Would you pay hundreds of dollars for a purse, coat, or shirt that you never get to wear in the real world? Gamers already have a long history of using clothes and accessories to establish their virtual identities, and there’s every indication that metaverse users will do the same. Executives of luxury brands are taking the trend seriously and moving quickly to capitalize on the opportunity to sell virtual versions of their products to people in the metaverse. In the new frontier of the metaverse - a persistent, shared virtual world that users can access through different devices and platforms – avatars are everything. And that means some users will pay big bucks to outfit their avatar with luxury goods. Meta CEO Mark Zuckerberg expects this niche to be big in the metaverse. Zuckerberg says, “Avatars will be as common as profile pictures today, but instead of a static image, they're going to be living 3D representations of you, your expressions, your gestures that are going to ma
A non-fungible token, or NFT, is a special type of token which represents a unique ASSET on the Ethereum blockchain. What is a non-fungible token? The Ethereum blockchain brought a whole new digital world where digital assets could be tracked for uniqueness and scarcity, providing the perfect platform to create a one-of-a-kind type of digital asset. These assets are known as non-fungible tokens, or NFTs. These tokens are built on a cryptocurrency platform in compliance with Ethereum's ERC-721, ERC-1155 and ERC-1337 token standards. NFTs are units of value which are non-fungible, unique and digitally scarce. They cannot be replaced by another equal part or quantity. What are the benefits of NFTs? Through the use of NFTs, users of The Sandbox will be able to benefit from true digital ownership, trading, security, immutability and cross-platform interoperability. Take a look at the video below to learn more about NFTs and how they work. The Sandbox NFT metadata The metadata that a c