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A New Economy: Using NFTs In Metaverses

Everybody knows it: NFTs are hot right now! One reason why NFTs are taking off is metaverses! More and more projects emerged where users could use NFTs in metaverses. But how does this work, and what are metaverses anyway?

What are metaverses?

Metaverses are collective virtual shared spaces. According to Forbes, the word “metaverse” is a portmanteau of the prefix “meta” (meaning beyond) and “universe.”

Today, we experience the internet only when using it. But due to new technologies, we will have it around us everywhere we go! And we will use it the whole time, improving our lives significantly!

Are you struggling to imagine that?

Start this video at 2:00:

Metaverses are developing at an insane speed! Remember Pokemon Go? Pokemon Go launched back in 2016. People used to walk around the city to collect Pokemons. The Pokemons weren’t physically there. But people were able to catch them virtually with their mobile phones! And Google introduced Google Glass in 2013.

Google Glass may have failed, and the hype around Pokemon Go vanished. But these events showed us that metaverses are becoming a reality!

Our lives will become more and more a twist between the physical world and the internet!

Source: Photo by Anton from Pexels

Using NFTs in metaverses

But what will NFTs have to do with metaverses in the future? Well, a lot!
People will use NFTs in metaverses. E.g., they could buy a painting as an NFT and have it in their living room. And because the painting is represented as a unique NFT, it is also a real asset. Only the person who owns the NFT also owns the painting!


And because this NFT has a certain value, people can use it as collateral in DeFi to borrow money. So, NFTs in metaverses will enable a new era of capital efficiency as well!


But paintings are just the tip of the iceberg!


Your ID/ passport, pet, TV, entire interior design, etc.: it will all be an NFT!
Maybe, NFTs are the missing piece of the puzzle to bring metaverses to the masses?


Or how should we determine ownership of virtual objects in society and the economy?

How to make money with NFTs in metaverses

Let’s get back to the capital efficiency of NFTs in metaverses. Yes, you also could use them as collateral to borrow money from DeFi protocols like AAVE.


But you could also lend your NFT directly to other people. Let’s say you own some very rare Dior glasses as an NFT. And next Friday, a fancy party will take place in your city. You are on vacation, but somebody wants to wear your fancy Dior glasses at the party.
What could you do?


You could lend your Dior glasses to this person. The person will have a great outfit at the party, and you earn some money.


In simple words: because of NFTs in metaverses, a new economy will emerge!

Conclusion

All in all: NFTs will be vital to bring metaverses to the masses – or at least, catalyze this movement! It will be interesting to see how these technologies will merge over time. But two things are for sure: metaverses are here to stay! And NFTs as well!

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