Metaverse is continuously unfolding with its gems of treasures and discovery. While we have cryptocurrencies transforming how a financial transaction is conducted, NFTs are authenticating unique ownership of paintings, photos, songs, and other art forms. Since 2021 cryptocurrencies and NFTs have gone full throttle in a big way as millions of people embrace these alternative assets. "By now, this metaverse phenomenon has not only pushed boundaries of finance and investment prospects but also reimagined how art, recreation, social community, and gaming in the digital space can evolve," says Mik Cosentino.
Mik Cosentino points out that though there is a trend across sovereign nations to contest the growth of cryptocurrency by minting CBDC digital currency, it has not deterred the victory march of crypto. The Cryptocurrency Market was estimated to be worth roughly USD 1,542.9 million in 2021 and is expected to rise to USD 2,302.5 million by 2028. "Conversant in the technological revolution, Gen Y and Z see crypto as the future of money," quips Mik Cosentino.
You have total control of your money in the crypto world, and no centralized government agency can manipulate it. This unique character of freedom and absolute right has caught up with the popular imagination of the new world order. Mik Cosentino says, "Its seamless, fast transfer, anonymity, and cryptographic security give altcoins all the attributes of a new-age avatar that fit the metaverse reality." Additionally, the adoption of blockchain technology is opening up people to see an alternate world outside traditional investing and trading.
When young people look at the NFT, it's not just a fancy thing. Its tokens and entailing perks like badges and costume and fashion accessories allow people to merge into the digital community and connect to the metaverse. "The events, charity, video gaming items have taken a new meaning with a tokenized avatar that can be traded. Owning an item of art or other collectibles, digitally, fixes you in the metaverse order of things," says Mik Cosentino.
NFTs are one of a kind, they can't be exchanged, and they reflect ownership of unique items. This is where the popularity comes in. Besides the unprecedented scope of monetization for digital creators, NFTs give the buyers a unique status of owning a digital identity in the metaverse, concludes Mik Cosentino.