Are Metaverses Essential for NFT Boom
The digital collectibles market has been on a roll, and a majority of the players in it are blockchain-based games. The latest craze is Cryptokitties, where users can breed, raise and trade virtual cats. In case you didn’t know, some people have spent more than $100K on virtual cats.
Technology keeps advancing and changing for the better. The VR technology and metaverses are getting improved, with some suggesting that VR could lead to the death of MMOs in the near future.
Metaverses in Virtual Reality Worlds
Although no game has come close to matching the popularity of World of Warcraft or Second Life, VR worlds that are similar to MMOs have begun to emerge. Metaverses are akin to MMOs in many ways; user-generated content is accepted, any person can join the game at no extra cost, and users’ interactions with each other define how the world evolves.
Clearly, in order to maintain the NFT boom, VR and metaverses are critical to the future of NFTs.
NFT and Metaverse ecosystem: The Battle for Collectibles
As mentioned at the outset, the digital collectibles market has been on a roll, and a majority of the players in it are blockchain-based games. Cryptokitties is perhaps the most well-known NFT game, where users can breed, raise and trade virtual cats.
Some might argue that it is too early to say whether VR will play a decisive role in the next-generation digital collectibles market. However, if you consider how many people are getting attracted to metaverses in general, the future of NFTs looks bright.
We have seen quite a few investment companies, including Sequoia Capital and Andreessen Horowitz, putting their money in NFT games – Cryptokitties among them. In fact, it has been estimated that there are over 1 million users playing the game every month.
Major Brands Showing Interest in Metaverses
There are many companies like Microsoft, Facebook (Meta), and even Walmart that are paying attention to this new technology and investing in it.
The blockchain-based virtual reality projects that we have seen thus far, like Decentraland and High Fidelity (developed by Philip Rosedale, the creator of Second Life), look very promising.
It is worth noting that while there are some concerns around the scalability issues related to this technology, the NFT and VR equipment is essential to its expansion.
Until the VR and Metaverse technology matures to a significant extent, we might see NFTs having limited applications in the real world. However, once it does, we could be looking at a whole new world (no pun intended) of NFT mobile games and various other domains that integrate virtual reality with blockchain.
It is still too early to say much about the specific NFTs, but it is safe to assume that the top 3 must be The Sandbox, Enjin, and Decentraland. If you want to be sure, you can check the trending NFTs so as to invest in the right manner and get good returns for your investments. There will be so many other NFTs that will be introduced into the market in the coming months.
Conclusion
Less than a year ago CryptoKitties was launched which took the blockchain world by a storm leading to millions of dollars in trading volume daily. The virtual cats were bought, their ownership registry grew exponentially.
In conclusion, VR might seem complicated right now given the fact that Metaverses are not as popular as traditional MMOs. We will certainly experience major shifts in the world of technology, in the near future. However, it is safe to say that the NFT boom will definitely rise alongside VR and metaverse technology.
