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Excitement continues to build regarding the potential of the metaverse. From entertainment to education, to commerce and community, tech visionaries are engineering virtual experiences within the metaverse that imitate — and in some cases improve upon — real-world experiences. As these metaverse offerings have attracted more people into immersive virtual activities, the significant role that non-fungible tokens (NFTs) can play in the metaverse has become evident.
NFTs are digital assets built on blockchain technology that can be engineered to include a wide range of utility. In essence, NFTs provide a way for digital assets to be unique and unchangeable. Whereas a digital asset like a jpeg can be copied endlessly, with each copy being identical to the original, NFTs are connected to a blockchain ledger that establishes their individuality. That utility makes them a critical tool for metaverse growth.
To illustrate the significance of NFTs in the metaverse, consider a virtual concert with avatars of musicians performing for similar avatars of their fans — these events are already happening. In fact, in 2022, BLACKPINK won the first MTV Video Music Award for “Best Metaverse Performance.”
Tickets are required for concerts. In the real world, counterfeit ticketing is something that is difficult to discourage. In the metaverse, NFTs provide the technology needed to create, sell, and authenticate tickets. Controlling access to any type of metaverse event, including concerts, sporting events, or educational events, is critical to the success of the metaverse.
Merchandising is another common component of the concert experience. NFTs allow for the creation of virtual concert T-shirts or any other virtual merchandise. The gaming world has already shown that NFTs can be used successfully to create digital assets such as custom weapons and skins that can be securely held and readily transferred between virtual environments. In the metaverse, NFTs will allow for the creation and ownership of unique assets ranging from virtual real estate to avatar fashion.
Showing up at a virtual concert, or any other metaverse event, involves appearing as an avatar. These virtual expressions will represent our virtual identities in the metaverse. While establishing a unique identity may not be critical for a concert, it is essential for other activities that could take place in the metaverse, such as attending a virtual college class or taking part in a virtual doctor’s appointment. In such cases, NFTs can serve as a certifiable virtual identification document.
As more activities move into the metaverse, the capability to create digital goods and assets, establish their uniqueness, and facilitate their security or exchange becomes essential. NFTs provide that capability. As a result, they stand to play a significant role in the development of the metaverse.
By Hironobu Ueno, CEO & Founder — double jump.tokyo
— Hironobu Ueno is the CEO and Founder of double jump.tokyo, Inc. Founded in 2018, double jump.tokyo is the leading startup in Japan that specializes in NFT solutions and developing blockchain games. The company is a technology solution provider which partners with large-scale enterprises to help them successfully incorporate blockchain technologies into their games and company strategy. double jump.tokyo has partnered with some of the largest gaming companies including Square Enix, Bandai Namco, and Sega, as well as LINE and bitFlyer Group.
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