In digital form, NFTs represent non-fungible assets. In more technical terms, an NFT is a piece of software code that verifies that you own a non-fungible digital asset. Or the digital representation of a non-fungible physical asset.
It is important to note that NFTs existed years before the first blockchain. However, blockchain technology and metaverse have transformed NFT markets by resolving the issue of double spending. As well as granting NFTs rareness, uniqueness, and authenticity.
If an NFT is registered on a blockchain, it becomes a “unique” asset that cannot be forged, altered or defrauded. With the help of blockchain technology, it is now possible to standardize basic attributes of NFTs. Such as ownership, transfer, and access control. Blockchain technology has also enabled NFTs to become more interoperable, allowing them to flow between various ecosystems more easily.
Currently, NFTs are instantly accessible by dozens of different wallet providers, tradable on several markets. In addition, they are usable in multiple virtual worlds. Blockchain technology provides a clear, consistent and reliable API with permission to read and write data.
NFTs, a free market economy.
Likewise, interoperability has extended NTFs’ tradeability because of their exchange in any currency, from stablecoins to digital currencies and crypto-currencies. In addition, tradability has also enabled the transition from a closed NFT economy to a free market economy. In this way, the NFT market, previously closed and limited to the platform on which they belonged, has become a free market, with trading in real world and, lately, in virtual worlds as well.
Industry leaders have realized that integrating blockchain technology into NFTs and integrating it into the Metaverse is one key to creating a functional Metaverse. A complete Metaverse would merge the digital and physical worlds in a fundamentally different way.
By integrating the physical world with the digital one, it can reinvent not only the creative industry by opening up new doors for creators, gamers, and artists, but also the creative industry in general.
With a historical perspective of where we were in the early days of the internet, where we are now, and what our future holds, we realize the inevitable coming of shared virtual spaces which will redefine our public and private spheres.
and then