The internet has evolved the ways people interact with one another. From Web 1.0, that connected people online, Web 2.0 enabled people to create online communities to a new concept of Web 3.0. Web 3.0 has connected people to a community-owned virtual world.
As we transcend across timelines, the modes of communication have expanded. The internet’s infrastructure transformed from simply connecting people to tech giants creating virtual reality.
The Prospects of Metaverse
About 1/3 of our time is spent on the internet surfing through social media, watching TV, and playing online games. It means that we spend more time in the digital world than in the real-world activities. Digital activities such as winning bets on online games, maintaining social status on social media, and creating content for the social profiles are among some of the activities that take more time of our day.
Based on this analysis, our virtual social lives and online games have given rise to new prospects. The internet economy has created virtual consumer goods. The estimated revenue generation from virtual games would grow from ~$180 billion in 2020 to ~$400 billion by 2025.
The growing concept of NFTs has enabled game developers to introduce gaming assets that are worth like real-time assets. The monetization of in-game assets has shifted players from spending on playing online games to investing in in-game assets and gaining ownership of the assets.
The Integration of NFTs and the Metaverse
The emerging trends have integrated the crypto space and the meta world. The crypto world is based on blockchain technology that ensures validation of information associated with the cryptocurrency. Similarly, the ownership of an NFT or cryptocurrency belongs to a unique owner. Although one can make a replica of the assets, it will not affect the ownership of the NFT as its data is stored on the blockchain. Therefore, crypto is very well suited to building an immutable layer that describes the real world.
It is similar to the concept of the digital world. A digital twin is a virtual model designed to accurately reflect a physical object. A practical example of the digital twin is the healthcare sector. Where the digital twin of the diagnosed organ of the patient is created and the surgeons can experiment with it in a simulated environment instead of taking a risk on a real patient. In the meta world, we can call it meta-layer.
By integrating blockchain technology, in the form of non-fungible tokens, all the information and track record of the physical twin can be verified and saved, forever. We can say that digital twins are the metaverse versions of the physical twins, and the technology enhances features of the real world. The NFT-based augmented experiences are setting social network basics for the coming generations.
In the meta world, NFTs facilitate identity, community, and social experiences in this interface. Users can collect in-game NFTs through Binance NFT’s IGO collections to access gaming metaverse. NFTs have the potential of revolutionizing the traditional social network paradigm of user interaction, and socialization.