Non-Fungible tokens (NFTs) and the Metaverse have gained popularity and growth this past couple of years. Early adopters were able to make millions by owning and selling some digital assets like Crypto Punks and Bored Ape Yacht Club NFTs. Some were able to earn some money by playing NFT games like Axie Infinity. Big companies like Meta, formerly Facebook, and Microsoft are also spending billions to gain a foothold in uncharted territories.
But what exactly are NFTs and the Metaverse? NFTs are digital assets minted on a blockchain network like Ethereum (ETH) and Solana (SOL). They can be anything from artwork, sports memorabilia, and even a tweet. The Metaverse is a virtual world that could be a representation of a real place or a make-believe world. The movie Ready Player One is a futuristic representation of the Metaverse.
Some NFT items are designed to be used in the Metaverse. For example, Axie Infinity’s NFT monsters are used in battle in the Axie Metaverse. These monsters will earn players some Smooth Love Potions (SLP) and Axie Infinity Shards (AXS) tokens. NFTs like Veefriends can be used as “tickets” to events and unique experiences
Several unique NFTs and Metaverse come out each day and it is easy to get lost in this new digital space. But let us explore some companies and their projects.
1. AXIE INFINITY
Axie Infinity is an online strategy game that gained popularity in 2021 due to its play-to-earn model. Three cute Axie monsters are sent to battle to earn Smooth Love Potion (SLP) and AXS tokens. In-game tokens earned can then be swapped for other cryptocurrencies and stablecoins. Breeding of NFT monsters is also possible and can be sold for profit.
As with most cryptocurrencies, AXS wasn’t spared by the bear market. From a peak of $164.9 in November of 2021, Its price fell more than 90% and the number of players fell to around 700,000 from 2.7 Million.
Even with the recent dump, Axie proved that NFTs and the Metaverse have utilities. The game became so popular that it became a gateway to crypto for residents in developing countries. Axie became a full-time job for some during the pandemic and there are even a few who were able to buy houses with their earnings. This type of work was unheard of before.
2. MICROSOFT
Microsoft, the software giant that brought us the Windows operating system, is also investing in the Metaverse.
Mesh for Microsoft teams offers a virtual environment where employees can interact with each other like they would in a real office. Instead of just joining a meeting via an application, team members can be in the same room in the Metaverse.
The Covid-19 Pandemic has accelerated the clamor for ways to work remotely. Online meetings via Skype or Zoom became the norm, but they lacked social interactions that can only be experienced face-to-face. While working away from the office is convenient for most, several workers still feel isolated. The Microsoft Mesh is one way of solving this issue. Going to the office can be likened to an online game like Minecraft or Roblox wherein avatars can freely interact with each other.
3. STEPN
STEPN (GMT), a move-to-earn NFT app was created in August 2021 by Australian Fintech FindSatoshi Lab.
The app motivates players to live healthier by giving out Green Satoshi Tokens (GST) for every step taken. Users need to buy and “wear” virtual sneakers or NFTs for them to qualify for rewards. Movements are tracked via GPS.
Besides encouraging healthier lifestyles, STEPN is also trying to help the environment by contributing to carbon neutrality.
GMT is currently trading at around $0.56 from an all-time high of $4.11 in April 2022. STEPN NFTs can be bought from Opensea.io for as low as 1.20 Solana (SOL) tokens at the time of writing.
4. INSTAGRAM NFTs
Instagram, a Meta company, will soon give creators the ability to make their own NFTs and sell them to their fans. According to the announcement, the minting will be done on the Polygon Network and there are also plans to expand to the Solana Blockchain as well.
In May 2022, Meta announced that creators can already share their NFTs on Instagram. In August 2022 the social media giant allowed crypto wallets like Rainbow, MetaMask, Trust Wallet, Coinbase Wallet, and Dapper Wallet to be connected to their platform.
This move will now allow creators to interact with their fans through NFTs. Fans can also show support by purchasing a creator’s digital collection.
5. SONY
Sony, a Japanese conglomerate, is known for its electronic product which includes televisions, cameras, audio devices, and the PlayStation. The company’s CEO, Kenichiro Yoshida, told in the interview that he wants Sony to be the brand of choice by creators. He also said that he wants Sony to create a Metaverse around entertainment.
Yoshida believes that Sony’s technological edge in Computer Graphics (CG) Rendering will help in the expansion of the Metaverse. The company’s expertise in visual displays, micro OLED, 3D audio, and eye-tracking sensing can be leveraged in the area of Virtual Reality and Augmented Reality.
In the area of sports, Sony and the Manchester City Football Club will collaborate to create a virtual stadium for fans to explore with their virtual avatars.
6. DECENTRALAND
Most people have missed out on buying prime real estate in New York and London, but a lot of Metaverse believers are saying that Decentraland is the next hottest property opportunity. Decentraland is a 3D virtual world that runs on the Ethereum (ETH) Blockchain.
Each parcel of land is an NFT and it can be bought, sold, or leased. In November 2021, a parcel of land was sold for $2.4 Million. Buyers can use their land to conduct business events like a virtual fashion show or use it as a virtual showroom.
Just like in the real world, users can play and interact with others. The Metaverse Music Festival 2022 will be hosted in Decentraland.
if the real world uses fiat currencies, this virtual world has MANA as the in-game token. This token is also affected by the bear market and its price has fallen to less than dollar from an all-time high of .85.
7. JAPANESE GIANTS INVESTING IN THE METAVERSE
Ana Holdings, MUFG Bank and Sompo Japan have announced a collaborative effort to bring financial services into the ANA Granwhale, a Metaverse by ANA NEO.
The ANA Granwhale is a travel and entertainment world where customers can enjoy virtual journeys.
Based on the ANA video, their Metaverse is all about lifestyle and tourist destinations that customers can enjoy when flying All Nippon Airways. This is one way of exploring places without leaving the house.
MUFG Bank, Japan’s largest financial institution, and Sompo, a major property insurance company haven’t unveiled details of their plans, but they might put up virtual offices within the Granwhale.
This project has a lot of exciting possibilities. Just imagine that we can enjoy the beautiful scenery while walking towards the bank and we don’t even have to leave the house.
IS VIRTUAL REALITY OUR FUTURE?
When the internet first came out, not a lot of people realized how big it will get. Some believed it was just a fad. Today, most of modern society needs the internet for almost everything. The Metaverse and NFTs are at that stage wherein users are still trying to figure out their true potential.
Doubters might think that the Metaverse is just a game and NFTs as just game items, but maybe they haven’t seen the news about a house that was sold with the use of a Non-Fungible Token. Maybe they haven’t heard about South Korea’s Hoseo University issuing NFT certificates to its graduate to prevent forgery and for better administrative access. Even the INTERPOL is starting to police this new virtual reality.
This digital innovation is still in its early stages. It will take a lot of trial and error before we see it mature, but it is assuring to know that some big names are investing in its development. Someday, going to school and the office might just be as easy as donning a virtual reality headset and logging on with an NFT avatar.
Feature image: Unsplash
