NFT is a unique code. It can be attached to a contract, a work of art, or anything that an individual thinks is so valuable that it requires protection from cyber hackers and thieves. The inherent value lies in the asset that this unique code represents.
NFT is neither a contract nor a piece of storage space on a chip.
When you trade-in NFTs, you are buying or selling the underlying asset. The buyer or seller does not have to physically verify the asset before the trade as is normally done in the physical world.
NFTs are becoming a component of the Metaverse. As we go along and technology evolves, the underlying asset that the NFT represents could also be accessed in the form of a 3D avatar. Buyers and sellers on the Metaverse can also be present as avatars at the time of the transaction.
When that happens, auction houses like Sotheby’s can conduct the auction virtually on the Metaverse. Sotheby here can be represented as an avatar. They can intermediate by explaining the asset’s value that people can see in 3D VR format.
In this hypothetical scenario, you will have an interplay of NFT, Virtual reality, Artificial reality, and robotics. You will now be having a use case happening on the Metaverse.

Related Posts:

Sudhirahluwalia, Inc