В Decetraland можно купить участок земли за NFT

NFT - the basis of the economy of the metaverse

It happened after all. Facebook changed its name to Meta and focused on creating a metaverse – a virtual space in which users will communicate, learn, play and do all the things that ordinary life plus what is possible only in virtual reality. I think this event will be a breakthrough moment in the development of XR technologies, especially given the growing interest in this area among developers and companies. But there is another area located at the intersection of IT, finance and art and related to the subject of metaverses – NFT. This article will be about her.

There is a possibility that it is NFT that will become the basis of the economy in the metaverse, including in the metaverse of Mark Zuckerberg (Metaverse). Why is this so?

First, in the metaverse, we will need to constantly confirm ownership – for clothes and artifacts of our avatars, for virtual real estate, tickets to events and much more. And NFT, thanks to the ability to create unique tokens and transparency of transactions in the blockchain, is perfect when it comes to registering ownership of an object. Now information about the owner is indicated in the metadata of the token and in order to find out who owns the token, you need to find the token on the site and look at the metadata, an example of metadata is shown in the image below. Of course, it will be necessary to simplify the process of viewing the owner of a digital object, but these are nuances.

The second point is business. The metaverse, in many ways, will develop at the expense of entrepreneurs providing services, creating content and doing a lot of useful things for the metamir. And for entrepreneurs, the most important thing is to monetize their services as efficiently as possible. And here again, non-interchangeable tokens come to the rescue. For example, a psychologist can issue a token that gives ownership of the right to an hour-long session, an online cinema will issue tokens for the right to watch movies for a certain period. Tokens can also be a pass to a private club, to an event or to another planet (how do you like that, Elon Musk?). With the purchase of NFT, you can become the owner of a virtual plot of land, build virtual real estate on it, create an NFT for this property and rent it out, earning quite real money.

In Decetraland, you can buy a plot of land for NFTIn Decetraland, you can buy a plot of land for NFT

But why can’t it all be done the old-fashioned way, what are all your enefti for?

NFTs are created using smart contracts. A smart contract is a program that executes agreements concluded between two or more parties, as a result of which certain actions occur when certain conditions are met. That is, when a previously programmed condition is activated, the smart contract automatically executes the corresponding agreement. That is, when the transaction is executed in the format of a smart contract, it will not be possible to collect money and escape without fulfilling the conditions. At the same time, in order to get a service, for example, to rent a property, you do not need to interact with anyone. It is enough just to purchase a token, the rest of the work will be done by a smart contract.

A smart contract is developed in a special language (Solidity, Serpent or Mutan), compiled into EVM and, with some exceptions, complies with a certain standard (ERC-20, ERC721, ERC1155, etc.). Solidity is a language that is based on JS, Python and C++.

Standards are one of the components that make non-interchangeable tokens a very powerful thing. They give developers a guarantee that assets will behave in a certain way, and also describe how to interact with the underlying functionality of assets.

Among other things, NFT is a very safe thing. Firstly, the blockchain itself has excellent security parameters – cryptographic algorithms for verifying transactions, hashing when creating new blocks, and decentralization. But the NFT metadata storage mechanisms themselves can be organized very securely – they are stored either in the blockchain or in the Interplanetary File System (IPFS), a peer-to-peer file storage system. That is, the names of the owners of the asset and other metadata cannot be changed fraudulently, the blockchain will remember everything.

Now NFT is the technology that arouses the greatest interest among crypto enthusiasts and collectors, and the metaverse is among adherents of digital technologies. But the world is changing and the presentation of Facebook Connect 2021 once again reminds us that the era of metaverses is coming, in which blockchain and NFT will have a very important role.

VR APP development company | VR Company

Go to our cases Get a free quote