Non-fungible tokens (NFTs) may have been created in 2014, but their popularity has defied even the skeptics initially dismissive of the new digital asset. The popularity of NFT gained traction in 2021 thanks to the input of auction houses that contributed to its explosion when they began listing NFT collections on their marketplace.
Toward the end of last year, the social media colossus, Facebook, took a giant leap into virtual reality (VR) as part of its drive to venture into the virtual world, culminating in the rebranding of the company to Meta.
As it spearheads the move to what is ultimately called the Metaverse, Meta is poised to introduce the next generation of digital technology to the world.
The Link Between NFT and Metaverse
It is widely known that NFT and the Metaverse are two different concepts that have become buzzwords in the minds of the current generation of enthusiastic digital fans. Still, there is a somewhat bond that seems to connect them.
The Metaverse, in a simple definition, is the 3D version of the internet where virtual reality is at the center of everything. An NFT is a collection of digital assets hosted on a blockchain network, and it can be anything from art collectibles to avatars of various patterns.
To fuse the two concepts, Oleg Foranov has revealed how the two distinct realities can be integrated to become a common entity.
Fonarov disclosed that NFTs could be integrated into the Metaverse by creating a virtual marketplace where users can view assets in the virtual space and combining the digital arts into the web3 ecosystem.
Furthermore, Oleg noted that they could further incorporate virtual land purchasing options to make the Web3 additionally acceptable in the NFT ecosystem.
Lastly, Fonarov believes that when all the aspects have been considered, the move to Web3 will become an encompassing venture and a worthwhile endeavor.
Is The BAYC Attractive Enough?
Following the massive return on investment in the Bored Ape Yacht Club NFT collections, some people who failed to get their hands on the lucrative deals that investors have enjoyed are beginning to feel that they have missed out on the opportunities that abound there.
Experts have pointed to the next big opportunity to usher in another boom phase for the BAYC platform. Yuga Labs, the creators of the BAYC NFTs, has put considerable effort into the new project, Drunken Monkey Club.
Not only are holders of the new NFT pieces allowed access to the virtual Metaverse world, but they are also entitled to a unique experience in the real world.
The Drunken Monkey Club is considered the latest exclusive private members’ club with a complete lifetime of access so long as they hold onto their collections. Although people feel that they have missed out, the reality is that the coming of the Drunken Monkey Club comes with a second chance.
The world of NFT has come up with another way to move to the Metaverse.