A guide to NFT and Metaverse ecosystem

Yes, you heard it right! We’re talking about NFT and Metaverse Ecosystem! A new concord in a fantastic world of digital revolution.

Though blockchain is a novel technology, but was readily accepted a few years ago and became popular. With it, came a new trend of NFT i.e. Non-Fungible Token, an unique and non-interchangeable unit of data, stored on a digital ledger Blockchain, which can be sold and traded on digital markets. And now, Metaverse is the hottest buzzword that revolves around the world of NFTs; and here lies the ecosystem.

NFT and Metaverse both have future prospects and that would be quite clear from the following statistics:

1. NFTs have grown to become a $41 billion market in 2021.

2. NFT market is set to expand to $80 billion by 2025.

3. The global Metaverse market size reached USD 47.69 billion in 2020 and is expected to register revenue CAGR of 43.3% during the forecast period.

That’s why tech companies are showing increasing interest in the ecosystem. And during the first week of November 2021, thousands of attendees, speakers and vendors gathered in Midtown Manhattan for the third annual NFT.NYC Conference. In that conference the new twist was a perceptible emphasis on the future of NFTs i.e. their use as building blocks in “Web3”: this merging will pave the way for NFT and Metaverse ecosystem.

Web 3.0:

Web 3.0 is considered to be the next big leap forward of the internet. The key word for this version of internet is “decentralized”. It is based on blockchain technology that includes concepts like token-based economics. This term was coined by Gavin-wood in 2014 that refers to a “decentralized online ecosystem based on blockchain.”

The Metaverse and NFT link:

Digital assets and their worth is the link between the Metaverse and NFT. The Metaverse is nothing but the link between physical and virtual worlds within the decentralised and open source virtual world. Cryptographic protocols will emerge for managing digital value, for example, digital art, real estate & advertising space etc. NFT’s will make this happen allowing for affordable and rapid transactions.

In simpler words, users can showcase their arts and property in the Metaverse and NFT will provide the proof of ownership to those art and property: that’s how the Metaverse and NFT is linked or interconnected.

How NFT impact a Metaverse?

◾ By providing a fair economy

◾ By extending the identity, community and social experiences

◾ By providing property ownership

Precisely, NFTs:

1. Are the primary token of the Metaverse world.

2. Will provide proof of ownership for all arts and properties of the Metaverse world.

3. Will act as a deed for the Metaverse properties.

4. Will act as access points for specific events.

How can we use Metaverse-NFT ecosystem?

Metaverse-NFT ecosystem can provide the users with a market place, where the user can get the facility of

◾ Promoting

◾ Trading

◾ Buying and

◾ Selling of digital assets, land, avatar etc.

Some of the major features of an NFT Metaverse ecosystem:

◾ Decentralized ecosystem

◾ P2P network

◾ Cutting-edge security features

◾ Secure storage of NFTs with IPFS system

◾ Easy NFT listing

How to create Metaverse-NFT marketplace:

With a few steps one can easily create such a marketplace. The steps are mentioned underneath:

i. As a first step one must choose a blockchain network. (Developers build NFT market places on various blockchains like Polygon, Solana, Flow, BSC etc.)

ii. You will need an interface for the NFT market so, construct it as a second step.

iii. To make the trading automatic, create a smart contract.

iv. Next you need to develop a database and then store it in the backend so that the track of NFTs, admins and users can be kept.

v. To secure your storage of NFTs, create an IPFS.

vi. At the end, before launching it, you need to do bug fixing.

Some of the major integrations for NFT Marketplace:

Here lies some of the major features, if integrated in your NFT marketplace would lead the path to success.

◾ Rarity

◾ 3D display

◾ Social Relationships

◾ Interactive experience

◾ Decentralization

◾ P2P interactions

◾ Tokenization

◾ NFT wallet integration

◾ Two-factor authentication

◾ Multi-layer security

◾ Interoperability

◾ NFT storage

Some of the recent NFT-Metaverse projects:

1. Decentraland MANA:

MANA, a metaverse platform that runs on Blockchain Etherium, allows users to create experience and monetize decentralized content and applications in virtual world. The main purpose of this is to create a virtual world (Metaverse) to help content creators, companies and individuals looking for new artistic mediums, business opportunities, or even other means of entertainment.

Features of this project:

A. Decentraland is divided into 90,601 digital plots, each plot measuring 265 square metres, represented by non-replaceable ERC-721 codes, and can be found at certain coordinates in VR. .

B. Buyers of digital plots can invest in them in several ways such as leasing and advertising and other users can also generate income by creating digital assets and selling them in the Decentraland market for Mana tokens.

C. Decentraland uses a Decentralized Autonomous Organization (DAO) structure, meaning that holders of mana tokens have the right to vote and influence decisions within the virtual world, such as proposing and voting on its policy.

Sandbox is a Metaverse and is based on the blockchain Etherium. The main idea is to allow users to create, buy and sell digital assets. Sandbox combines the power of NFTs and decentralized autonomous organizations (DAOs) to create a thriving gaming community. The platform uses its token known as Sand Coin to facilitate buying and selling transactions.

Features of this project:

A. The Sand Coin VR includes 166,000 digital plots that have been completely sold to investors and large institutions such as Binance and CoinMarketCap. These lands vary in size, and can be used to create digital games, or design any other assets and then sell them in the form of NFT’s tokens.

B. Digital Sandbox landowners can create their own games with the Game Maker provided by the platform. They can also design their own characters or any other tools to be used within the game with a tool known as (VoxEdit).

C. Any user of the platform can play the game you created. He can use the characters you designed and pay you for it with Sand Coin. You can also organize parties on your own grounds, and sell tickets for everyone who wants to attend and participate. The Sandbox project has succeeded in attracting tons of investors and thousands of users, and it continues to expand day by day with the growth of the metaverse field.

2. SandBox SAND:

3. THETA:

THETA is a network based on Blockchain technology. It is specifically designed to run a decentralized video streaming platform. The main objective of the project was to revolutionize the video streaming industry by overcoming the current pattern of centralization, poor infrastructure and high costs.

Features of this project:

A. The goal of the THETA project is to decentralize video delivery, data delivery and edge computing, in order to improve quality and reduce costs. The network runs on its own blockchain, and at the same time it is open source, and users can create new applications and services with it.

B. Theta has 3D appeal, allowing users to share and pair their computing resources and bandwidth with TFUEL tokens. The viewers get higher quality streaming services, and content creators increase their revenue by eliminating barriers between them and end users. And video platforms benefit by providing funds for infrastructure, and increasing profits from advertising and engagement revenue.

4. Bloktopia BLOK:

Bloktopia is a decentralized virtual reality skyscraper consisting of 21 levels. Users can access encryption information and immersive content in one place. Bloktopias can educate themselves in the basics or learn more advanced coding, and earn revenue by owning virtual real estate, playing games, building networks and more. Advertisers and sponsors can also invest in platform users through a dedicated NFT. By providing a VR experience to the crypto community, users can engage in an immersive environment.

Features of this project:

A. Upon entering the first level, you can get information about cryptocurrency prices, or turn to the support service. You can get all the latest news happening in the metaverse on that day.

B. The hall will host interactive and immersive video presentations from crypto influencers and will be part of key events in the Bloktopia metaverse.

C. There is also another gaming floor, where users can compete for BLOK in multiplayer games. There will be an option to purchase real estate represented by the NFT, which can then be rented to advertisers or used to host your events.

D. Users can unlock multiple passive and active income streams, access encrypted teaching and learning tools, and participate in virtual events and gatherings.