What are the hot topic Metaverse and NFT? Introducing the relationship and how to use it!

“Metaverse” is used in the sense of “Meta (higher dimension) + universe (galaxy) = Metaverse (higher dimension different world)” and is a 3DCG virtual space built on the Internet.

In the world of the Metaverse, there are games that can be played with a sense of reality that utilizes VR/AR.

It should be noted that in recent years, NFTs (non-fungible tokens) have been legally recognized, and in-game items and land can now be bought and sold with real money.

In addition to the game industry, an increasing number of major companies are turning their attention to the economic activities of the Metaverse, and in recent years, the Metaverse Development solution and NFTs have been attracting attention in various industries.

Therefore, in this article, we will focus on the “relationship between the Metaverse and NFT” and explain the following points in detail.

What is the Metaverse?

“Metaverse” is used in the sense of “Meta (higher dimension) + universe (galaxy) = Metaverse (higher dimension different world)” and is a 3DCG virtual space built on the Internet.

Users can operate their own avatar (self in virtual space) in the Metaverse, interact with other users, shop, and enjoy life in another world.

With the development and spread of this Metaverse technology, it is expected to bring about global economic development in the modern business and entertainment industries.

What is NFT?

NFT is an abbreviation of “Non-Fungible Token”, a digital token that can prove the authenticity of assets such as art and in-game items with owner information and is embodied in a blockchain. It’s an asset. For example, NFTs are used in various genres such as in-game items, SNS icons, art, and music.

NFTs are already being bought and sold all over the world, and OpenSea , the largest NFT marketplace, will have a total circulation of over 365 billion yen in August 2021.

In recent years, there are cases where simple illustrations are traded for tens of millions to hundreds of millions of yen.

NFT, which can give digital data unique assets, has been used in the Metaverse in recent years.

Note that NFTs are digital assets that can prove authenticity, but do not recognize copyright

Case study of NFT utilization in Metaverse

Here, we will explain three examples of NFT utilization in the Metaverse.

Art

The issue of originality and authenticity of digital art has long been an issue. In the past, it was easy to copy or plagiarize ideas, making it difficult for artists to generate revenue. However, with the advent of NFTs, it is now possible to secure ownership of digital art. As a result, many creators are beginning to enter the digital art industry. There are many scenes where digital art plays an active role, such as movies, TV, promotional videos, paintings, and designs. The time may soon come when digital art will be exposed to the light of day. Another advantage of NFT is that digital art can be sold directly without going through an intermediary.

As an example, an NFT event called “CRYPTO ART FES 2022 (commonly known as CAF)” is being held in Japan.

This is an event held by BeyondConcept Co., Ltd., which produces and produces NFT projects and Web3 metaverses. It is a digital art festival where hundreds of NFT creations from Japan and abroad will be exhibited in real space and Metaverse Intergration Services space. “Crypto Art Fes 2022”, which will be held for the first time in April 2021 and the second time, will be even more powerful than the previous time, such as challenging the fusion of the metaverse and the physical.

Virtual land

On the Metaverse, it is possible to buy and sell virtual land by using NFTs instead of deeds of transfer.

For example, one user created “ The Secrets of Satoshi’s Tea Garden “, a combination of 64 plots, and sold it for 1.3 million MANA (equivalent to $80,000).

Now, by combining Metaverse and NFT, we are in an era where real money moves with the same values ​​as the real world.

Game items and rewards

P2E models such as Aavegotchi have a new type of virtual economy underway that rewards users with in-game crypto assets and NFTs that can be traded, sold or borrowed.

Additionally, Battle Racer releases car parts as separate NFTs for added utility.

Users can purchase car parts and build their own vehicles, or buy and sell them on marketplaces such as OpenSea.

Metaverse recommended NFT games

Here, we will explain two recommended NFT games in the Metaverse series.

The Sandbox

TheSandBox is an art game that combines cubes to create a world.

The virtual currency “SAND” can be used as a common currency, and can be used for event participation fees and land purchases. Also, if you own a LAND (the land within the game space), you can build your own facilities and mini-games on that LAND and let other users play with it.

In addition, creators can create NFT voxel art and sell it on TheSandBox marketplace.

Axie Infinity

Axie Infinity is a Metaverse game released in 2018 built on a blockchain where you can earn virtual currency (tokens). The main game content is an NFT pet called Axie, which is played, bred, nurtured, and traded. Axies usually have to be purchased, but can be borrowed for free.

Therefore, it is easy to start even for beginners.

The initial cost varies depending on the time of year, but it is better to think that it usually costs from tens of thousands of yen to hundreds of thousands of yen.

How to start the Metaverse

Open an account on a cryptocurrency exchange

As a preparation before starting the Metaverse, you need a crypto asset (virtual currency) exchange account. The reason is that crypto assets (virtual currency) such as Bitcoin are required to play the Metaverse Application Development Services. There are multiple exchanges, but we recommend “Coincheck” first.

The reason is as follows.

[Recommended points of Coincheck]

・Because we provide our own NFT marketplace “Coincheck NFT (β version)”, you can purchase crypto assets directly from Japanese yen.

・Free account opening

・Simple UI design makes it easy to use even for beginners

・There are many types of crypto assets handled

・There is a crypto asset lending service with a maximum annual rate of 5%

2. Select a metaverse game

Next, choose the Metaverse game you want to play.

If you are a beginner, please choose one from the “Recommended Metaverse NFT games” explained earlier.

・The Sandbox

・Axie Infinity

・Decentraland

・Blankos Block Party

・Ember Sword

3 Exchange virtual currency to currency on the Metaverse

Finally, exchange the purchased virtual currency for the currency that can be used within the Metaverse game of your choice and you are ready to go.

By the way, Coincheck NFT (β version) sells in-game items in an auction format, so let’s procure the virtual currency decided by the seller.

[Procedure to purchase game currency]

・Step 1: Purchase Bitcoin with Coin Check

・Step 2: Open an account with Binance

・Step 3: Coin check → transfer currency to Binance

・Step 4: Purchase game currency with Binance

The reason for using Binance is that domestic exchanges do not handle game currency.

Binance offers over 300 instruments, so you can buy most game currencies.

Summary

In this article, I explained the relationship between Metaverse Development Company and NFT for beginners who are interested in Metaverse and NFT.

Metaverse, which is based on blockchain, is mainly used in the game and entertainment industries, and has begun to be introduced in business.

With various companies starting to focus on the introduction of the Metaverse, it is very likely that the market will thrive in the future.

Please pay attention to how Metaverse and NFT will develop in the future.