Article 4
0016
<<<<
Blockchain Industry Review
HOW NFTS ARE POWERING THE METAVERSE By Matt Hawkins, Founder and CEO of Cudo Ventures
Metaverse, the next frontier in social connections, has captured the tech industry’s imagination with a promise of a futuristic vision. Ever since Facebook announced that the platform’s future would be in the metaverse, companies are clamouring to figure out how they can skew their businesses to align with this burgeoning space. Virtual worlds have been around for a couple of years, but Facebook, Microsoft, and Nvidia joining the metaverse bandwagon injected renewed interest in this area. Pegged as the next-generation way that people will interact online, there isn’t a single way to define the metaverse. Instead, it is an embodied internet, a hybrid between the physical and digital world. This shared 3D environment lets people join with their avatars and shapes how the virtual “reality” looks. Transferability and centralisation issues While many virtual worlds exist online, users currently cannot travel between them. However, the future metaverse could solve this problem, letting users navigate a single, seamless entity. In that sense, the true metaverse is a long way from actualising, but these platforms could allow users to transfer the NFTs they buy or own between platforms. So isn’t that how actual ownership should work in the metaverse? Ultimately, the future metaverse will allow unparalleled interoperability of digital assets and data across different virtual worlds. Additionally, the metaverse expands the Web 3.0 concept, the antithesis of the current state of the Internet, crippled by centralisation and data ownership issues. Companies like Facebook, Google, Amazon own the information users share on their centralized networks, leaving the everyday user with no absolute
