NFT: what are they and what's their role in the metaverse
Blog 02/03/2022

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


Non-fungible tokens, so-called NFTs, are unique digital objects, that cannot be reproduced or counterfeited and whose ownership cannot be transferred.

A sort of “certificate of ownership” which guarantees the unique and unmistakeable ownership of an digital object or work that protects the copyright 100%.

NFTs play an essential role in the metaverse, by exponentially expanding the opportunities and confines of this digital multiverse.

What is 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.


What is the Metaverse?

How do NFTs work and what is their use?

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.

NFTs and the fashion and luxury goods universe

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 and the fashion and luxury goods universe

NFT and the art universe

NFT and the art universe

Art also is part of the revolution of this incredible technology.
It is already possible to buy, swap or sell ownership of unique and certified digital works of art thanks to NFTs.

The owner can also decide to retain ownership but concede the use by continuing to receive a percentage on subsequent sales.

Defined by some as crypto art, it is all based on the sale of “art in bits” without involving physical and tangible matter.

Take the digital work by the artist, Mike Winkelmann for example which sold, in NFT format, for an impressive 69 million dollars. 69 million tangible dollars that can be spent in the real world.

So, NFTs create excellent opportunities for all artists, both big and small, who can now sell digital works, stemming from their creativity, in any part of the world and guarantee the uniqueness of the work.

The owner of an NFT cannot replicate or alter the object in any way, meaning that the copyright remains intact.

NFTs and the gaming universe

It would seem that the gaming market is currently the most advanced when it comes to using “Non-fungible tokens”. Young people who play video games do not just buy the game, they also purchase digital skins, objects and characters in them every day.

The video game world is also the one in which virtual reality headsets are most commonly used.

Companies like Facebook, Microsoft and others make it clear, through their investments, that the key to the development of the Metaverse is linked to the world of gaming.

Facebook has recently celebrated the success of its Oculus application linked precisely to the use of virtual reality headsets.


NFTs and the music universe

The music industry has also been bowled over by NFT technology and its potential.

NFTs give artists the opportunity to produce and create unique experiences as well as increase business and earning opportunities.

In a sector where business is almost totally concentrated in the hands of giants like Spotify, Apple music, Amazon Music and others, NFTs open up the possibility of decentralising the business by giving artists better earning opportunities.

“Thanks to the creation of an NFT, an artist can create events and products that allow the user who buys it to enjoy a unique experience”.

Just think about the charity initiative with which Achille Lauro transformed his heartbeat into a digital work sold in the form of an NFT at auction.

If you want to know more: Achille Lauro creates an NFT of his heartbeat

In such a connected world, the unique nature of emotional and experiential events reigns supreme.

Music in the metaverse could lead us to experience events, such as exclusive live concerts connected in the other dimension.

There are already numerous artists who have begun to perform in concerts and events that can be enjoyed only in the metaverse.

NFTs and the gaming universe

NFTs and the wine universe

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.

How is an NFT made?

How is an NFT made?

NFTs do not exist in nature. They have to be created.
An NFT can be created of a painting, text, music, video and in general, of

any object that can be represented in a digital format.

Once transformed into an NFT, the work will be unique, original and unable to be duplicated or altered.

To create your NFT certificate, you need to perform a blockchain procedure.

To perform the procedure, you will need to buy virtual currency, e.g. on Ethereum.

To get your hands on some Ethers (the cryptocurrency based on Ethereum), you will need an Ethereum wallet.

To mint the NFT of your digital work, you will need to pay a fee in Ether, the price is very volatile and changes based on the daily operating price.

So, the NFT uses cutting-edge technology to connect the real world to the virtual world, a genuine open door to the metaverse, where brands, products and consumers will inevitably end up going.


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.