NFT x Metaverse

After blockchain, the latest buzzword from the cryptoworld is NFT. Like blockchain, adding this to any subject gives it a trendy, high-tech halo. Now with metaverse added to the mix, NFT has acquired even more mojo.

Looking to make money from artwork? NFT isn't the magic ingredient. In the medium to long term, when the buzz subsides, it is the art, the presence of a sustained community of aficionados and an orderly market that will define value and price. Artistry, desirability, provenance, rarity, uniqueness and sparkle still count, just as precious stones are more valuable and much less common than stones. Nonetheless, NFT has potential in the digital world, not as a magic art booster, but as a convenient handle for digital goods.

As far as the gaming world is concerned, the metaverse is already here in the form of role-playing games: Axie Infinity, BlankosCryptoVoxels, Decentraland, Fortnite, GenshinRoblox, Upland, Sandbox, Somnium, StarAtlas etc. Want to dress up your avatar and arm it with a sword? Get them via NFTs. NFTs allow players to buy, own and sell an item within an ecosystem, a key differentiator compared to a jpeg (an NFT is a certificate of authenticity and a record of ownership changes). For example, Upland is a digital real estate replica of the real word, where one can potentially buy and sell the Burj Khalifa, Canary Wharf or Gangnam. For fun (has no bearing on the real world).