The increasing influence of NFTs and the Metaverse
Non-fungible tokens are a new form of crypto-collectibles designed to be unique and can’t be copied or duplicated. They can be traded, sold, or gifted to other users on the blockchain. Unlike fungible tokens, which are all identical and interchangeable, non-fungible tokens each have their own set of characteristics.
Non-fungible tokens have become increasingly popular in recent years, with many people using them to represent ownership of unique digital assets.
This popularity has exploded in 2021, especially with art collections sold as digital image files (jpegs) sold for millions of dollars. For context: Everydays: the First 5000 Days, an digital art piece by Beeple, sold for over $69 million.
The future is here. With the explosion of NFTs, the world is rapidly changing. We are on the brink of a new era of entertainment, where our lives are digitized, and our digital self is what matters most. So what does this have to do with the Metaverse?
Brining in the Metaverse
Hereafter, the physical world and the digital world may be the same. The Metaverse has already become an increasingly common part of our lives.
But the Metaverse isn’t just a new way to interact with a computer. It’s a new way of living in a digitized world. In games like Pokemon Go, you can interact with real-world people on virtual maps.
While gaming made the Metaverse grow, this technology doesn’t stop at gaming.
Digital items are now used as legal tender for small transactions and traded for goods on digital marketplaces. With these tokens, players are already participating in new economies powered by blockchain technology.
How NFTs fuel the Metaverse
A new trend in the blockchain is taking the world by storm- Non-Fungible Tokens (NFTs). There is no limit to what they can represent or how they will be purposed. NFTs could lead to a metaverse where multiple universes exist on a similar blockchain.
Some of the most popular NFTs on the market today include CryptoKitties, which users buy and collect as a hobby, and Decentraland. In this virtual world, users can purchase land to create their own gaming experience.
NFTs and the Metaverse are integral parts of a system aiming to bring about a whole new digital ecosystem. The potential for innovation with this technology is exciting and potentially limitless.
The fascination lies in how Metaverse could create unique and immersive NFT experiences. Or allow users to view, buy, sell or experience NFT art in a riveting way. An example of a virtual showcase currently in existence is Somnium.
Could POP! play a role in NFT and Metaverse synchronization?
What if you could have a blockchain-based digital asset that lives on both the Ethereum and Binance networks? Or, what if you could have an NFT on the Polygon or Ethereum blockchain?
Multi-chain integration is one of the most sought-after features in the blockchain. Users will have their assets stored on different blockchains and can use them across various platforms.
It may not seem like a big deal. Still, it has the potential to revolutionize the digital asset space because through multi-chain integrations, POP! can enable these two technologies to work together.
Currently, POP! platform is bringing projects together by strengthening their partnerships through the power of MLP, but in the future, the use-case could be expanded much further.
The goal would be to create a metaverse or an interconnected digital world where project participants could interact in real-time.
POP! is a platform that allows 2 projects to objectively display mutual trust and commitment to each other, by locking their respective tokens together and creating a trustless Mutual Liquidity Pool (MLP). In addition, it grants POP! users the opportunity to provide single-sided liquidity, in the form of their favourite token, by matching them with another POP! user and adding their joint liquidity into the MLP.
Powered by Faculty Group, POP! aims to set a new golden standard with regards to partnerships, and how they are perceived in the digital asset ecosystem.