How The Metaverse Will Benefit Artists

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The metaverse offers an exciting ecosystem where artists can thrive. It may still be far from getting universal adoption, but it's interesting to see how it'll affect artists who rely on NFTs to sell their art.


Although the metaverse is still in its infancy, there's no denying the massive potential of blockchain-based non-fungible tokens to unlock a new world of opportunities for artists through it.

NFT-based artworks have already started flooding the internet on platforms like OpenSea, and more and more players in the blockchain space are opening up to the idea of building a new art economy around NFTs. The NFT business is already worth billions of dollars and with the Metaverse, it could skyrocket into the trillions.

A Framework for Artists

The metaverse offers an exciting ecosystem where artists can thrive. It may still be far from getting universal adoption, but it's interesting to see how it'll affect artists who rely on NFTs to sell their art.

A shared virtual reality would be an exciting way to integrate all these networks into one space. Moreover, it could make communication more accessible, something that's particularly important for artists who want to be recognized by a much more expansive community.

At the moment, it’s hard to show off your NFT. You can flex if you’ve spent millions of dollars but beyond that, what can you do with it? Where can you put it? You can Google Beeple’s Everydays and see a picture of it, but you can also do that with the Mona Lisa and any other famous works of art. It’s not the same. Now imagine there was a common area you could go to, an online museum, where you could see the original NFT. The one NFT that started a digital revolution. Everydays could be a piece of digital history and one that deserves to be marvelled at. Perhaps one day there will be an NFT museum as famous as the Lourve, The British Museum or the Metropolitan. That’s what the Metaverse could provide for digital artists and for the community as a whole.  

The Role of NFTs in the Metaverse

If NFTs can bridge the gap between blockchain, social media, and virtual reality in the Metaverse, then it can provide a huge opportunity for artists.

Imagine, for a moment, a celebrity interior designer giving you a virtual tour of a home in the metaverse. The interior designer takes you through the home and you particularly enjoy the artwork which you immediately buy as NFTs and put it into your own virtual home.

Artists can also contribute to the growth of NFTs through sales and other forms of monetization. This is a win-win situation for everyone: social media companies will get an advantage in the metaverse era, and artists can connect with users who appreciate their work.

Not only that, but NFTs also serve as a valuable tool for people to fund projects. They can buy NFTs during an initial coin offering, then sell them when they're more expensive in the future after their value has increased. So NFTs are here to stay, and it's up to social media companies to fully embrace this new technology that'll eventually create the realm of a shared virtual space for everyone.

Facebook Swoops in for the Metaverse

A metaverse is an intriguing option for social media companies like Facebook, which recently rebranded itself as Meta, looking to push the boundaries of the digital world. Moreover, it could be just what Facebook needs to redeem itself. A few months ago, the social media giant was downgraded by stock rating firms because it mishandled user data and lack of innovation.

Before making it official, Mark Zuckerberg talked about how the platform plans to shift its focus in building an interconnected set of experiences, eventually becoming part of the metaverse.

Metaverse is a perfect match for social media companies because of its decentralized properties that provide users with the right to choose.

The metaverse would allow users to own their identities, which is a significant change from what's happening in social media now, where people are forced to share so much personal information just for the sake of convenience.

For artists in the digital world, they expect continued growth with the help of the metaverse. With a shared virtual space where users have the freedom to display their works, more people will discover their art, which can help boost sales in future NFT transactions.

Virtual reality holds a lot of promise for artists because it gives them a wider audience to share their work with. But if social media companies do plan to adopt the metaverse fully, they must find a way to integrate it without sacrificing user privacy.

But with blockchain technology embedded into virtual spaces, people can enjoy the freedom of sharing their content while also maintaining control over how their works are being used.

Conclusion

How the Metaverse will play out is very much unknown. Whether Meta will be the first to control the space or if a new player will enter the race for our digital eyeballs, it’s still very up in the air. There is an assumption that Meta will win this arms race. It is reported to be investing over $10 billion in creating its Metaverse. But one might have thought that Blockbuster, Walmart, and Barnes and Nobles would have been major digital players as well. Whoever the winner is, NFTs will have a large role to play in the metaverse.

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