What is the Metaverse?

“It is necessary not only to develop projects, but it is equally important to develop a renewed economy and ecosystem” – such an idea was expressed by M. Zuckerberg when he announced the launch of the new Meta brand in the fall of 2021. Meta will replace Facebook as a brand ambassador. Now Facebook is adapting not only to the fickle young users, but also exploring a new area of ​​​​technology. We are talking about exchange and other financial games and NFT non-fungible tokens.

However, Meta is not a trailblazer in terms of interest and engagement in the Metaverse. Certain gaming brands (Minecraft, Roblox, Fortnite) are the first metaverses to follow this path much earlier.

Other well-known metaverses are CryptoVolexs and Decentraland, where users have the opportunity to form a digital identity to move around large worlds and interact virtually.

Well-known brands already working on the development of the Metaverse:

Virtual universes that are connected to reality 

The technological and investment challenge of this proposal is as follows. The connection of the real world with the electronic environment, the formation of the digital universe. So, everyone can come together and act influencing both the virtual space and the real reality by experiencing it. 

IP Ledger What is the Metaverse and NFT

The Metaverse has updated ecosystem. There was a place for video games in the structure. However, based on Zuckerberg’s idea, the conditions for education, work, entertainment, and hobbies form. This is easier to show with an example. A user can be in a Metaverse shopping center, purchasing a Louis Vuitton bag to use with their personal avatar, and then go to a Taco Bell outlet and order food delivered to the desired address with the support of Uber Eats.

Then you can listen to The Rolling Stones digital concert on Spotify. The connection between the digital space and the real world provides the user with ample opportunities. It is not yet clear whether there will be one Metaverse or many. So, it will be possible to exchange worlds (trademarks, firms, software). All this will require certain encoding, structure, control, ordering for correct functioning. 

An offer that can work in different directions:

The essence of such an experience is its deepening. An asset purchased in any program of the Metaverse can be used in other environments and contexts, and not only on its site. This is necessary to provide the user with a complete experience.

In addition, objects from the real environment can be transferred to the site using digital: photos, videos, melodies, cinema, literature, artistic images. All this using NFT technology.

What is the Metaverse in this case?

The Metaverse is a three-dimensional electronic environment. This is necessary for the life of a huge number of people in the spectrum digital. In other words, the user can form an electronic identity. This allows to exchange information with other users in the Metaverse and perform everyday rituals such as the purchase of goods and services, works of art, information.

The digital world was developed as an alternative to the real space, where cryptocurrencies and non-fungible tokens work, and users can purchase the necessary goods with them. The concept of the Metaverse looks like a platform in the style of iOS and Android. Because it is both an entertainment platform and new business opportunities for freelance programmers and content developers.

The Metaverse roots

Neil Stevenson created the Metaverse from SF. He presents it as an alternative space where people are escapist personalities who make their dreams come true in the virtual world.

IP Ledger What is the Metaverse and NFT

Features of the Metaverse 

Through Blockchain technology, the Metaverse functions to develop an electronic economy. So in virtual reality, users can receive rewards for their abilities and offer various items for sale. This is where NFT tokens come into play.

Tokens connection and the Metaverse 

NFTs are digital assets that confirm the uniqueness of content or certain information. On the Decentraland virtual marketplace, several electronic land plots are worth more than $500,000. The prominence of non-fungible tokens in the Metaverse has increased as digital transactions have proliferated. Being in the virtual Universe, you can buy real estate, cars, art objects and so on through avatars.

As a result, the implementation of tokens in the digital universes has greatly accelerated. But the latest increase in value comes with the news of Facebook’s move to Meta. Its plans include becoming a Metaverse, not a social networking company. According to the Blockchain Observatory platform, tokens fit perfectly with the concept of a virtual universe. Metaverse The Sandbox has already sold 1,100 tokens worth $1 billion.

What is the Metaverse?

Application of NFT in the digital space

NFT tokens are used in the data universe to represent original and unlike anything else. In recent months, the market for electronic assets has increased. This happened thanks to NFT games (the method of crypto assets that gained fame).

Digital universes are of interest not only to escapist users. Sponsors are ready to invest and see this a great opportunities for the electronic economy. One of the options is documents confirming authenticity. Blockchain technology does a great job with these. These can be seen in different business segments. The most popular are the real estate and intellectual property. 

Copyrighting Digital Content

The capabilities of the NFT have led to strong copyright protection for digital content. Thanks to the smart contract we developed, a non-fungible token is unique for certain digital content. Our smart contract conditions protect by copyright, and generated once in the blockchain. The therms of the smart contract govern NFT ownership, transfer conditions, and ensures that there cannot be fully repeatable NFTs. Therefore, the virtual content has been protected by copyright.

The token can be issued for different images, photos, domain name, text, video, etc. In a rapidly changing environment, it is important to confirm for yourself the fact of the first publication on the created content. A correctly issued NFT image allows its owner to receive a reward (royalty).

This must be specified in the smart contract. Transaction histories track actions with tokens. These entries have unchanged. The important! NFT is sold only for crypto. A crypto wallet has been created for the possession and disposal of the NFT. It acts as an identifier for the ownership of a particular NFT.

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