, but for the entire space if applied correctly.
Scaling of the metaverse:
As the metaverse evolves, so does the need for infrastructure to support and scale the metaverse.
With Ethereum network congestion and sky-high fees, we released JumpNet, a solution tailored to the growing needs of our platform adopters. JumpNet enables instant, free, and green transactions and has unlocked the full potential of the Enjin platform as an asset creation service, saving projects many dollars in gas fees when minting and distributing NFTs.
Existing scaling solutions have allowed major systems like DeFi to scale a bit, but there is still a transparent gap in the market for an answer that enables the NFT metaverse we envisioned all those years ago.
While JumpNet is our immediate contribution to the NFT ecosystem by enabling transactions without onerous fees and environmental burdens, our broader vision is to bring true interoperability to the metaverse – across projects, platforms and networks.
Efinity – A blockchain designed specifically for NFTs.
By supporting fungible and non-fungible tokens from any blockchain, Efinity will enable innovators within the metaverse to succeed in the growing list of decentralized networks, both existing and future. Each NFT from each chain is often moved to Efinity, supercharging it with next-generation features that will support the arrival of a very free, global digital economy.
The next step on the project development path is the introduction of gaming functionality. Each NFT hero is often transformed into a gaming character from the SIDUS metaverse.
The mythos underlying the NFT Heroes story leaves a lot of room for imagination and future gaming scenarios. The story of NFT Heroes unfolds in the times of intergalactic war. Driven by different motives, 6,000 inhabitants of different blockchain planets have fled their homes and found refuge in an abandoned city. They decided to create a replacement society, free from the conflicts of the past. They chose a replacement identity for themselves – NFT Heroes – and named the new city SIDUS
Over time, it became a struggle for the heroes to coexist peacefully. Greed for power and scarcity of resources drove the NFT heroes to fight each other. NFT Hero Battle Arena will resemble famous fighting games like Mortal Kombat, Killer Instinct and Jump Force. NFT heroes challenge other players to duels, fight in the arena and try to move up in the social organization.
Heroes can upgrade themselves with Galaxy Modification and equip themselves with weapons from the Galaxy Marketplace to compete in the battle arena. The upgrade cards will randomly appear on OpenSea.io and thus on the NFT Heroes website. The upgrade cards will be available for purchase at ETH. The Galaxy Marketplace will feature a good selection of lightsabers, sonic grenades, armor-piercing projectiles and other next-gen weapons. The weapons will be sold in exchange for NFTS tokens, the native token of NFT STARS. Over time, the team will also introduce payments using the MILK2 token. More details will be announced in the future.
All in all, NFTs will be critical to bringing metaverses to the masses – or at least catalyzing that movement! It will be interesting to see how these technologies will converge over time. But two things are certain: metaverses are coming and here to stay! And so are NFTs! We are developing NFT marketplaces for metaverse. This one thing will make you a millionaire in 2021 – with NFT Metaverse.