But what are NFTs doing in Facebook’s metaverse?

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But what are NFTs doing in Facebook's metaverse?

Mark Zuckerberg’s announcements about the metaverse set the tone: the future of Facebook will go through this virtual world. And certain details in the CEO’s speech show that NFTs will play an important role in this.

The identity change announcement for the Facebook group – which became Meta – was accompanied by a long presentation of what Mark Zuckerberg describes as the multinational’s new priority: the metaverse. The metaverse is a kind of virtual world, which would be accessible through virtual reality headsets (in this case, the Oculus / Meta from Facebook). And, in this world that Meta sets out to build, NFTs could play an important role.

NFTs, for non fungible tokens in English and non-exchangeable token in French, are a kind of digital certificate of ownership. The technology is based on the Ethereum blockchain, which makes it possible to authenticate files, and to ensure that the transactions carried out are well recorded and certified. Technology has enabled a virtual art market to emerge, which today is worth several million dollars. These NFTs and this market could therefore soon find themselves at the heart of the virtual world built by Meta. But what could they be used for?

What are NFTs doing in the metaverse?

In order to be sure to exploit all the possibilities around the metaverse, explained Mark Zuckerberg during the Facebook Connect conference, you have to be able to ensure ” interoperability between platforms “. ” It goes beyond creating an avatar and transporting digital items through different apps. You want to be sure that all your objects can be used in many different contexts, and not stuck somewhere “. And for that, Mark Zuckerberg quickly evokes the development of NFT technology.

But what exactly do NFTs have to do with all of this? As a virtual certificate of ownership, NFTs could indeed allow people present in a metaverse to have a more “tangible” proof that it is their object.

Concretely, the teams dedicated to the design of the metaverse would be working on the possibility of interacting with these virtual objects, explained Mark Zuckerbeg. Another example cited by the CEO involved NFTs that users could purchase during special events held in the metaverse. In the example used during the conference, it was about two friends going to a party organized in the metaverse, and where they could buy clothes with the image of their favorite singer.

Mark Zuckerberg has yet to give all the details about NFTs, their use, and their place in the future Metaverse — especially since the latter isn’t expected to arrive for some time to come. However, he mentioned several possibilities: we are developing a Horizon Marketplace, where creators can show their digital creations in 3D, and sell them “. Such a marketplace could work thanks to NFT technology.

There is already a market for NFTs in the metaverses

However, Facebook and Meta will not be the first to implement NFTs in a metaverse: a market already exists. Video games sell in the form of NFTs items or skins usable in game for some time, others put NFTs into play, while others offer players to compete to recover a limited number of rare objects in the form of NFTs.

Some platforms and universes specialized in virtual reality (Decentraland for example) are even already entirely built on this principle. Clothing and plots of land, put up for sale in games, are already being bought for sums of up to tens of thousands of dollars. The NonFungible site, which lists operations and the state of the NFT market, thus shows that the market is already large: the average price of an NFT in this type of metaverse is more than 4,000 dollars, and in all, the equivalent of more than 3 million dollars of NFT usable in metaverses have already been sold.

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