Deciphering the Metaverse: The Rise of the Multi-Chain NFT Market

With the advent of blockchain technology, a new Renaissance is coming up on the horizon. The convergence of the internet of information and the internet of value brought forth a Cambrian explosion of digital primitives. Among them, one such primitive that recently gained tremendous traction is NFTs. Originally designed to confer digital ownership, NFTs started to proliferate and spurred growth and innovation in several creative domains, ranging from art to music to gaming. In consequence, creatives, now armed with digital property rights for their work, are witnessing a resurgence of cultural empowerment that coincides with novel avenues for the monetization of their creative endeavors. 

A nebulous term thrown around frequently as of late, the “metaverse” is a concept that might materialize through properties inherent to NFTs. More precisely, the metaverse could be defined as the amalgamation emerging from the collision of all Web3-related processes and properties that ultimately coalesce into a unified digital world based on Web3's intrinsically composable characteristics. The same properties underlying today's NFTs, that are quickly dismissed as mere JPGs, will also provide the key to unlocking tomorrow's metaverse and will constitute its essential building blocks. Therefore, transcending today's primary use case as digital art will be enabled at the intersection between gaming, NFTs, and virtual worlds. To put it briefly, the metaverse represents a natural extension of the internet.