NFTs with purpose and functionality in virtual worlds create ecosystem of objects that can be used by consumers in metaverses
NEW YORK--(BUSINESS WIRE)--Utherverse, one of the largest metaverse platforms in the world, will be including a robust offering of functional non-fungible tokens (fNFTs) in its next generation virtual world platform.
Unlike collectible NFTs, fNFTs have a purpose and are used by consumers’ avatars for something specific within a metaverse. Examples of fNFTs include apparel, a car, a TV, sports equipment, furniture and mobile phones. fNFTs will be functional across all metaverses within the Utherverse ecosystem, and they will be secure and non-replicable. Whereas NFTs of artwork or collectibles can be copied, fNFTs will not function unless authentic. A user who tries to copy an article of clothing, for example, will not be able to put that piece of clothing on their avatar unless it is authentic.
According to a recent report, NFT trading skyrocketed to more than $17 billion in 2021, representing an increase of 21,000% from 2020. Blockchain users made more than $5.4 billion in profit from the sale of NFTs in 2021.
“NFTs with a specific function will be integral to the metaverse economy and, ultimately, the success of virtual worlds,” said Brian Shuster, founder and CEO of Utherverse. “Unlike NFT collectibles, fNFTs will have an actual use and purpose within the virtual ecosystem and also create synergies between the real and the virtual worlds.”
Utherverse generates revenue from custom metaverse building services, the Utherverse token, sales of fNFTs and a variety of business verticals including advertising/marketing, shopping/retail, conferences/conventions, education, dating, lifestyle, entertainment events/performances, casino/gaming, VIP experiences and virtual offices.
Utherverse is a metaverse platform that enables developers to build interconnected virtual worlds, provides hyper-realistic immersive experiences for consumers and opportunities for companies to market and monetize their products and services. The Utherverse platform was launched in 2005 by internet visionary Brian Shuster. A beta version of the next generation Utherverse platform is expected to launch in late 2022. The platform has served 50 million+ users with 32 billion+ virtual commerce transactions. Utherverse has more than 40 patents critical toward operating large-scale metaverses. The company is based in British Columbia, Canada. More information can be found online at Utherverse.io; Twitter/Instagram: @Utherverse; Facebook: /UtherverseDigital; LinkedIn: /utherverse-digital-inc/; Telegram: /UtherverseAnnouncements; Discord: /Utherverse.io.
Note: Digital assets to accompany this story are available at http://utherverse.pressrep.net.
The Honig Company, LLC