MCS | Metaverse with NFTs

MCS | Metaverse with NFTs

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What is the keyword that heated up the year 2021 the most?

The metaverse is one of the trending keywords for 2021 selected by various outlets, including CES in 2021.

As such a metaverse embraces NFTs, it is becoming an issue again.

NFT (Non-Fungible Token) refers to a digital token as a kind of cryptographic means that uses distributed ledger technology (DLT) such as blockchain to represent rights to digital images, videos, game items, or other digital assets.

Transparency, interoperability, liquidity, and autonomous automation Despite these advantages, the current legal nature of NFTs and the ambiguity of related regulations make them very difficult to address. The NFT market was expected to develop only with a strong user community and institutional support, but as can be seen in the graph below, it is now facing a different phase as it has established itself to expand the Metaverse ecosystem beyond a simple transaction method.

Source: Cointelegraph

In particular, in the aftermath of COVID-19, which shook the world from 2019 to the present, as the market economy and as people's communication methods change, the metaverse, which has become a hot topic as a new communication method, and NFT, another hot issue, are gathering attention. For your information, standards-compliant NFTs are also compatible with different services.

Metaverse is expected to cause many changes in society and business in the future with the development of extended reality technologies such as augmented reality, virtual reality, and mixed reality. It can also be predicted that digital assets will be linked and linked to global economic activity, and are predicted to become the center of the future economy.

Source: Sandbox.com

For example, digital land was traded for $2.5 million on Axie Infinity, and the digital land on Decentraland was traded at $2.43 million. The price paid for this fictitious property is higher than the average home price in Manhattan, New York.

Grayscale, a cryptocurrency asset manager, says the metaverse market could grow to $1T. What is clear is that the Metaverse is just the beginning. Everyone agrees and is convinced that it will open up a new world. Of course, the definition of Metaverse differs according to each major or background, and there is no standard yet except for some services; no specific examples or services stand out. However, we are not the only one looking forward to the future that the development of Metaverse will create where companies and individuals can engage in economic activities as if in reality to create, trade, and invest in products and services.

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Thank you!

Sincerely,

MCS Team

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