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There is no question that technology is undergoing a large number of changes that are going to affect us in many ways. Some of the changes will be positive, and some may a bit more questionable, but we are going to need to learn how to deal with them all the same.
In this article, I’m going to talk about the metaverse and non-fungible tokens and what agencies and brand leaders should consider as they look for ways to showcase their products and services in the virtual world.
What Is The Metaverse?
It sounds like some kind of comic book term, but the metaverse is a reality that many of us already know to a certain extent. The metaverse is basically the world where your digital self can reside. Your digital self is what is known as an avatar, and it is able to move around and interact with other people who also have their own avatars in the virtual world.
We have been doing this for many years in video games like Fortnite and Roblox, and it has become even more engaging with virtual reality. It is important to understand that virtual reality probably won’t be required to become part of the metaverse. What VR will likely do is enhance the way you experience the metaverse, but you also could use a regular screen where you can operate your avatar.
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That said, both virtual reality and augmented reality will no doubt be key elements of the metaverse. Many activities will probably be much more engaging with the use of both VR and AR.
At this point, you can already attend virtual events with your avatar and interact with other people in a VR setting. The metaverse is likely going to expand this to a much more interactive and massively promoted alternate reality.
Facebook Becoming Meta
There are many people who are wondering what is going to happen to Facebook now that the company’s new name will be Meta. (To be clear, the social media platform itself will still be called Facebook; just the company’s name is changing.) While there will probably be some enhancements to Facebook, the metaverse is going to be something much broader in which Facebook exists and not something exclusive to Facebook.
The Connection Between The Metaverse And NFTs
The main connection between the metaverse and NFTs is related to digital assets and how they are given value. The metaverse will allow people to showcase digital forms of art and property, and NFTs will allow them to put a price on that content with proof of ownership.
While NFTs use the same blockchain technology that cryptocurrencies use, they’re not a type of currency themselves. Each NFT is attached to a specific item. That item could be a painting, video game content, music or anything else that can be attached to that specific token. This is ideal for digital assets, and NFTs have turned into a great way for artists and creators in general to monetize their work.
There are many NFT marketplaces that allow you to buy and sell NFTs, and this is quickly becoming a phenomenon that is taking many industries by storm. The subject is too complex to cover in a single article, but this gives you a very basic idea of what NFTs are and how they work.
Now that I have explained NFTs, it is important to understand that NFTs are very likely to become the optimal currency for the metaverse. They are going to allow people to show proof of ownership of all kinds of things in the metaverse. Imagine something like a deed to a property that only exists in a virtual world. The NFTs would act as that deed.
NFTs could also be the perfect access points for specific events and benefits that people can enjoy inside the metaverse. The applications and the potential seem endless, and this is what makes the idea so attractive.
What Does All This Mean For Brands?
Given that the metaverse is a representation of the real world in a virtual setting, there is no question that it will open a world of opportunities for brands to thrive. Preparing for the impending changes caused by the metaverse will no doubt be essential for success. Brands can start to create virtual representations of their products now to ensure that they can be found by other people in this new universe.
We are essentially going to be living two different realities: one is the offline world that we’ve always known, and the other will be a virtual representation of the world around us. Being able to be found by your customers in both of these worlds will be crucial for success.
Final Thoughts
We are taking the first steps toward what is going to become the ultimate way for people to interact with each other in a virtual environment. The metaverse is going to be a truly unique and drastic way to upgrade our digital experiences. This is why it is important for agencies and brand leaders to know how it is going to work and why NFTs are going to play such an important role.
The one thing that we can expect is that this technology will become a very important part of our lives in the years to come.
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Author: Azad Abbasi, Forbes Councils Member
