The world is changing, and it’s changing faster than you can say change. This rapid change is not just in terms of the new, newer and newest technologies that are entering the global marketplace as we speak, but more fundamentally, in our understanding of them. For most people, Metaverse, NFTS and cryptocurrency are synonyms or utterly confusing. But that’s just ignorance talking. In this article, Bonfire Club will help us understand what each term entails and how they all come together to make one cohesive unit.
The metaverse is the future of the internet. It’s a three-dimensional universe that brings together a plethora of virtual spaces. But what does it mean? For Bonfire Club, “It’s simple. The metaverse is a virtual space that simulates a space in reality and also enables all things that happen in real life to take place virtually. Think meet-ups, collaboration, gaming, and overall socializing, and you’ll find you’re not that far away from understanding what the metaverse is bringing to the global table!”
NFT or Non-Fungible Tokens are digital items. These digital items can range as far as the imagination of their creator goes. From sophisticated art pieces to pixelated ones, these digital items can be bought and sold using this blockchain technology. But the twist lies in them being non-fungible. Bonfire Club explains, “In being non-fungible, they become one of a kind, and the owner gets to own something truly unique (as far as the NFT world goes) and feel jolly good about it. It’s like owning a piece of land that no one else can claim.”
It’s a digital currency and is an alternative form of payment. It uses encryption-based algorithms to enable these payments.
Now talking about how they all tie in and come together to create the bigger picture, Bonfire Club says, “In essence, all these three entities are built using blockchains and function on decentralized applications and platforms. NFTs play a key role in the metaverse; just paper or plastic money play key roles in the world we consider real. It has been projected that at some point in the near future, users can buy and sell virtual goods on metaverse. This, of course, will be made possible by cryptocurrencies.”
The future is a place where many new things are possible. What will actually come to fruition, as always, will depend on what we choose to put our faith into.