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The three primary use cases of Crypto that are Non-Fungible Tokens (NFTs), Metaverse and DeFi, have the potential to transform the globe for good. Recently Facebook has rebranded itself as Meta making the crypto space more inclusive. It's been a while since digital art, virtual reality, and FinTech services have been ongoing in the market. However, not much was innovated by the general public as centralized agencies majorly supported it. Enthusiastic blockchain developers will lay the foundation of Web 3.0 through these new crypto use cases. With the worldwide development of NFTs, DeFi people might experience better control of their content, the advent of virtual marketplaces, transparency in cross-border financial transactions, and creators being in charge of their assets.
Metaverse combines multiple technologies like augmented reality, virtual reality, 3D avatars, videos and other means of communication. Virtual assets, utilities and land can hold a great value for users these days; gamers are trading everything today. And Metaverse adds a real-time view to this. Gala Games for GALA and Decentraland for MANA are already in the picture of Metaverse tokens that might see a rise in future. As the industry grows, investors will undoubtedly see a significant upgrade.
NFTs or Non-Fungible Tokens share quite a few similarities with the Metaverse. Many metaverse platforms like Gala Games and The Sandbox have already created their digital assets floating around; users can trade these assets over different ecosystems through Metaverse relevant coins. Metaverse and the new gaming projects have reinvented the concept of digital ownership. Through NFTs, people can flaunt their digital entities; it could be an exhibition, digital art, image or anything. The ownership of digital assets is backed by blockchain ledger technology which encourages transparency and discourages duplication and piracy. NFTs are like a connecting link between the real world and the Metaverse. The exciting part is that the NFTs and metaverse related coins are already being listed and encouraged by major crypto exchange platforms.
DeFi offers a wide range of services for Metaverse, like lending based on smart contracts, P2P transactions, token trading across blockchains, staking solutions and many more.
Although NFTs, Metaverse and DeFi are different crypto use cases, they are interlinked, which makes them relevant. For example, in Metaverse, purchasing NFTs, staking Crypto and purchasing other utilities requires DeFi. If we consider an imaginary country as Metaverse, NFTs are its specialized products and resources, and Decentralized Finance is the economic fabric of that fictional country.
The crypto world is ready to power an open metaverse where content creation and user interaction will not be centralized or regulated. However, to see the real potential of Metaverse, NFTs and Decentralized finance need to be accepted in their entirety. People might not see the true potential of these use cases now; these tokens will be hard to catch once the world is ready to welcome the concept of Metaverse.