PORTLAND, Ore. (KOIN) — Adidas and Nike are just two of the many companies entering what’s called the metaverse, with Nike most recently announcing they acquired a virtual sneaker creator.
The metaverse is a lot of things, including virtual reality, but many investors and companies are entering it because it translates into a digital economy where users can create, buy and sell goods.
In the metaverse, you can buy NFTs, or non-fungible tokens, which means it’s a one-of-a-kind digital asset that belongs to you and is stored on a blockchain. It could be art, a character, even an original tweet.
“That means when an artist creates something or a company creates it or anyone creates it and then sells it to you, you can always forever prove that you are holding the original, authentic copy that came directly from its creator,” Adam Hollander, a tech expert, told KOIN 6 News.
Hollander launched an NFT project called Hungry Wolves and also owns an NFT now worth $200,000 in the Bored Ape Yacht Club, which has 10,000 cartoon apes as part of its NFT collection.
“Well, there are a variety of celebrities who have decided to buy into this collection and have started using these bored apes as a representation of their digital self currently today, on sites like Instagram and Twitter,” Hollander said, “but inevitably as avatars in a metaverse.”
Those celebrities include Eminem, Jimmy Fallon and Snoop Dogg. Hollander said as a member, you can access and network with fellow members, and it can mean access to exclusive in-person events, like a recent concert for Bored Ape members in New York.