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Metaverse, NFT and DeFi: Why they Matter in The Blockchain World

The NFTs market reaches $22bn, as digital images are transformed into assets

Meta was more than a name change. We all know that the rebranding transformed the company’s role to one that helps make the crypto space more inclusive. How? How?

This inclusivity allows you to connect the virtual world with real-world problems, exchanges and issues. Metaverse makes it easier to trade digital art and FinTech products on the blockchain. You may be wondering what important uses Metaverse, NFT and DeFi can have. Let’s look at some of their real-world use cases.

Metaverse

The Metaverse is a virtual reality space that allows for full immersion. This virtual environment will allow avatars to interact with each other. It will allow users to socialize beyond just sharing documents and images. The Metaverse lets you do everything, from pre-screening real property properties by viewing them in virtual reality to purchasing homes using tokens. Due to their popularity, Metaverse tokens such as MANA, GALA and many others are growing in popularity. These tokens can be traded in virtual marketplaces within the Metaverse environment.

NFT, or Non-FungibleTokens, are more than just about buying and selling digital artwork. There are many real-world uses for NFTs. Fashion brands and corporate companies have begun to distribute their NFTs. Social media posts (remember Jack Dorsey’s first tweet that sold at $2.9 million?) NFTs allow you to trade any item, even celebrity assets. Gaming platforms have seen a new life thanks to NFTs. Players have begun to “play to win”. Games can now help players earn NFTs, which can be traded on markets for higher prices. NFTs can be used in the same way as Metaverse. Metaverse coins can be used to trade NFTs for gaming assets.

DeFi (Decentralised Finance)

In order to use the Metaverse coins or tokens, you’ll first have to buy them. You can do it by going through a loop of fiat currencies and bank intermediaries. But that’ll spoil the whole point of a decentralised trading mechanism. That’s when decentralised finance or DeFi comes to play. Through DeFi networks, you can easily buy or sell your Metaverse tokens using smart contracts, P2P transactions, and more.

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