Does something sound impossible? Dare to dream!
In 1992, Neal Stephenson coined the term “Metaverse” in the science fiction book, Snow Crash.
According to a NASDAQ article, “Everything we once imagined has become part of our reality and everyday culture, and the metaverse will be no exception. Blockchain technology will be the enabler.”
In addition to recognizing this next cultural shift, brands are also learning about the potential of blockchain technology in the context of the metaverse, and making investments in the metaverse through non-fungible tokens (NFTs).
In order for the metaverse to transcend mere 3D gaming, and emulate our physical reality and beyond, blockchain technology must be used.
Here is my thought: Blockchain technology will enable all transactions and actions in this virtual space to have a real impact, in the same manner as in our physical reality.
By using blockchain technology, we can not only create and authenticate virtual assets but also facilitate their ownership transfer and transactions.
In financial payment services, real estate, financial institutions, and others who are trying the “meta” route, blockchain (NFTs) plays a crucial role.
Why are NFTs an essential component in the metaverse? It's because everything is transaction-based.
To facilitate any transaction and the transfer of ownership, authentication is key. This is the true power of NFTs, providing authentication and facilitating the transfer of ownership.
We are yet to witness the expanding role of blockchain in the metaverse, but it’ll definitely be one of the most imperative technologies.
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