We often hear terms that investors consider a technological revolution to be repeated, and the most important thing that expresses the near future are:
NFTs
Metaverse

In this post and what follows it is an explanation for them, the size of this market and the investment opportunities in them, so follow us to know more.

 

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What is NFT technology?

NFT stands for non-fungible tokens. In short, it means that they are unique and cannot be exchanged for anything else. They are digital assets, each of which has a different value that cannot be exchanged for other assets. Just as you own an asset such as land or real estate, but here it is digital.

While NFTs give a person proof of ownership of a digital asset (photo, video, graphic, or tweet, so that they can monetize the ownership, because they are easy to obtain and difficult to maintain after publishing online, owning an NFT does not necessarily mean that a person has exclusive rights because anything digital can be copied.

To be clear, the NFT can be compared to the Mona Lisa, where anyone can go to the museum and see the painting and even take a picture of it, but he can’t bring the painting home with him because he doesn’t own it, but the painting hanging on the wall in your home is like an NFT board because it’s all yours and you decide what you want to do with it.

While this sounds hard to comprehend, it is true, as one person paid $390,000 for a 50-second video by Grimes, and another person paid $6.6 million for a video by Beegle, and someone bought a tweet from Jack Dorsey, founder of Twitter for what Nearly 3 million dollars.

What is metaverse?
Author Neal Stephenson formed the word or term #Metaverse for the first time in the science fiction novel Snow Crash in 1992, which confirms that the term has no direct relationship to Facebook or Meta Corporation and that it is much older than that, and the idea has appeared since the eighties in many novels …

And science fiction films and series, such as Burning Chrome by American author William Gibson and Ready Player One by Steven Spielberg, and the most famous examples of science fiction films is The Matrix.

Although the form of this technology is still unclear, its concept is currently providing VR technologies to users through devices such as Oculus or HTC Vive to play and do activities in a completely virtual reality, Metaverse is a digital reality that combines virtual reality technologies, augmented reality, digital currencies and digital assets (NFTs).

In addition, it allows the users to interact virtually, AR technologies integrate digital technologies and visual and sensory elements in real life to enhance the user experience.

It will also serve many fields and industries, especially education, as the size of this market reached 63.83 billion dollars in 2021.

It is expected to reach $1,527.55 billion in 2029, with a growth rate of 47.6% over the next seven years, according to GLOBE NEWSWIRE.

What are the applications and areas of this industry, and what is its relationship to the Kingdom’s vision 2030?

We will follow this up in a series of posts, In Shalala, so follow us…