NFTs with purpose and functionality in virtual worlds create ecosystem of objects that can be used by consumers in metaverses

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.

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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.

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