Metaverse and NFTs: present and future relevance

June 21, 2024 admin

In a world increasingly influenced by technological advances and major innovations in the digital world, two technologies have attracted global attention: Metaverse and NFTs (non-fungible tokens). Both technology trends are transforming all types of industries, from fashion and luxury to banking and finance. 

Knowing in detail its technological relevance is very important in order to continue betting on the digital transformation of our companies.

Both the Metaverse and the NFTs are redefining value and ownership in the digital economy, are revolutionizing our interaction in virtual worlds and are generating new business opportunities that were unthinkable until now.

In this article we will delve deeper into their definitions and complementary technologies, we will see in detail some of their We will discuss the most important use cases and analyze their benefits and future prospects.

General concepts of the Metaverse and NFTs

Before discussing the use cases, advantages and business opportunities of both technologies, it is important to have an in-depth knowledge of their definitions and Metaverse-related technologies and NFTs, including Blockchain and Web3, among others.

1. Definition of the Metaverse

The Metaverse is defined as a virtual universe composed of multiple linked three-dimensional digital worlds. A universe in which humans interact socially and economically through virtual avatarsNFTs and cryptocurrencies.

The Metaverse is the next generation InternetThe new experience, in which we can enjoy an immersive, three-dimensional and multisensory experience thanks to the combination of different devices and technologies. Such as Virtual Reality, Augmented Reality and the latest in Web3 and Web2 technology. digital cufflinks.

At Imascono we have specialized Augmented Reality services, Virtual Reality y Mixed Reality.

2. Definition of NFT

An NFT, or non-fungible token, is a type of digital asset that represents ownership or proof of authenticity of a unique item. Certified through Blockchain technology. Unlike cryptocurrencies such as Bitcoin or Ethereum, which are fungible (i.e., they are divisible and exchangeable for another of equal value), each NFT is unique, like a work of art. 

NFTs can be linked to specific digital objects such as works of art, music, videos, video game items, and more, providing a unalterable record of ownership and provenance.

This traceability and authenticity capability makes NFTs a powerful tool for the digitization and marketing of digital and physical goods in various industries, including art and entertainment.

3. Definition of Web3

Web3 is defined as the next iteration of the Internet that seeks to decentralize the data structure. and allow users to have greater control over their own information. It is based on the idea of using the Blockchain to create an internet where applications and services do not depend on centralized intermediaries. 

Instead of having large companies controlling the information and data, Web3 puts ownership and control of data in the hands of users through decentralized networks. This vision of the web incorporates cryptocurrencies, smart contracts, and decentralized applications (dApps) operating on blockchain networks. 

Not to be confused with the term Web 3.0, which refers to the evolution of the Internet in general.. Moving from Web 1.0. of hyperlinks and Web 2.0. of two-way interaction and Social Networks, to a new era of Internet that is more intelligent, autonomous and based on natural language processing.

4. Blockchain definition

Blockchain, or blockchain, is a revolutionary coding technology that allows for decentralized tracking of all digital movements and transactions

This makes it a particularly useful technology for systems that require high security and transparency. Like cryptocurrencies, the smart contracts or identity management in the digital world.

Due to its decentralized nature, the Blockchain technology eliminates the need for intermediaries in many processespotentially reducing costs and increasing efficiency. It is undoubtedly one of the technologies that is revolutionizing banking and the digital economy.

You can continue to learn more about this new digital economic ecosystem at Banking and Metaverse: Use cases and the future.

Importance of NFTs for accessing the Metaverse

The future of the Metaverse monetization, to become the definitive space for the socioeconomic exchange in the digital world.

For this purpose, cryptocurrencies, Blockchain technology and especially NFTs have a key role in the structure and functioning of the Metaverse. Offering a unique and secure way to represent the ownership and authenticity of digital and physical assets within these virtual worlds.

In the Metaverse, NFTs can represent a variety of elements, ranging from virtual real estate, concert tickets and digital artwork to avatar identities and exclusive fashion items.

This ability to directly link the ownership of assets with their digital representation offers users total control over your acquisitionsfacilitating a transparent and secure digital marketplace.

You may be interested in → The Influence of Artificial Intelligence in the Metaverse.

For example, in the fashion and retail sector, NFTs allow the creation of new business models with collections phygital (proposals for the real and virtual world) or garments/products created exclusively for the Metaverse as NFTs (digital objects) for our avatars.

Or in the digital entertainment industrywhere the association of NFTs to concert tickets and other experiences allows both the audience and the promoter to be assured that the tickets are verified and are authentic.

A successful case of the union between the NFTs and the Metaverse can be found in the virtual museum of the great Spanish chef Ferran Adrià. Web3, virtual avatars, NFTs... creativity and innovation from el bulli foundation makes the leap to the virtual world.

After exhibiting in New York, Cleveland, Madrid and Buenos Aires, Ferran Adrià turns his works of art on culinary evolution in 114 NFTs that can be viewed and acquired directly through its own virtual museum.

Benefits of NFTs in the Metaverse

In the new virtual universe of the Metaverse and the digital twinsNFTs are much more than just digital assets, they are becoming key elements in transforming the way we interact, trade and express ourselves on the Internet. virtual spacesoffering authenticity, exclusivity and security to users.

By exploring the benefits of NFTs in the MetaverseWe discover how they not only power the digital economy, but also elevate user experiences, creating extraordinary opportunities for innovation and engagement.

In the following, we will analyze the 3 main benefits of the union between NFTs and Metaverso:

Marketing tool

The integration of the NFTs and the digital assets in the Metaverse also has an impact on the marketing strategies for brands and companies. Not only to position the company at the forefront of technology and business innovationalso for the promotion and sale of your products in virtual showrooms.

In this way, companies can create and distribute unique digital products that capture attention and foster a unique sense of ownership and belonging among consumers. 

This is not only increases engagement by allowing users to interact with the brand in innovative and memorable ways, but also transforms products and experiences into marketing opportunities. As in the case of Metrovacesa Space, a unique space in the real estate Metaverse to access information about the brand, the company's activities and the online pre-reservation of homes through the new digital economy.

Improved functionality in the Metaverse

The incorporation of NFTs into the Metaverse plays a key role in the improved functionality and overall experience of the user in these digital spaces. NFTs allow for deeper and more functional integration of digital assets, such as interactive tools, accessories for avatars with artificial intelligenceThe Metaverse's environment is enriched by art and real estate.

This integration facilitates not only the ownership, but also the personalization and digital exchange of these assets in a transparent and secure market.

A new way of interacting in the virtual world that has gradually been introduced and brought closer to citizens. As in the Virtual Offering of Flowers from Zaragoza City Hallwhere the public institution boosted awareness of NFTs by introducing them into the game mechanics within the virtual space. In addition, NFTs were associated with different prizes such as concert tickets, exclusive experiences and gift baskets. This was a real pioneering action by a public administration to bring citizens closer to the importance and value of NFTs and digital assets.

Identity and security in the virtual world

As we have seen throughout the post, the great advantage offered by the introduction of NFTs in the Metaverse has to do with the security and transparency they offer in interactions within the virtual world. A fact that, in addition, is a benefit to redefine and deepen the digital identity of users in the Metaverse. 

NFTs make it possible for users to have a complete and exclusive control over your digital identities and assetsThe company's management will ensure that only they will be able to access and transfer their properties.

An example of this can be found in Exclusiverse, the great virtual space pioneer in the tourism sectorwhere its more than 85,000 members can extending your digital memberships in the Metaverse thanks to the connection of each of their memberships with blockchain technology and NFTs. This way they can acquire exclusive tourism products and experiences, new benefits for their memberships and secure the payment and registration of all their interactions with the Traveler club. 

If you are interested in learning more about this NFTs and Metaverso joint success storyyou can visit our post Digital Membership: definition and main advantages

Future of Web3: Blockchain, NFTs and Metaverse

The Metaverse, as a space for socioeconomic interaction, is in full construction and evolution. Little by little, we are seeing how the most pioneering companies and brands are evolving towards this new concept of digital economy. Just as e-commerce revolutionized the business world, so are spaces in the Metaverse.

The future of Web3 is shaping up to be a digital revolution based on the three technologies discussed throughout this article - Blockchain, NFTs and Metaverse - promising an era of more decentralized, secure and personalized online interaction, through avatars as a new key piece in our digital identity and the walletsvirtual wallets that will protect all our assets.

At Imascono we are aware that the future of companies depends on the Metaverse and the adoption of the technologies that shape it. For this reason, we have a whole area specialized in the development of experiences for the corporate Metaverse called Business To Metaverse.

Thanks to our team of 30 engineers and designersWith our own work methodology and the experience of more than 12 years of activity in the area of Metaverse and immersive technologies, we have accompanied companies such as Telefónica, Iberdrola, Rafa Nadal Academy, elbullifoundation or Metrovacesa in their leap to this new virtual ecosystem.

Do you need a project in the Metaverse? Contact with us and together we will explore all the opportunities that the Blockchain technology of NFTs offers us in the business world.


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