Explaining The Terminology Web 3.0
The internet is no longer just an information resource. It is now an interconnected world that we live in and the demand/need for hyper-immersive experiences is growing bigger by the day. The arrival of the new generation of Web 3.0 validates the same. Immersive technologies represent an opportunity to improve educational learning, training, development, and entertainment by integrating digital information into real environments, thus making experiences more personal to their users. Augmented and mixed reality technologies are allowing information to be delivered when and where it’s needed and bridging the gaps between virtual and real environments. This opens up a varied range of tremendous opportunities for digital content creators.
A solid understanding of Web 3.0, Metaverse, and NFTs is important for taking advantage of their strengths.
Web 3.0 is the next-generation internet technology that leverages the strengths of advanced AI and blockchain to achieve interactions similar to that of the real world but virtually. Many believe that this step-up will allow the creators to completely own their content unlike in Web 2.0 where it was owned by centralized authorities like Google, and Facebook. Creators will now have full authority over their content and will earn in crypto.
The Metaverse is a concept of a digital 3-D world where you can have a customized virtual persona and have access to all real-world activities such as playing games, shopping, having meetings, etc. but virtually. This greatly reduces our need to travel and use physical resources or switch between apps and browsers like we are doing right now.
NFTs(nonfungible tokens) are created using blockchain(distributed public ledger that records transactions). These are unique and have digital signatures that make it impossible for them to be exchanged for an equal or stolen. This allows creators to not just claim ownership of their work but also monetize their works. Each time a user views or downloads content, its creator earns tokens on the blockchain. While they existed since 2014, NFTs have become the trend of the day ever since people have come to realize the value of viral content around 2017 and the idea is becoming more mainstream with the coining of the term metaverse. As of now, NFTs are somewhat of a collector’s item i.e. similar to purchasing artworks, etc. but virtually. Companies are trying to come up with creative ideas by combining the metaverse and NFTs and making millions.
NFT Uses In The Metaverse
Despite the relative newness of both concepts, several companies have already found creative and fruitful ways to use both simultaneously. the following are a few:
- NFT marketplace. Sellers can easily provide links and previews to assets on the web or mint assets directly in the metaverse landscape.NFT marketplaces can appeal to many brands in various industries, like Nike, Facebook, etc.
- Digital Real Estate. Real estate can be a pretty lucrative industry to work in, not just in the physical world, but also in the metaverse. Digital land and territories are being partially or completely sold for further user development. For example, Decentraland is a virtual territory where plots of land can be sold as NFTs, and everything is represented in 3-D.
- Art galleries. Metaverse is perhaps the best possible platform for viewing art. You get to see it up close with impeccable detail and from all angles. This type of solution differs from a real marketplace because the prices are already set without the need for a physical auction, and the atmosphere is much more relaxed. For example, many museums are placing NFT artwork in metaverses, such as Cryptovoxels, powered by the Ethereum blockchain.
How can creators make the most buy using NFTs and the Metaverse?
Now that we have established that the NFTs play a crucial role in the metaverse ecosystem by allowing people to own virtual goods in the form of real estate, or items like cars, even accessories, paintings, etc. creators can now make these models or create interesting content and mint them in the form of NFTs and sell them on the metaverse easily. Currently, NFT transactions are actively happening on the blockchain but the metaverse makes it easier by enhancing the user experience by allowing everything in one place without having to switch between apps or browsers.
Keeping this in mind, PlugXR INC. has developed a creator-friendly, no coding, drag-and-drop platform to create bespoke hyper-immersive experiences. Creators will eventually be able to mint NFTs in our new marketplace and earn in cryptocurrency soon to be launched by PlugXR.