How NFTs and Virtual Reality Will Intersect
Virtual reality is an experience that is simulated and utterly different from the real world around us. VR requires a software-generated world to be experienced through hardware such as a VR headset (also called an HMD or head-mounted display), among other equipment. Once users are immersed in a VR world, they are inside the experience and don’t see the real, physical world around them. In this virtual reality world, a user can interact with 3D objects and spaces as well as other users. VR experiences try to simulate as many senses as possible to make the experience immersive.
There are two primary functions that NFTs can fulfill in virtual reality worlds or experiences:
- Digital assets in VR worlds can be owned through NFTs, and controlled using smart contracts. For example, the ownership of an asset in a VR world or game can be embedded in an NFT. While several virtual worlds already exist, many Virtual Reality Worlds and Experiences are still under development. Assets such as a building in the World of Warcraft could be held through an NFT. Relationships with the building’s stakeholders and payments to and from service providers can be managed through smart contracts.
- NFTs can unlock experiences or services in VR worlds, and smart contracts can be used to customize them. For example, a therapist can create a VR experience with a range of different voice-guided and visual components. Users can access this experience and customize the session’s length, tone, and intensity to suit their needs. The customization and payments can be managed through smart contracts. Meanwhile, the experience, with its various customizable components, created by the therapist is held by them in an NFT.
Smart contracts and NFTs exist thanks to blockchain technology. Users already have a range of NFT standards to choose from when creating NFTs with many more NFT standards in the future as new blockchain platforms are established. Thanks to the interoperable nature of blockchains, users will be able to transact across different platforms from a single point. Meaning a user could access NFTs on separate platforms from their preferred platform. Blockchains will also secure on-platform assets and transactions while providing real-time auditability.
NFTs can instantly transform virtual reality experiences and media into verifiable assets that are easy to buy, sell, and access using blockchain tech. NFT’s have several enterprise use cases and have massive implications for Digital Rights Management (DRM). NFT’s used strategically in VR environments will make it safer for users to buy and sell digital assets. They will also make it easier for consumers to access customized VR experiences while rewarding the creators of these experiences.
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NFTs & Virtual Reality. NFT’s used strategically in VR… | by Shaan Ray | Lansaar