NFTs and the metaverse will make you an owner – not just a renter – on the internet

NFTs are the digital key to unlocking the metaverse

Headlines about the metaverse, blockchain, and NFTs are dominating the news, and you might be wondering how they’re all connected. What is the metaverse? Think of your physical world, the things around you, what and who you interact with. Now think of that physical world being digital. That’s it. That’s the metaverse. Cathy Hackl, who has earned the title of godmother of the metaverse, put it like this to Vogue in an interview in September: “It’s about the internet breaking free from the rectangles in our hands, desks and walls and being all around us.”

It’s like that Sims game so many grew up with, but better. Platforms like Decentraland and Cryptovoxels are already the social media of the metaverse in a way, said Andrew Steinwold, who hosts the crypto podcast Zima Red. There, “you can build a gallery; you can put photos of yourself, just like regular social media. You can get creative, scratch that itch. You can be social. You can go talk to your neighbors, go attend events.”

NFTs are the digital key to unlocking the metaverse, Shreyansh Singh, the head of Polygon’s NFT and gaming arm, wrote in a Decrypt article. An NFT, or a nonfungible token, is a unique digital asset stored on a blockchain, the same technology that underpins cryptocurrencies like bitcoin. The tokens give users ownership in the digital world.

“That was kind of the missing piece of the puzzle,” said Steinwold, who’s also a managing partner of NFT-focused firm Sfermion. “Now that that’s enabled, the metaverse is actually coming to fruition.”

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