The Impact of the Metaverse and NFTs in Individuals Lives

Even though non-fungible token (NFT) transactions have taken off and made headlines worldwide, to most people outside the crypto frenzy, they are just a gimmick. The Metaverse came to change that.

“Meta” means to go beyond. It stands for a universe far beyond what has existed until recently, adding countless layers of amplification of the human experience through the physical-digital integration afforded by the digitization of everything.

The Origin

The term “Metaverse” first appeared in 1992, when Neal Stephenson released his science fiction novel “Snow Crash”. In this book, humans interact with each other and with software agents, such as avatars, in a three-dimensional space that acts as a metaphor for the real world.

While it was Stephenson who first used the term, the idea of a virtual reality-based successor to the Internet was already being discussed by Internet pioneers in the late 1970s and early 1980s who envisioned the Internet of the future as a shared virtual space, a place where our physical world blends with the virtual and creates new digitized spaces somewhere in between.

In these spaces, the rules change, people become what they dream of in their everyday lives. They express their inner selves through digital assets.

NFT and Metaverse: the perfect marriage

Using Blockchain to power NFTs, turning non-fungible tokens into a truly unique asset in a digital medium, this vision of the future, the possibilities of the Metaverse, became truly limitless.

While many saw non-fungible tokens as a short-lived trend, digital industry leaders realized that thanks to NFTs, they had finally found the missing piece for creating a functional metaverse.

A fully functional metaverse is one with the potential to fundamentally alter the way people interact with and transcend the digital world, merging it with the real world. It is an actual collective virtual experience, capable of reinventing not only the creative industry, opening new doors for creators, players, and artists, but also allowing the physical world to integrate with the digital world.

Metaverse and Blockchain

To create a metaverse worthy of the name, platforms need to be interoperable and seamless rather than a collection of separate 3D spaces. Payments must be secure, frictionless, and instantaneous. It must be possible to retain and use the assets created (like your personalized avatar) no matter where you are in the Metaverse. Until recently, to participate in the digital world, you had to leave a trail of breadcrumbs that allowed gatekeepers (game makers and so on) to recognize you. When used by individuals to track their accounts, assets, and transactions, Blockchain adds great potential for users to choose how they behave, what they own, and what they decide to trade. It is one of the “key enablers” of the Metaverse.

Another thing to consider is that Metaverse has the power to potentialize the personal sense of presence and data continuity. The more you “live” online, the more critical your individual “skin” will be. Even the most basic pixel art can become strongly associated with individual identity.

Indeed, NFTs make it increasingly possible to express individuality online, whether through randomly generated or carefully designed features. The virtual clothing and accessories that users choose in the Metaverse will help make the online identity accurate to each person and deepen their engagement.

Takeaway

Looking at where we were at the beginning of the Internet, where we are, and more importantly, where we are going, we realize the inevitability of shared virtual spaces, reshaping our public and private lives.

With the potential to shake the foundations of the world as we know it, the Metaverse is rapidly embracing us with its diversity of combinations.

And you, have you ever bought an NFT in a virtual world? From what we have seen here, can you identify how NFTs and the Metaverse might impact or affect your daily life?

About Homespace

Homespace is a decentralised virtual platform that allows you to create your personal photorealistic world — your Homespace, where you can design the home of your dreams, featuring your own customizable AI Assistant.

Homespace will be released for PC and mobile devices with VR support in 2022.

Early access beta will be available in 1Q 2022.

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