The role of NFTs and cryptocurrencies

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NFTs ( Non-Fungible Tokens ) and cryptocurrencies (Bitcoin, Ethereum, Cardano, Theter, etc.) are closely related and play an important role in these virtual environments. To understand this world, it is important to understand what they are and the differences between NFTs and cryptocurrencies , which are a common payment method in the metaverse.

A fungible good is one that can be exchanged, distributed, sold, redeemed... and its value will remain the same. A non-fungible good (NFT) could be compared to a work of art, it is not equivalent chief vice president marketing officer email list to another, it is unique, it cannot be replaced. This is why NFTs are attached to digital works, products or illustrations, which makes them unique, and they are incredibly rare, which increases their exclusivity. Cryptocurrencies, however, are fungible goods.

Both methods work in the same way: a network of decentralized systems with encrypted blocks that are resistant to data modification . What makes the difference in NFTs is that they are assigned a certificate of authenticity that records the value of their item, author, all the transactions made with it, and guarantees its exclusivity, which makes them more valuable and expensive than cryptocurrencies.

Major brands are already entering the metaverse . For example, Dolce & Gabbana has already sold a collection worth $6 million in cryptocurrency, which included both physical products and NFTs.

Other brands such as Bershka have also entered this world by creating a new digital collection through gaming for games such as Fortnite, where it is possible to buy clothes for avatars with cryptocurrencies and also physically in the store. Even on their own e-commerce website they present the new collection with a prototype of the metaverse that can be dragged to view in 3D.