What role do cryptos and NFTs play in the metaverse?

The role of encryption in the meta-universe

Cryptocurrency is a virtual asset used for digital transactions around the world, and virtual assets are needed to mine the virtual marketplace on the metaverse. In this case, encryption is the most obvious option.

Cryptocurrency is recognized around the world as a secure, distributed and transparent payment standard. Many metaverse platforms are based on blockchain distribution networks and use cryptocurrencies.

Entering the meta world can bring many benefits. For example:

Cryptocurrencies are decentralized and not controlled by a centralized organization.

No authorization required.

Encryption uses fast transitions.

It provides full anonymity to users and ensures user safety.

It provides users with collaboration and an open platform.

Cryptographic technology provides customers with digital credentials of authenticity and ownership.

Participants can participate in the creation of the metauniverse community.

Cryptocurrencies like Polkadot and Avalanche can create interactive blockchains. This allows different meta-spatial ecosystems to communicate with each other.

The role of NFTs in the meta world

NFTs will play an important role in the future meta-world. This is because NFTs use blockchain technology and use cryptographic tokens to provide members with art, digital devices, sports books, virtual houses, music, videos and toys. .

NFTs use smart contracts. Therefore, users who wish to purchase virtual assets on the metaverse can do so through NFT smart contracts. Members are referred to the buyer. In this case, the cryptocurrency will be the only token authorized for all these virtual transactions. People can use virtual avatars to participate in virtual games and even receive rewards through cryptocurrency. Gamers and game retailers can use virtual photos and create virtual IDs to purchase NFTs, artwork, or video clips on the Metaverse platform.

The NFT project includes MetaCity, a meta-world gaming platform similar to Minecraft. The platform enables users to buy and sell NFT real estate and improve their business. It also offers multiplayer play, allowing players to swap toys between different sports.

Sorare is developed by the Ethereum blockchain network and is an NFT game for football fans. There are currently 180 licensed football clubs. Players can use playing cards to create virtual teams and receive rewards for teamwork.

Important Metauniverse Encryption Projects

Decentraland

The Decentraland Coast meta-project uses MANA, a platform specializing in cryptocurrency. It provides users with protocol control and benefits that can be applied to a real business. Users of this platform can create custom avatars and play games. Participants can buy and sell real estate through competitive bidding and purchase NFTs using currency MANA. Decentraland has a total market capitalization of $ 5 billion.

Sandbox

Sandboxes like Decentraland and SAND are used to create virtual values ​​on the platform. Sandbox is a virtual community platform where users can communicate with each other, buy and sell real estate, and earn money. Sandbox is also recognized by major musicians such as Snoop Dogg and Deadmau5. Sandbox now has a total market value of $ 2.3 billion, slightly lower than Decentraland.

Star of Zed

JEDSTAR is a finance division (DeFi) and a game finance division (GameFi). The company has announced a new feature called KRED that can be used in the New Registration Card (CCG), Meta Universe Online Role-playing Game (MMORPG), and NFT markets. We are also launching STRDOME, allowing users to buy and sell KRED through a paid platform.

The meta world is still in its infancy and it's too early to predict the future. However, virtual and augmented reality has led to success, and experts believe the potential of the metaverse is only just beginning.