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Are AR And VR NFTs The Future of NFTs?

2022-03-25

Main takeaways: 

  • Augmented reality (AR) and virtual reality (VR) are keys to providing a more immersive experience in the metaverse. 

  • Combined with NFTs, AR and VR can potentially bridge the gap between the traditional creator economy and Web 3.0.

  • In this article, we explore how these two worlds overlap and if augmented reality and virtual reality NFTs will become the next big thing.

Immersive content is a new category that revolutionizes interaction and engagement with the audience. 

Currently, most artworks, such as images and video loops of animated 3D models,  listed on many NFT marketplaces are 2D. However, given the explosive growth of the metaverse, it is not surprising that the world of immersive technologies and NFTs collided, leading to some awesome experiments from creators who found new innovative ways to blend the two. Keep reading to discover how these two worlds overlap and if augmented reality and virtual reality NFTs are the next big thing.

The Difference Between Augmented Reality And Virtual Reality

With Web 3.0 and the metaverse on the rise, the terms virtual reality (AR) and augmented reality (VR) get thrown around a lot. Augmented reality and virtual reality are different technologies that accomplish two different things. And despite both sounding similar, they’re two different concepts that cater to different needs. Here is a quick breakdown of the two concepts. 

What Is AR? 

An acronym for augmented reality, AR adds to what you see in the real world by projecting information on top of what you're looking at. An example of an AR experience that most of us are familiar with is Pokemon Go.

In the NFT space, AR has the power to enrich our world in creative and meaningful ways by allowing creators to provide more depth and context to any digital artwork. Whether that be overlaying digital objects in your environment or on your body. Moreover, users can access AR NFTs anywhere, anytime, through smartphones or AR-enabled sites.

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What Is VR? 

Short for virtual reality, VR supercharges the world of augmented reality and fully immerses you into the virtual world, no matter where you are. Using a VR headset like the Oculus Rift, Google Cardboard or other devices, you can be transported into a new environment and interact with 3D objects, spaces, and other users.

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Immersive Technologies and the Metaverse

The potential of the metaverse continues to be a hot topic among digital natives and blockchain enthusiasts as more tech companies and corporations hop onto the metaverse bandwagon. In a collaborative and 3D virtual realm like the metaverse, AR and VR technology are key to providing a more immersive experience

Now that we briefly covered the link between immersive technology and the metaverse, let's get into how NFTs fit in this equation. 

How NFTs Add Value To AR And VR 

NFTs can help transform AR and VR experiences and content into verifiable assets. Making them easier to buy, sell and access using blockchain technology. NFTs will also make it easier for users to access customized AR or even VR experiences. What's more, as NFT standards develop, stakeholders and collaborators can start to create more complex agreements with one another.

Use Cases of AR And VR NFTs

1. Art

Immersive and convenient. Augmented reality allows NFT artists to create more realistic and more contextual pieces with sound, visual, or other virtual effects. Moreover, AR lets the NFT collectors fully experience an artwork anywhere and anytime via smart devices. 

2. Gaming 

On top of rewarding players with exciting gameplay, play-to-earn (P2E) games allow players to acquire assets that they can bring to real life. These assets can be in many different forms, from an in-game NFT to cryptocurrency. Most games that offer their own in-game economy with Blockchain are close to offering AR and VR experiences. Soon, players will have a chance to experience their in-game assets through virtual and augmented reality. Furthermore, AR and VR NFTs can also create a more immersive in-game experience, making the game's narrative more compelling.

3. E-commerce 

Wouldn't it be great if you could virtually try on a pair of shoes or a t-shirt at home before committing to your online purchase? This can become a reality with the power of virtual try-on and AR NFTs. And as more brands include AR in every step of their customer journey, you will have a better idea of the items you're purchasing. 

Conclusion 

Immersive technology can help to connect the virtual and the physical, creating a space where we can engage with both areas. Combined with NFTs, AR and VR are tools that can bridge the gap between the traditional creator economy and the Web 3.0. With that said, as further uses for NFTs are explored and more aspects of our lives continue to migrate online, AR and VR will most likely become a big part of our lives online. 

Start exploring the world of NFTs

For NFT enthusiasts and those looking to dip their toes into the NFT space, follow Binance NFT on Twitter and Telegram to stay updated on all things NFTs, such as our weekly IGO drops and exclusive Mystery Box releases. Want to get an NFT right now? Check out a wide selection of NFTs on our secondary marketplace.

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DISCLAIMER: NFTs are an emerging asset class that is still evolving. The information in this article should not be construed as investment or financial advice. Always do your own research before making any decision to buy, sell or trade NFTs.