NFT vs Metaverse: Difference and Comparison

The Internet appears to be a simple thing since it is available to everyone and can be accessed by anyone, but internally it is quite complex.

Recently there has been a hype about the internet 3.0 revolution or Web3. People are believing that concepts like NFT and Metaverse are going to change the future of the internet thoroughly.

Key Takeaways

1. NFTs represent unique digital assets, granting ownership and provenance to the buyer.
2. The Metaverse encompasses interconnected digital spaces, enabling users to socialize, work, and play.
3. NFTs can be used within the Metaverse, allowing for digital asset ownership and trade in virtual environments.

NFT vs Metaverse

NFTs have gained popularity in recent years as a way for creators to sell their work and establish ownership and authenticity in the digital realm. The metaverse is still in the early stages of development, but it has the potential to revolutionize the way that people interact with each other and with digital content.

The expanded form of NFT is known as a non-fungible token. This token is considered to be a unit that can not be interchanged.

NFTs referred to digital items such as music, video, gif, accessories for virtual Avatar, etc. NFT are bought and sold using the required cryptocurrency. There are multiple platforms available that provide NFT to purchase.

Metaverse is known as a virtual world shared among multiple users. This is the best online platform for players or people to work, socialize, and play.

Metaverse is one of the finest forms of modern virtual reality. Metaverse provides a 3D virtual world that is rendered real-time with the help of an interoperable network.

Comparison Table

Parameters Of Comparison	NFT	Metaverse
Based on	The concept of NFT is based on blockchain technology where people can buy it by spending cryptocurrency.	The concept of Metaverse is based on NFTs of various digital objects being sold and purchased.
Inventors	The inventors of the NFTs are Kevin McCoy and Anil Dash. It was introduced by them in 2014.	Neal Stevenson is the person who is known as the original inventor of Metaverse.
Platforms	There are various platforms available to purchase NFTs but till now OpenSea is considered to be the largest platform.	Metaverse also has multiple platforms to be accessed that include Roblox, Boing, and upcoming Microsoft and Meta Platform Inc.
Fungibility	As the name itself suggest, NFTs are known as non-fungible tokens because they are unique in their form.	The Metaverse coin most certainly going to be a fungible token that can be exchanged and swapped with a similar value.
Advantage	The biggest advantage offered by NFT is that it provides solid copyright facilities for content creators.	It is being believed that Metaverse is going to enhance the education procedure by providing real-time active classes.

What is NFT?

NFT is completely dependent on the technology known as blockchain which is a digital ledger.

Blockchain can be understood as a system used to keep records of cryptocurrency transactions, it provides a peer-to-peer network of various computers required to maintain transaction details.

In other words, NFTs are linked to cryptocurrencies using blockchain technology.

The main feature of NFT is its non-interchangeability, which means NFTs don’t have identical items to be replaced with. It is a digital asset that belongs to only a single person who has paid money to purchase it.

Artwork and music are the major items contained by NFTs but small tweets and videos can also be included.

For example, if the NFT of a famous artwork or painting is sold to a person, it doesn’t mean he receives the actual painting, rather he gets an ownership certificate registered by blockchain.

There are specialized platforms available on the internet where NFTs can be sold and bought.

These platforms are known as the NFT marketplace. Various types of cryptocurrencies are used to make the payment such as Gala, Mana, ETH, etc.

An extension that is a free internet browser known as Meta mask is used to access the wallet in which cryptocurrency is kept safely.

What is Metaverse?

In modern times, the internet is ready to take a leap of faith with Web3 evolution. Many renowned companies are preparing to change the perception of people towards the virtual world or virtual gaming by offering Metaverse.

A huge number of users can experience the features of Metaverse at the same time.

The concept of Metaverse is introduced before the world by a cyberpunk novel titled ‘Snow Crash’ written by Neal Stephenson.

Metaverse is an extremely scaled virtual land and the property of Metaverse includes data continuity, the largest scale, 3D Worlds that are virtual and real-time rendered, Interoperable networks, countless users, etc.

Metaverse is a virtual land where people are capable of buying virtual assets such as shopping malls, virtual land, banks, schools, etc.

These objects are designated as collectibles and to understand them better there is a vividly described procedure of buying these virtual collectibles.

First, the user should select a platform where he’s going to make the purchase then he has to create a wallet to keep cryptocurrency. The next step is to link the wallet to the Metaverse marketplace.

When the wallet is successfully linked he is suggested to consider location, price, and most importantly, the future value of that collectible. Then he should get the necessary tokens or coins to make the payment.

Main Differences Between NFT and Metaverse

1. The NFTs of several digital objects can be purchased by spending the required form of cryptocurrency while in Metaverse, Metaverse crypto/coins are used to buy NFTs.
2. The disadvantage of NFT is that it can be easily stolen by hackers. On the other hand, Metaverse is a virtual world that is not a thing to be stolen.
3. The exchanging or purchasing of NFTs are based on the technology known as the blockchain. On the other hand, Metaverse is a place where people can be the owner of NFTs.
4. NFTs are known widely to be the token that is nonfungible. While Metaverse coins are fungible due to such requirements.
5. The concept of NFT is brought to life by two people known as Anil Dash and Kevin McCoy while Metaverse is introduced to the people by Neal Stevenson.

References

1. https://www.cabdirect.org/cabdirect/abstract/19800383857
2. https://dl.acm.org/doi/abs/10.1145/2480741.2480751