Non-fungible tokens (NFTs) could become a $56 billion market by 2030, as per Morgan Stanley, as virtual avatars and fashion demand increases in the metaverse.
The Metaverse enables online 3-D virtual environments. It is a network of continuous, real-time rendered 3D worlds and simulations. Existing examples of metaverse include games like Roblox, wherein virtual avatars can interact with virtual environments and other players.
NFTs will be of significant value in the metaverse, as more users start personalising avatars, homes, and storefronts using digital creatives. Companies can leverage metaverse to promote their brand through virtual billboards, merchandise, digital clothing and more, using technology like AR and VR.
Businesses can develop virtual popups, offer training, or host events to reach prospective consumers in the metaverse. This will allow brands to digitise their real-life products in the metaverse.
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