Redefining Metaverse Gaming with NFT
Two words that are creating tremendous buzz these days are `NFT’ and `Metaverse’. What exactly are they? And how are they revolutionizing the gaming sector? Let’s take a look.
Metaverse simply refers to a network of 3D digital universes that provide individuals and businesses with endless opportunities for porting virtual reality services and assets. The Metaverse provides an open and fair economy, particularly the play-to-earn gaming economy that engages and empowers players of blockchain games via the NFTs. In this virtual world of the Metaverse, individuals can buy or create avatars for themselves to communicate and interact with other users in the virtual community.
NFTs act as a conduit to the virtual world and facilitate social identity in the Metaverse. NFT is short for ‘Non-Fungible Token’, which means that they can be exchanged or traded in the metaverse similar to the way cryptocurrency is traded on a virtual platform or physical money is exchanged in the real world. NFT is a unique digital asset that cannot be replicated because it exists on a blockchain network. Assets like art, music, video clips, buildings and more in the physical world, are represented digitally in the Metaverse through NFTs. In this form of virtual trading, the probability of fraudulent transactions become greatly reduced.
These systems of digital currencies can be used to purchase items such as cars, clothes, shoes, weapons, etc., which can then be used to personalize the player’s virtual identity as he traverses through the Metaverse using a virtual reality headset, body suit and controllers.
The Metaverse is popularly known to be a platform for individuals to play games on and earn money while doing the same. Players can transfer their assets from the real world into the Metaverse which they can then utilise by partaking in play-to-earn games. The Metaverse grants the player’s access to innovative blockchain-based games in return for their purchasing land and other forms of assets. Players also win assets while playing games, with which they can invest further in the Metaverse. Finance in the Metaverse is developed on an open and fair economy and is securely backed up by blockchain’s inherent transparency.
A slew of Metaverse and NFT based games are under development in the Toonz studios, in partnership with our NFT partners GuardianLink. For more updates on the exciting Metaverse-NFT projects underway at Toonz, check out www.toonz.co or follow us on our social media platforms.