The importance of the digital marketplace with the metaverse and NTFs
First of all, it should be noted that companies can develop their business in the Metaverse through NFTs or Non-Fungible Tokens. These are nonfungible tokens which are an object similar to a currency in the digital world, but without legal tender value since it is created by a private entity, as is the case of cryptocurrencies. Coins as legal tender are fungible: if you need to pay with euros, it doesn’t matter. Uses of NFTs Their use started with collectors, as was the case in numismatics (collecting coins, medals, tokens, and paper money), but has moved to the digital world. In music for limited editions, in cinema to buy movies, in sports athletes sell their image as NFT and in fashion, where it evolves more along with the world of video games, physical products are sold but in the virtual world. “A participant can walk through a virtual mall and buy a digital Mickey Mouse costume for their avatar at the Disney Store, then go to the food court to pick out some food and have it delivered to their home via Uber Eats. and enjoy a live Beatles concert at the Spotify Performing Arts Center. You can watch the concert on your AirPods on Spotify whenever you want to run in the physical world and compete against your friends in an AR Peloton-like experience. How to create an NFT On this website, we find the testimony of Emily Dickinson, a poet who turned her works into NFTs to sell them. As he tells us, the first step is to define the concept, that is, to give a name and meaning to what you are going to create. Fortunately, almost no programming knowledge is required to coin NFT, and there are platforms or marketplaces such as OpenSea or Rarible that make things easier for the user. For example, OpenSea uses Ethereum and Polygon as blockchains. It requires an ETH wallet like MetaMask or Coinbase and pays the fees charged by the blockchain used. Now with this, we are ready to connect to the community. How NFTs are linked to the Metaverse The Internet started with Web 1.0, where it was read-only, designed for businesses, applications were digital forms and based on home pages. It allows reading and writing, it is made for communities, the applications are digital and it is based on social networks. Social networks that form communities and blogs appear and change the concept of the Internet. And the next will be Web 3.0, where privacy is intended, it is made for people, applications are intelligent and it is based on blockchain technology. Examples of NFTs in the metaverse NFTs of Beeple’s works were sold by Christie’s auction house for over €69 million. The first tweet was converted to NFT and sold on Ethereum for almost $3 million. The first record to be sold as NFT was made by Kings of Leon for over $2 million. It consists of setting up an online virtual environment where users can interact, talk, and generally communicate. Problems selling NFTs in the metaverse Tarantino has created seven NFTs that he intends to sell, consisting of a digitally scanned scene from the handwritten pulp fiction script, with the director’s voiceover. For this, Miramax sued Tarantino in November 2021, alleging that the director had no rights to develop, market, and sell NFT related to the production company’s films. The most recent and notorious lawsuit was by Nike, a shoe brand, against Stockx, an online marketplace for selling shoes, primarily for selling unauthorized images of Nike shoes as NFT. And this lawsuit is filed based on trademark infringement, so shoppers are not confusing NFT with the shoes Nike sells. StockX receives the shoes for resale, and verifies that they are genuine, which is an additional value, so Nike’s claim cannot be based on counterfeiting or infringement of image rights, intellectual property, etc., since the shoes become the StockX truly manufactured by Nike simply because their originality translates into NFT.
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