NFTs (can be referred to as “digital tokens” or “Nifties”) are digital objects that can be sold and through which some income can be earned. To give an even more precise definition it is also possible to refer to them as a kind of ownership certificates that attest that a particular owner or author of a work, has the rights to it.One very important feature of NFTs is that they do not possess a tangible form, but despite this, they can still be sold and bought. The point is that they are “unique,” because they cannot be categorized as “fungible” goods.This means that they are not interchangeable units with others of the same value. However, they can be bought and sold through special platforms. In other words, we are talking about something unique, “goods” that cannot be replaced with others of the same type.
What do NFTs have to do with the metaverse?
First of all, by the generic word “Metaverse” we mean a cryptographic Metaverse, which is something that like NFTs presupposes a Blockchain on which it is based. Simply put, Cryptographic Metaverse and NFT start from the same technology, which makes Non Fungible Tokens the medium by which the Metaverse is operated.
Usually NFTs are referred to as cryptocurrencies, but they are not, at least not when one thinks of Bitcoins; they are simply certificates of ownership of an asset written on a Blockchain.
NFTs are the certificates that recognize the ownership of a given asset, physical and virtual, in the cryptographic Metaverse. Basically, the Blockchain-based Metaverse creates a new digital reality that has its own infrastructure, its own rules and in an efficient system in every aspect, it even has its own money for purchases which are cryptocurrencies and its own certificates of ownership which are NFTs and all of them operate on Blockchain.
What are the possible uses in the cryptographic Metaverse?
Non Fungible Tokens (NFTs) have a subcategory called PFPs (Pictures-for-Proof) which are NFTs that represent a series of images. The subject in each image is always the same, but in each NFT it has different colors or different accessories. Now in the Metaverse each of these NFTs could correspond to an avatar that is traded with the sale.
NFTs are digital property certificates and in fact many famous artists include their digital works or ownership of physical works in them, which are handed over to the NFT holder.
But don’t think that NFTs are limited to avatars and images…