How NFTs are helping fuel the future of the metaverse?
The concept of the “metaverse” is evolving into a digital realm where users will be able to interact with each other via Virtual Reality and Augmented Reality technologies. There are already hundreds of decentralized metaverse projects, allowing users to exchange crypto assets and play games. Some metaverse projects take one step further and employ powerful game engines to increase the level of immersion.
But what is next for the metaverse?
A brief history of the metaverse
Some sources suggest the beginning of metaverse dates back centuries ago. According to Forbes, “It all started back in 1838 when scientist Sir Charles Wheatstone outlined the concept of ‘binocular vision,’ where you combine two images — one for each eye — to make a single 3D image.”
There are different schools of thought to determine the origin point of the metaverse. For the sake of simplicity, we will consider a much closer time, 1992 to be precise. This is the year the term “metaverse” has been used. In author Neil Stevenson’s novel- Snow Crash, the metaverse was a virtual place where characters could go to escape a dreary totalitarian reality. Pop culture liked the idea so much that Stevenson’s novel was followed by numerous films and books, the most popular one being no other than The Matrix.
In the following years, game studios and tech firms started developing “alternative realities” where people interacted with each other in completely digital environments. But such developments can be described as metaverse-like experiences at most.
The acceleration in digitalization due to the pandemic, developments in VR and AR technologies, and most importantly, mass adoption of blockchain technology gave a huge boost to the idea of metaverse to mature. The metaverse as we know it is a relatively new concept, most consider still has a long way ahead to fulfill its potential.
There are already highly developed blockchain metaverse projects with huge communities, such as Roblox, Decentraland, and The Sandbox. Not only individual users but also big companies invest in these projects. For instance, Metaverse Group, a Tokens.com affiliated company has bought a plot of digital land located in Decentraland for $2.4m worth of cryptocurrency.
NFTs and the future of the metaverse
In its current state, cryptocurrencies are the lifeblood of the metaverse economy. Users make all purchases via crypto with faster transactions and lower fees. NFTs on the other hand, are the assets users can own and invest in within the metaverse. They can be in the form of virtual land, game items, artworks, or even event tickets.
A relatively young venue, the metaverse is expected to ignite a breakthrough change in human interactions.
The metaverse could potentially use Virtual Reality and Augmented Reality to immerse users in an alternate world. The technology is still being developed, but companies like Meta are known for building and improving these technologies.
The future metaverse would be very similar to our real world in many aspects and even replace some real-world activities like working or hanging out. We are looking at an exciting future full of possibilities. An increasing number of NFT enthusiasts are also sensing opportunities to invest in NFTs in the metaverse. Some are worried because they think it might be too late to invest in the metaverse. Well, it is quite the opposite!
Discover the metaverse with TribeOne’s financing solutions
While metaverses are full of opportunities to profit, taking the first step can be costly for users. Given the increasing demand in the metaverse, NFT prices are skyrocketing.
To make financing solutions for NFT purchases within the metaverse more accessible, TribeOne is building an ecosystem where users will have access to products and services to invest in NFTs and make the most out of this thriving new space.
We already have an impressive list of metaverse partners, allowing users to purchase NFT land and items from them using our financing solutions. Users can easily opt for loans for NFTs in our partner metaverses and get loans at custom terms.
We are still exploring all types of utilities NFT space has to offer. As we establish a solid place in the NFT world and further develop our dApp, we gain priceless experience and know-how in this underexplored venue, which will eventually lead to more innovative products and solutions.
TribeOne is the world’s first-ever NFT lending platform that offers a seamless experience; to the users through its innovative consumer-centric products. The platform will break barriers in the traditional financial ecosystem and revolutionize the DeFi sphere as a whole. Providing the community with a platform to lend, borrow and invest in NFTs. Therefore, offering an unconventional experience for all.