Metaverse; The first person to coincide with the word was the writer Neal Stephanson. Because, while using this expression in his work ‘Snow Cash’ written in 1992, reality is; explains it as being presented on the internet in an increased way.
The term metaverse, which is the abbreviation of the meta-universe expression, can be expressed as the ‘new generation internet’ according to some nowadays. In recent years, with the developing technology, we have become accustomed to hearing the names of areas such as artificial intelligence, robotic learning, coding and we have witnessed new developments in these areas every day. While developments in this area continue, developments in the field of augmented reality (VR) are both exciting and bring new employment and investment opportunities.
To summarize briefly and in its simplest form; Metaverse promises to bring the internet environment, instant data, meetings, meetings, social events to the virtual reality dimension. Today, it aims to carry many jobs and applications that we can do with a computer or phone to the virtual reality dimension with a single glasses or hologram technology. As the future dimension of the Internet, investments by large companies continue to come to this area, which we can express in daily Turkish expression. Finally, the announcement that one of the social platform giants has changed its name to the ‘Meta Platform’ and that it will make metaverse improvements in the continuation of its current activities shows an effort to build all digital environments on a fictional reality.
Although the use of this technology is currently predominantly on some consoles, computers and various gaming platforms, many of the physical work done today is thought to be done in virtual reality with avatars to be created by users. In addition, participation in cinema or some travel and holiday activities, concerts and various art events will be made possible by augmented reality with this technology.
SandBox was the latest project to receive investment in these game-based NFT developments. The NFT-based metaverse development has received a total investment of $ 93 million; 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 an avatar in the digital world has become a trend on the internet by attracting the attention of some rich investors. Thus, crypto assets with projects for metaverse development experienced large valuations in very short time frames. Interest in virtual reality, virtual objects, and therefore NFT projects has exploded.
The continuation of our article will continue with explaining the features of metaverse coins that can position themselves in the future.
Which are Metaverse Coins?
While there are a variety of ways to invest in metadata and be part of the action, in this guide, we’ll take a 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 features?
Axie Infinity (AXS), one of the first NFT studies, is a gaming platform that came to life in 2018. Mana is a crypto asset that allows users to create content and applications in the NFT world, gain experience and earn money from them.
Enjin Coin (ENJ) is a cryptocurrency formed in the gaming ecosystem. Blockchain-based. Wemix, is a crypto asset that is likewise used on the gaming platform and is based on Blockchain.
Bloktopia (BLOK) is a metaverse application built on Polygon. It reflects all the advantages of Polygon to its users. Users can use this crypto asset in various areas. Wilder World, an entity that allows use in 21 different areas, from gaming to advertising, is expressed as Ethereum-based and 5d metaverse. It allows the buying/selling of all NFTs.
Notable NFT Developments and the Place of iNFT in the Metaverse
NFT known as Non Fungible Token
Although it is not the exact Turkish expression of ‘we can say that it means crypto asset or money, chip, which cannot be imitated. NFTs are known; they cannot be modified, copied or deleted. What makes them unique is actually a kind of digital artwork. In the change of hands of NFTs, we can say that it is not possible to change hands from themselves or with another token is the most important feature of their crypto assets. So what was the need that gave rise to NFTs? Why was such a technological evolution needed?
While it is known that the exchange of hands of works of art is made by collectors, it is an ongoing fact that large commissions that usually change hands at exorbitant prices in auctions have taken their place in the market that appeals to this luxury segment. It is also known that various methods are insufficient to verify the authenticity of the works. In verification; Although the age of the canvas, the type of paints, brush strokes and the remains formed on the work over time are taken into consideration, sometimes fake works can be bought and sold at high prices and even some art museums, auction houses or galleries think these fake works are real. One of the best examples of this is the fake works that the Knoedler Gallery, one of the oldest art galleries in New York in the early 1990s, recently presented as a documentary on a digital platform, received over 60 works. In the case in question, although the gallery bought the fake works, it was also able to sell the works with a profit margin.
Unfortunately, artists; Their value and artwork are understood after their deaths. While the authors dispose of their works with very low margins in order to make a living in their lives, these works begin to gain value after their deaths. The works are found by some collectors or galleries with very high margins. NFTs, on the other hand, are naturally an exit door for artists. With NFT, both the structure of the works of art is protected and a decentralized infrastructure is used with the blockchain-based structure. Just like a work of art, indivisible, unique works; it is possible to change hands in the digital environment.
NFT manufacturers supply in a controlled manner to protect the value of their works. The highest value NFT sale to date was $69.4 million. The sale in question was crypto artist Beeple’s ‘Everydays: The First 5000 Days’. Jack Dersey’s first tweet share and his sale for $ 2.9 million were among the most popular NFTs. For the construction of NFT, it is necessary to choose a market place first. You also need to have a compatible wallet to produce on the blockchain you want. It should not be forgotten that the NFT you will create will only be able to be bought and sold on the blockchain you specify. Then it remains to upload your digital work to the blockchain and determine the price. We can think of Ethereum-based OpenSea as an art museum that houses the most works of art. On this platform, you can not only buy and sell NFT or review works, but also create blockchain-based works with Virtual Worlds. NiftyGateway, Super Rare are other notable marketplaces.
After making the NFT definition developments and investments to the fullest, we need to mention a new concept about INFT. Taking the NFT application one step further and collaborating with smart contracts, INFT allows more productive and non-one-step learning beyond fixed code indexing to standard NFTs. Beyond being adaptable, learning, developing and fixed to Metaverse contents, interactive avatars and NFTs that carry NFTs to the virtual reality dimension and support them with smart contracts can become more valuable than current NFTs. In short, a study that will take NFTs to be much more than a work of art by installing artificial intelligence and robotic learning is INFT. In the developing and constantly changing technological infrastructure, perhaps we will witness the discussion of NFTs 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 area are preferred in digital markets instead of a purchasing tool or payment method. VISA’s step into NFT projects is perhaps a milestone towards the realization of these and similar projects.