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Virtual Products and NFTs in the Metaverse

All you need to know about how to sell products as a business in the digital world. 

One thing is clear: for those who understand and leverage NFTs and other emerging technologies, there are fortunes to be made. But for most, that’s easier said than done. In this piece, we’re going to break down the principles surrounding virtual product marketplaces into the core concepts that businesses should understand to get an early edge in this space.

Why sell a virtual product? 

Many may wonder what the value of a virtual product is if it doesn’t exist in the real world. But as we shift to a society in which virtual and real relationships and ways of interacting continue to merge, products and their virtual value will continue to increase. 

For some companies, the applications for virtual products might be more obvious than others. For example, someone wearing an expensive suit in a virtual environment gains a similar benefit to wearing one in real life but the value of virtual products to a food chain would be less so. Nevertheless, if you make and sell products in the real world, there’s probably a way to make and sell those products in virtual environments. And as we progress toward an immersive multiverse, the value of those products will only increase.

How do I protect my IP? 

Many people wonder about plagiarism as it is easier to copy a virtual product than a real one. In the physical world, the details of materials and construction are what separate a counterfeit Rolex watch from a real one. In virtual worlds, it’s possible to generate “virtually” identical copies of virtual products with no apparent distinctions in the product files themselves. How do you maintain and enforce scarcity and exclusivity with virtual products? That’s where NFTs come in.

NFTs are similar to units of cryptocurrency in that they are generated and protected via blockchain technology. How they differ is that there is no “fungible” or tradeable value assigned to an NFT in itself. One bitcoin is considered to have the same value as every other bitcoin in existence, and as such, it can be indexed to a value relative to other currencies or commodities. An NFT has no value in itself. It’s simply an unalterable and indestructible record of ownership that can point to any virtual asset, from a piece of 3D digital art (we’re big fans of David O’Reilly in particular) to a clip of LeBron dunking to a copy of a Kings of Leon album.

For more information on NFTs check out our other blogs:

NFTs: What Are They and Why Should Creatives Pay Attention?

Can NFTs Help Freelancers to Promote Their Work?

How To Make a Passive Income Trading NFTs?

Facebook and the Metaverse: A Simple Guide

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