Metaverse; The first person to come up with the word is author Neal Stephanson. Because in his work ‘Snow Cash’ written in 1992, while using this expression, he explains that reality is presented in an augmented way on the internet.
The term metaverse, which is an abbreviation of the meta-universe, is nowadays also referred to as the ‘next generation internet’ according to some. In recent years, we have become accustomed to hearing the names of fields such as artificial intelligence, robotic learning and coding with the developing technology and we have witnessed new developments in these fields every day. While developments in this field continue, developments in the field of augmented reality (VR) are both exciting and bring new employment and investment opportunities.
To summarize and in its simplest form; the metaverse promises to bring the internet environment, instant data, meetings, gatherings, and social events to the dimension of virtual reality. It aims to bring many of the tasks we can do today with computers or phones and the applications we use to the virtual reality dimension with a single pair of glasses or hologram technology. Investments continue to be made by big companies in this field, which we can express in Daily American as the future dimension of the Internet. Finally, the announcement that one of the social platform giants has changed its name to ‘Meta Platform’ and will continue its current activities in metaverse developments shows the effort to build all digital environments on a fictional reality.
Although the use of this technology is currently predominant in some consoles, computers, and various gaming platforms, it is thought that most of the work done physically today will be done in a virtual reality environment with avatars to be created by users. In addition, cinema or some travel and vacation activities, concerts and participation in various art events will also become possible with augmented reality with this technology.
SandBox was the last project to receive investment in game based NFT developments. The NFT-based metaverse development received a total investment of 93 million dollars; Animoca Brands, Polygon Studios and Samsung Next were among the investors. The investment will be used to develop TheSandbox’s NFT metaverse. The idea of creating avatars in the digital world has become a trend on the internet, attracting some wealthy investors. Thus, crypto assets with projects for metaverse development have experienced large valuations in very short periods of time. There has been an explosion of interest in virtual reality, virtual objects and therefore NFT projects.
What are Metaverse Coins?
While there are various ways to invest in metadata and be part of the action, in this guide, we will look at blockchain-based tokens that allow you to see the success of the metadata store. These tokens are commonly known as metaverse coins.
So, what are the main known metaverse coins and what are their characteristics?
- Axie Infinity (AXS), one of the first NFT projects, is a gaming platform launched in 2018. Mana is a crypto asset that allows users to create content and applications in the NFT world, allowing them to gain experience and earn money from them.
- Enjin Coin (ENJ) is a cryptocurrency created in the gaming ecosystem. It is blockchain based. Wemix is a Blockchain-based crypto asset that is also used in the gaming platform.
- Bloktopia (BLOK), a metaverse application built on Polygon. It reflects all the advantages of Polygon to its users. Users can use this crypto asset in various fields. Wilder World, an asset that can be used in 21 different areas from gaming to advertising, is based on Ethereum and is expressed as a 5d metaverse. It allows the purchase and sale of all NFTs.
Notable NFT Developments and iNFT’s Place in the Metaverse
Although NFT, known as Non-Fungible Token, is not exactly Turkish, we can state that it means ‘crypto asset or money, chip that cannot be imitated’. As NFTs are known; they cannot be changed, copied, and deleted. This situation that makes them unique makes them a kind of digital artwork. We can say that the fact that NFTs are not possible to change hands with themselves or another token is their most important feature among crypto assets. So, what was the need that created NFTs? Why was there a need for such a technological evolution?
While the exchange of artworks is done by collectors, it is an ongoing fact that large commissions, which usually change hands at exorbitant prices at auctions, have gained a place in this luxury market. It is also known that various methods are insufficient to verify the authenticity of the works. Although the age of the canvas, the type of paints, brush strokes and the remnants that have formed on the work overtime are considered in verification, sometimes forged works can be bought and sold at high prices, and even some art museums, auction houses or galleries buy these forged works as real. One of the best examples of this situation is the Knoedler Gallery, one of the oldest art galleries in New York, which bought over 60 forgeries in the early 1990s, recently presented as a documentary on a digital platform. In the case in question, even though the gallery bought the forgeries, it was also able to sell them with a profit margin.
Unfortunately, both the value of artists and their artworks are recognized after their deaths. While the owners sell their works at very low margins to make a living during their lifetime, these works start to gain value after their deaths. Some collectors or galleries find new owners with very high margins. We can say that NFTs are a way out for artists in this situation. With NFT, both the structure of the artworks is preserved, and a decentralized infrastructure is used as it is blockchain-based. Just like a work of art, indivisible, unique and unique works of art are made possible to change hands in the digital environment.
NFT producers make a controlled supply to protect the value of their works. The highest-valued NFT sale to date was realized at $69.4 million. The sale was crypto artist Beeple’s ‘Everydays: The First 5000 Days’. Jack Dersey’s first tweet was also among the most popular NFTs, selling for $2.9 million. To make an NFT, a marketplace must first be chosen. You also need to have a compatible wallet to produce on the blockchain of your choice. It is important to note that the NFT you will create will only be possible to buy and sell on the blockchain you specify. After that, it remains to upload your digital artifact to the blockchain and set the price. We can think of Ethereum-based OpenSea as an art museum with the most artworks. On this platform, you can not only buy and sell NFTs or examine artworks, but you can also create blockchain-based artworks with Virtual Worlds. NiftyGateway, Super Rare are other notable marketplaces.
Having fully developed and invested in the definition of NFT above, we need to talk about a new concept that has emerged in the field of INFT. Taking the NFT application one step further and loading it with smart contracts and collaboration, INFT enables more productive and non-single-step learning beyond the hard-coded code indexing of standard NFTs. INFT works that are suitable for Metaverse content, learning, evolving, and moving NFTs to the virtual reality dimension with interactive avatars beyond being fixed and supporting this with smart contracts may become more valuable than current NFTs. In short, INFT is a work that will load artificial intelligence and robotic learning to NFTs and take them much further than being a work of art. In the developing and ever-changing technological infrastructure, perhaps we will witness NFTs arguing with each other in live broadcasts on social media platforms or we will witness that NFTs developed by brands that will make serious investments in this field are preferred instead of a purchasing tool or payment method in digital markets. VISA’s stepping into NFT projects may be a milestone towards the realization of these and similar projects.