January 24 2024

How Important Will NFTs be in the Metaverse?

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If you traveled back in time twenty years and said these words to someone, they’d think you were crazy. But the metaverse and non-fungible tokens are now two of the most talked-about innovations in the modern technological era.

Along with being highly progressive in their own rights, these innovations could spur each other on as well. That’s because NFTs allow people to own aspects of the metaverse, such as property and land.

Online Casinos Could be Major Catalyst for the Metaverse

The metaverse has a long way to go before it takes off and enters the mainstream, but online casinos could play a huge part in its formation. The global online gambling market size was valued at $57.54 billion in 2021 and is expected to increase at a compound annual growth rate of 11.7 percent until 2030. But how is this going to happen? The most likely explanation is through tech integration.

When people play live casino games like Treasure Island and Adventures Beyond Wonderland, they already feel immersed in the action thanks to the live streaming technology. VR is expected to add another element to that, and there’s the potential for fully digitalized online casinos in the metaverse.

In this situation, online casinos could be massive for promoting the concept of NFTs in the metaverse. For example, users could purchase NFT clothing items that show off their individuality. NFTs could be used as status symbols, as people will be able to track their history and see how much people paid for them. Think of these in the same terms as Gucci bags and Ferrari cars, which have added value because everyone agrees they are luxury items.  

NFTs Will Allow People to Own Property and Land

NFTs are already transforming the concept of virtual property and land ownership. Indeed, the total value of NFT transactions in 2021 was around $17 billion. This was a huge increase on the previous year, which had generated around $82.5 million. This unprecedented growth indicates a rising interest in digital assets. What’s more, these tokens are expected to boom again in 2024, in tandem with the anticipated cryptocurrency bull run.

Just like in the real world, people who manage to buy up assets early on can often get them considerably cheaper than if they were late to the party. The same thing is true for NFTs, with sought-after metaverse properties and items potentially selling for millions in the future. This is highlighted by the fact that a piece of land in Decentraland has already sold for more than $2.4 million.

NFT Market Could Blow Up This Year

It’s amazing that NFTs have already generated such a substantial amount of revenue before the market has properly taken off. These tokens are still in their embryonic stages, reminiscent of the early days of the internet. When people get a firm understanding of them, and they become mainstream, they could be revolutionary in the online world.

The cryptocurrency market is currently gathering steam, and the Bitcoin halving in 2024 could lead to another bull run similar to what occurred in 2021. During that period, NFTs first started gaining traction, so they could have an even bigger impact this time around.

NFTs could be crucial to the success of the metaverse, as they will create a sense of value in the digital realm. Part of people’s enjoyment could be in buying rare items and properties, giving them a sense that they have a stake in the VR world.


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