Understanding Common Phrases: NFT, Blockchain, and The Metaverse
Cryptocurrency has been around for a long time now. Still, with the emergence of the Metaverse and NFTs, the digital world is constantly expanding and doesn't show signs of stopping. Along with the accelerated growth of the digital landscape comes an expanding list of complicated terms just waiting to trip you up.
With big companies like Sony, Apple, and Meta doing everything they can to push VR and celebrities spending tremendous amounts of money on NFTs, there’s no better plan than getting ahead of the growth by learning the key terms that you may come across right now. Whether you want to take your brand to a new level or you want to start trading in the Metaverse, there are a few words and phrases that you should know for you to make the digital world fully benefit your business.
Also known as VR, virtual reality is a term you’ve probably come across a few times over the years. With the rise of the Metaverse, you can expect to hear “virtual reality” frequently, whether you’re interested in it or not. If the plan for the Metaverse stays on track, you might be using VR to go to work someday.
VR is a catch-all term for entirely digital spaces that can be accessed via special hardware such as the Oculus Quest and Valve Index headsets. VR takes your business to new heights by using Cryptoart, wearables, and collectibles, which are all highly sought-after due to their individuality. Additionally, NFT collectors are fiercely devoted and quick to support brands in gaining cult status and a sizeable fan base.
Last year, Facebook hosted a Livestream to showcase its vision for a world that is exclusively digital. Following the stream, their CEO, Mark Zuckerberg, announced the name of his new company: Meta. There are many rumors about why Zuckerberg opted for a name change, but the only thing that matters is this change means Metaverse is a word we will all be using a lot more.
All you need to know about the Metaverse is that it's an entirely virtual world that allows you to go shopping, work, socialize, and play games with people worldwide. Brands can market digital goods that consumers can use in their own virtual worlds within the Metaverse. For instance, a clothing company might sell virtual clothing that customers can wear in their virtual world. The brand's reach can be increased by a consumer's virtual purchase, encouraging them to pick up any items outside the Metaverse in the real world.
Brands have the chance to increase customer loyalty by creating a space that people will repeatedly frequent in the Metaverse. In the metaverse, businesses can give customers access to special events, early access to new products, or exclusive deals. All you need is the right tools.
Augmented reality may seem like a foreign term, but if you have a cellphone, you’ve probably already used AR. Essentially, augmented reality (AR) is a method of placing and anchoring digital objects in the real world. Of course, these objects aren’t actually in the real world and can only be seen through the screen of your cellphone or through AR glasses.
A useful application of AR from a brand's point of view is as a tool for consumers to use when making purchases. Examples of this are department stores offering AR to let customers virtually view furniture in their homes, cosmetic companies giving customers the option to virtually try on makeup, and more.
As more and more companies race to invent new and innovative ways to thrive in the Metaverse, a new term has emerged: mixed reality. Mixed reality, or XR, is a combination of virtual reality and augmented reality. Essentially, using a mixed-reality device will allow you to enter the virtual world while still being able to see what's going on in the real world. You’ll even have the option to see the real world but with a few virtual additions.
Apple was rumored to have an XR headset in the works. However now, we can only hope for a future where we all wear XR headsets for an immersive everyday experience.
Blockchain has been around for years, and if you’re familiar with the cryptocurrency world, it's a term you would’ve come across a few times. It's best thought of as a virtual public ledger in which assets can be owned, traded, and tracked transparently and without alteration by those with malicious intentions.
It is decentralized, which means that no ultimate authority has control over it. The same can be said about cryptocurrency. A decentralized virtual currency that uses blockchains as a way to facilitate and track transactions.
Benefits from blockchain technology are starting to be seen in brand and trademark protection. Blockchains can provide luxury brand owners with some assurance regarding the authenticity of their products by preventing counterfeit goods from reaching the consumer market.
Non-fungible tokens, more commonly known as NFTs, are the cryptocurrency version of collectibles, each one as unique as the other. People spend money on NFTs for a variety of reasons, but the most common is to have sole ownership of a work of art.
While NFTs started as a way to support artists and their work, today, many people purchase them with the intention of holding on to them in hopes that their value will increase. At which point they will be sold for profit.
Since the artwork sold through NFTs doesn’t actually exist, the market is oversaturated with scammers selling counterfeit art and claiming that it’s real.
Decentralized Autonomous Organisations (DAOs)
One of the exciting features of Metaverse is that there isn’t only one person or company running things. Going forward, you’ll be hearing the term “decentralized autonomous organizations” regularly.
DAOs are blockchain-based digital organizations that operate using smart contracts. These contracts are used by DAOs to establish the rules for their organization. Most metaverse projects function similarly to DAOs, allowing users to vote on decisions.
If you’re looking for a place to purchase NFTs or make any digital trades, you’re going to head to a marketplace. There are a number of different marketplaces for you to explore, all of them built on either Solana or Ethereum.
The digital revolution offers an incredible opportunity for your brand. It might seem overwhelming at first, but the rapid growth of the digital world is something to be excited about. To learn more about how MarqVision can help you manage your IP in the new digital frontier, visit https://www.marqvision.com
Now that you’re familiar with the digital jargon, it’s time to grab your headsets and explore the Metaverse!