NFT: what are they and what's their role in the metaverse

The origin of the term “metaverse” is attributed to a novel written in 1992 by the author, Neal Stephenson, entitled “Snow Crash”.

In the book, humanity interacts and socialises in a virtual, completely digital space where every single person is represented by their own digital double of the real world, known as an avatar.

This concept is exactly the one that is defined as metaverse today, i.e. a sort of parallel universe in which every person relates with other people through their own avatar.

Also defined as cyberspace, you can imagine the metaverse as a digital space in which people can completely immerse themselves, experiencing a world that is similar to real life but in a place where anything is possible.

The unique nature of the ownership of an NFT is guaranteed by blockchain technology which prevents the digital certificate from being reproduced or altered in any way.

So, what uses are there for NFT technology?

Games, fashion, art, currency, NFTs are at the centre of the metaverse revolution which is always in synch with the real world.

Metaverse and web 3.0

The web 2.0 which emerged with the advent of social media and sharing platforms, has given millions of people the possibility of producing, publishing and commenting on content.

Free content which, thanks to sharing, can be consulted from anywhere on the planet. This aspect has led to an exponential growth in the use of the Internet and its possibilities.

In the web 3.0, we could see a change in trend because it will be possible to become effective owners of real objects or digital works.

Thanks to NFTs and blockchain, bitcoins and ANI technology, users will be able to create, publish, swap and buy digital objects.

Companies have realised this, as has Facebook, which has changed its name to Meta and has already started to invest heavily in the project for the creation of the Metaverse.

Microsoft has also signalled that it is moving in the same direction with the acquisition of Activision Blizzard for 68.7 billion dollars.

Gaming reigns supreme and plays a key role in the development of the metaverse.

Look no further than RPGs, which all have parallel universes where players, represented by their avatar, can interact with other players, buy skins (clothes) and create their own digital identity however they want.

Fashion, luxury goods and sports brands have all understood the opportunities that the metaverse offers them and have already started to invest in this direction.

Just recently, the digital version of a Gucci bag sold for over € 4,000 to be worn in the Roblox video game. The same bag in the real world costs about 700 dollars less.

If you want to find out more: Gucci auctions its first NFT for Roblox

Balenciaga has supplied users with accessories and skins to wear while they are playing while Nike has bought Rtfkt, a start-up that creates trainers and virtual digital objects.

Not to be outdone, Adidas has succeeded in selling animations and “tickets” through NFT technology for a total of 23 million dollars.

Fashion and luxury goods have already started making the most of NFT technology by selling digital products to use in the metaverse.

Temera is one of the few Italian companies that now offers consultancy services to companies to facilitate their entry into the metaverse in its multitude of application fields, from gaming, to events, purchases and traceability. By generating digital passports or digital twins of physical articles and acting as a go-between for artists, who can produce works of art to be minted, and luxury goods companies, Temera can create the best conditions for venturing into this innovative digital universe. The projects with Bulgari and Pinko are now a reality. The first to link ownership of a digital work of art to a limited edition of exclusive items and the second to create a virtual twin of every single item in a collection.

All this makes it clear that one day we may find ourselves with friends in the metaverse shopping for ourselves and our avatar or for other activities.

It is no coincidence that these days when children and teenagers ask for time to hang out with their friends, they are often referring to the possibility of connecting on-line to play.

Image source: RTFKT by Vogue Business

NFTs have also made a splash and gained a foothold in the wine sector. Many companies have already begun to make the most of the possibilities made available by this technology.

Wine producers and the entire wine production chain have already introduced significant changes with the advent of IoT technology.

Just think about the traceability and anti-counterfeiting systems used to defend the made in Italy brand introduced in Cantina 4.0, such as RFID technology or NFC technology.

If you want to find out more: Wine traceability: anti-counterfeiting and marketing - Cantina 4.0

But technology is moving fast and NFTs are opening up new possibilities.

Some wineries have already begun to sell the NFT ownership of wines that have just matured and which will be ready to drink at a later date.

But an NFT not only certifies the ownership of that specific bottle or case, it also adds the possibility of allowing the owner to enjoy unique benefits such as private tastings, participating in the production phases and much more.

It will also be possible to collect the NFTs which remain unique.
Many people are convinced that NFTs will be the wine label of the future.

What do you need to buy an NFT?

The future trend will see NFTs have an increasingly strong tangible use. Each NFT will be able to offer its owner assets in the Metaverse, exclusive content, private communities, conferences and unique experiences. FlyFish, for example, will be the first restaurant accessible only after purchasing their NFT.

What are NFTs?

NFTs are digital and cryptographic tokens based on blockchain technology.
They are unique and non-fungible tokens, i.e. tokens that represent a unique digital object, which cannot be replicated and manipulated.

What are the tokens?

The tokens are basically digital information registered on a distributed ledger (blockchain) which represent a right: access to a service, ownership of both physical and digital assets, receipt of a payment, and so on.