How Can the Metaverse Benefit from NFTs

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How Can the Metaverse Benefit from NFTs

NFTs and the metaverse have become two of the hottest topics due to their huge potential for businesses in 2023. The novelty of these concepts has sparked many heated discussions among those who are trying to understand them. NFTs aren't just jpeg images, they offer a lot more due to their significance in the future growth of the metaverse. Let's take a closer look at what NFTs mean for the metaverse.

Table of Contents

What is the Metaverse and what are NFTs

The metaverse is a next-generation 3D virtual world that exists in the digital space and is capable of delivering a 100% online lifestyle without the limitations of the real world. It’s a digital space where you can interact with other users, host professional meetings, relax, shop, and throw parties. Virtual worlds are loaded with unlimited business opportunities and social interactions, thanks to the decentralized nature of the blockchain. By leveraging the power of the latest technologies like VR, AR, and 3D modeling, the metaverse feels and looks like the real world. 

James Cameron’s Avatar is the brightest example of 3D virtual universes. You put on wearable VR gear like Oculus and get a completely immersive experience of that virtual world in the first person. But how can NFTs be used in the metaverse? To start, let’s find out what the term “NFT” actually means. 

NFTs aren’t just digital works of art. It’s a blockchain-based digital token that records the ownership of digital or physical assets for the person holding them. NFTs are non-fungible tokens that are unique, indivisible, and immutable. NFTs are making a huge impact on a variety of IT sectors, from gaming to digital artwork. 

What do NFTs mean for the metaverse

Blending NFTs and the metaverse for business together opens up new possibilities and opportunities for the further development of the metaverse concept. On the one hand, NFTs are just another component of the metaverse world. But on the other, NFTs can take the metaverse concept to the next level. 

The explosion of NFTs’ popularity in the field of blockchain gaming has redefined their meaning for the metaverse. NFTs are gaining significance in the metaverse because it serves as a platform for NFT owners to showcase their collections and build communities around them. 

Build social experiences within the metaverse 

NFT avatars play an important role in user identity, social experiences, and communities in metaverses. Such avatars can represent a user’s real or imagined self. NFT avatars can also be used as a key to enter different locations within the metaverse and serve as access tokens. Owning such NFT avatars can grant access to myriads of exclusive experiences in the metaverse and even in the physical world. 

Virtual property ownership

With NFTs, users can claim full ownership of their virtual houses, lands, and spaces in the metaverse. Thanks to blockchain technology, users can record their ownership of an asset and develop their land as they wish. This includes selling land for profit, renting land for passive income, building online shops on that land, and even renting out land for different events like parties, conferences, or product launches. 

With Party.Space, you can create your own metaverse where you can host different meetings, celebrate your company’s success, hold product launches, gather your team, and throw amazing virtual parties.

Play-to-earn gaming 

NFTs can be used in play-to-earn games on the metaverse. Users can invest in in-game NFT resources like virtual land or assets and use them to generate yields. In-world assets can then be traded on various NFT exchange platforms to generate passive income for their owners. 

How Party.Space leverages the power of NFTs to transform virtual party experiences

The possibilities of NFTs in the metaverse are limitless. They make virtual experiences feel and look as if you were standing there in person. Apart from digital ownership, NFTs can also be used for throwing online events. 

Here’s how to leverage the power of NFTs while organizing a virtual event:

  • NFT gallery, 
  • NFT virtual auction,
  • NFT virtual marketplace, 
  • NFT temple.

At Party.Space, we have already organized hundreds of virtual events, from team-building meetings to global product launches. By leveraging the power of virtual reality, 3D modeling, and NFTs, you can turn your virtual Zoom meetings into next-generation virtual events with real-life vibes. 

Doge Temple: a 24/7 NFT gallery for Doge meme lovers

When go-to video conferencing just isn’t enough, it’s time for Party.Space. Product Hunt hosted its Golden Kitty Awards Afterparty in the Doge Temple microverse and centered it around the famous NFT “Doge” meme. 

Henlo from the Doge Temple

Here’s what Party.Space delivered to Product Hunt’s virtual party:

  • NFT gallery with the original “Doge” meme,
  • a customized virtual party platform for guests located in any part of the world, 
  • metaverse afterparty loaded with tons of activities, 
  • a lifelike atmosphere of a real nightclub.

With Party.Space, Product Hunt managed to level up their virtual party experience. Attendees felt like they were at a real party — having small talks with colleagues, taking part in different activities, interacting with other guests like in the real world, and hopping into different conversations. 

MetaHistory museum: Closing Auction

MetaHistory museum is the world’s first NFT museum founded in Ukraine and supported by the Ministry of Digital Transformation of Ukraine. Every one of the museum exhibitions are centered around the Russian invasion of Ukraine. It’s a timeline-based set of NFT art pieces that depict how the war unfolded. 

MetaHistory: museum of War: Closing Auction Ceremony

The event’s main goal was to tell the world about the events happening in Ukraine, record all the Russian war crimes committed in Ukraine, and raise money to support Ukraine and the Ukrainians.

Here’s how Party.Space helped MetaHistory:

  • created a custom space for the closing NFT auction for MetaHistory NFT owners, 
  • organized a token-gated virtual NFT auction,
  • fueled the virtual event with engaging virtual activities,
  • hosted a virtual quiz with MetaHistory NFT prizes, 
  • provided a space for a panel discussion. 

During the last event organized by Party.Space, MetaHistory managed to sell 11 NFTs during their virtual NFT auction. The MetaHistory team creates special events since they’re expanding on the utility of NFTs — using them to appeal to social, cultural, and historical significance.

CryptoCossacks – NFT launch and community meeting

CryptoCossacks is the first Ukrainian NFT community that promotes, spreads, and tokenizes the Ukrainian culture through NFT Cossack Avatars. Party.Space organized and hosted their first virtual presentation. But it wasn’t an ordinary presentation as the main goal was to boost their NFT sales and promote the company’s brand in the NFT market. 

The Gallery of NFT Cossack Avatars in the Metaverse

Here’s what tasks Party.Space needed to solve when hosting the event for CryptoCossacks:

  • provide the ability to invest in CryptoCossacks NFTs and donate to support Ukraine, 
  • create an event that facilitates the growth of the Ukrainian NFT Community, 
  • promote Ukrainian culture, 
  • customize a virtual space to meet the brand image of CryptoCossacks.

And while the main goal was to boost the sale of NFT Cossack Avatars, we created an NFT gallery in the metaverse where event participants could choose their favorite NFTs and invest in them. 

The future of NFTs in the metaverse

The metaverse is a next-generation online world whose complete opportunities and possibilities are still coming to light. It’s the new world of Web 3.0 where NFTs make up the building blocks for digital communities, economies, and assets. 

Here’s the role NFTs play in the metaverse:

  • serve as membership passes to digital communities,
  • enable the ownership of virtual land and digital assets in the metaverse economy,
  • identify people. 

The range of possibilities associated with the NFT-metaverse blend has real potential to disrupt the future of the internet. NFT is a way to represent digital and real assets in a way that could change the global economy and daily social experiences. While many believe that NFTs are a part of the metaverse, some think that NFTs are building blocks. It’s clear that the combination of NFTs with the metaverse would bring about a tectonic shift in the way people think, act, and play.

Have you visited one of our virtual events recently? Feel free to write a review of Party.Space on G2 using the link and G2 will donate to Razom for Ukraine, a Ukrainian non-profit organization.

Published May 31, 2022

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