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Metaverse Set to Boost NFTs

Part of our special research report

State of the NFT Market | Q1 2022

In partnership with CryptoSlam

NFTs are widely expected to gain increased popularity as the metaverse becomes more established, thanks to the technology’s ability to provide indisputable proof of ownership.

Ownership of virtual real estate, which involves the use of NFTs, has grown rapidly. In Decentraland, one of the most popular metaverses, property prices have risen 400-500% in the months since Facebook said it was going all-in on virtual reality in October 2021, even changing its corporate name to Meta.

Consulting company McKinsey & Company wrote in a report entitled “The State of Fashion 2022” that digital assets such as NFTs, gaming “skins” and virtual fashion will edge closer to the mainstream, with popular brands expanding into the metaverse.

From the lookout:

Facebook kickstarted big tech’s recognition of the metaverse by rebranding itself as Meta. The company’s Oculus 2, priced north of US$299, is already one of the most popular VR/AR headsets. If all goes as planned, the upcoming Oculus 3 will propel VR/AR headsets into the mainstream with its lower cost and improved features.

Microsoft’s HoloLens is also gaining in popularity despite its US$3,500 price tag.

The wild card is Apple, which has yet to make its VR/AR device announcement. As Apple has historically evaded bulky designs, the next generation of VR/AR devices will likely operate without having to dock phones into headsets.