Early last year,  NFTs (non-fungible tokens) became, along with “Metaverse”, one of the most popular and talked about terms in the technology and business worlds. Today, an entire industry is being built around them. 

To truly understand NFTs as one of the pillars of The New Internet (a.k.a. the Metaverse), it’s worth mentioning the technology behind them: the blockchain. Blockchain (another of today’s most prominent buzzwords due to its unparalleled “security”), is the basis of everything in the current Metaverse, from crypto currencies (like Bitcoin or Ethereum), to digital wallets, and of course, NFTs. Unimaginable a few years back, blockchain technology is best described as a de-centralised ledger, which brings the peace of mind needed for everyone to embrace their digital possessions or assets.  

That is why NFTs were such an exciting and unfamiliar concept. Because they’re backed by the blockchain, things that were previously un-ownable—like a JPEG, a song, or a digital work of art—can now be owned by an individual. It is akin having a digital certificate of authenticity. Or, to put it in terms of a more traditional art collection: anyone can buy a Picasso print, but only one person can own the original. That is what is meant by the term “non-fungible” – they can’t be exchanged like for like, and the original work can be verified. 

In this chapter of our series on Brands in the Metaverse, we will unlock why these digital possessions are so important for the present and future of the Metaverse, how they affect the very meaning of ownership, and how brands can tap into them. 

Read more here.