The technologies to create and enhance the metaverse are closing in… and with the help of non-fungible tokens (NFTs), they’ll get here sooner than you think…
This past weekend, Curzio Research attended the Crypto Connect & NFT Expo in Palm Beach, where we interviewed some of the emerging leaders of the crypto community. We’ll be sharing the footage in The Metaverse Movie (releasing soon).
I personally met with dozens of NFT project owners, Web3 developers, and metaverse visionaries bringing their platforms and ideas into the mainstream.
But these projects aren’t just for virtual worlds… Their real-world applications are mind-boggling…
One notable company is involved in horse racing. Its team set up a mechanical horse you ride as part of its display. I was eager to try it, but was more interested in the mechanics of the game itself.
The team explained that upon purchase of its NFTs, you can participate in real races, getting the full jockey experience with the help of a virtual reality (VR) headset. (Note that you can race just fine without the mechanical horse.)
Keep in mind, many of these projects face a ton of competition. Some lack “utility”… and could be just a cash grab.
The real projects that will revolutionize the NFT and metaverse space have similar characteristics…
If you’re not sure what an NFT is, you’re not alone! We put together a quick breakdown of the basics.
The best metaverse projects I saw at the expo are focused on using NFT technology to connect users across different metaverses… incorporating NFTs that have real world applications… and ensuring the ownership of digital assets.
More importantly, they’re each backed by a passionate, hungry team of developers who want to build something people love.
Another example: I spoke with the owners of a company that aims to make online poker obsolete. If you’re a poker fan, you’ll probably agree online poker doesn’t provide the same electrifying feeling as playing in person at a casino. And many players don’t trust the algorithms used to deal cards in online games.
This company is creating a metaverse where you can make your own avatar and sit at a poker table with other players in a 3D environment. Players can use a VR headset to get the full experience… or simply use their computer to join a game.
As part of its ecosystem, the company is rolling out an NFT collection, starting with 5,000 NFT “cards” of different tiers. The benefits you receive depend on the tier of the NFT you own.
So, for example, with one of the higher-tier NFTs, you’ll gain access to the World Series of Poker in Las Vegas, as well as other exclusive events.
Lower-tier NFTs can be “burned” (destroyed) to get a higher-tier card… so that only 780 NFTs will eventually remain. This limited supply creates scarcity, a critical factor in ensuring high value.
Owners of these NFTs get access to exclusive experiences in the metaverse, including meetings with top players and admission to high stakes games. They’ll also receive discounts on digital assets like clothing, sneakers, cars, and even virtual real estate.
I know… It’s a lot of information to take in.
I felt the same way after sitting down and playing poker with the owners of the project. They’ve been involved in the casino space for over 30 years and have played poker professionally. Their goal is to incorporate their gaming technology into multiple metaverses, where players can gamble in different worlds.
And they’ve got an impressive list of partnerships to help them beat the competition and become a premier company in the metaverse.
There’s so much happening in this space right now… and the future opportunities to cash in on these projects are limitless.
The most important thing to keep in mind when looking at emerging projects is to completely understand the company inside and out.
Here’s the bottom line…
NFTs have huge implications inside the metaverse.
In the metaverse, anything that can be purchased or transferred—from digital sneakers and clothing to a virtual car, and much more—will need to be recorded on the blockchain. And as I explained above, many metaverse projects use NFTs to provide exclusive experiences or other perks.
NFTs have been called the “currency of the metaverse” for a reason. Put simply, NFTs are the best way to create value in this new virtual world.
Editor’s note: The largest Wall Street firms estimate the average total addressable market for the metaverse is more than 5G, AI, electric vehicles and mobile phones—combined.