Just like in real life, metavers are the place for commercial exchanges. Transactions are made in cryptocurrencies.
Each metaverse has its own cryptocurrency: MANA for Decentraland, SAND for The Sandbox and soon Diem for Meta. Meta is the metaverse developed by Facebook.
In a metaverse it is possible to buy and sell land, buildings, clothes for an avatar, etc. These virtual products take the form of money, which can be used to buy or sell goods. These virtual products take the form of non-fungible tokens (NFTs).
NFTs are an essential part of metaverse. They represent all goods that can be kept or earned on the metaverse: 3D constructs, accessories for avatars, digital artworks displayed in museums, or proof of attendance protocol (POAP) to collect.
Blockchain and NFT technologies have enabled the development of interoperability between these different worlds. Since NFTs are titles of ownership that are registered on the blockchain, ownership of a digital asset is not limited to the boundaries of any particular platform or game. Technically, it is standards such as ERC-721 that allow an NFT to be used in various applications and metaverse.
A pair of virtual sneakers in the form of NFTs can be worn by an avatar on Decentraland, but also in another virtual universe, and partly in the real world where they will be seen through augmented reality (AR) glasses. Hence the growing interest of brands such as Adidas or Nike in metaverse.
From a technical point of view, this is only possible with open and decentralized metaverses based on the same blockchain. Such interoperability is not yet possible on most existing metaverses, but it is an option that is gaining traction.
The main NFTs in the metaverse are virtual real estate, whose prices are constantly breaking records. Some are reaching new heights, such as this virtual land that sold for $2.43 million on Decentraland. How about an Axie Infinity lot that sold for $2.48 million.