The term “Metaverse” has quickly become part of the lexicon for internet users, even though many disagree on what it is ultimately going to become.
Nonetheless, various businesses are beginning to spring up in virtual spaces because of the untapped opportunities that exist. What makes the Metaverse an attractive space to open up a new service or company comes down to the Web3 technology it is built on, namely blockchain, smart contracts, and Non Fungible Tokens (NFTs).
A blockchain is an immutable ledger of digital assets, while smart contracts interact with this ledger to transfer assets between different parties. Together, this means that developers can create not only new currencies but a myriad of more complex assets as well. NFTs are one such example, which go beyond money and act more like individual items with a discernible history. This verifiable data is the basis on which these assets can be monetized and used.
This is what’s going on at a technical level but there are some practical steps that every metaverse business founder should also know about.