Author: The Conversation

Transactions in the virtual world are generally monetized using cryptocurrency. Other than cryptocurrencies, non-fungible tokens (NFTs) are the primary method for monetizing and exchanging value within the metaverse. An NFT is a unique digital asset. Although NFTs are primarily items of digital art (such as videos, images, music or 3D objects), a variety of assets may constitute an NFT – including virtual real estate. On platforms like OpenSea, where people go to buy and trade NFTs, there are now plots of land, or even virtual houses. To ensure digital real estate has value, supply is limited – a concept in economics called “scarcity…