Firstly, over the years the world has evolved in so many ways that have improved the living standard of people around the globe and made life so easy and accessible. Since creation or evolution as one might believe human beings have found ways to make life easy from the production of basic household amenities, formation of trade systems, founding and development of computers and scientific medications and modes of treatment to the introduction of money and investment strategies. and especially in the global economy. The world hasn't stopped searching for more ways to enhance life and especially in the global economy.

However, individuals have devoted their lives to the discovery of economic independence. This is visible in the likes of David Chaum, the godfather of cryptocurrency; he was the first to conceive the idea of cryptographic electronic money which he named e-cash in 1983.

Also, Satoshi Nakamoto the creator of the well-known Bitcoin in 2009, and a few others. Anyways, like every other invention, it has faced many challenges and objections but it has been making waves and receiving acceptance gradually and therefore has been incorporated into the world economic system.

Furthermore, a non-fungible token popularly known by its acronym NFT is a type of financial security or asset that comprises digital data which are stored in a blockchain and a license to use the asset for a specified reason.

These digital data come in the forms of photos, videos, audio, sports highlights, and art. NFTs are uniquely designed and easy to differentiate. Just like cryptocurrency they are digitally inclined but have differences from it. This is because crypto is fungible and therefore can be substituted for something of equal value or utility, but NFTs are not. NFTS can be sold and traded on digital markets.

The market value of an NFT is associated with the digital file it references. This market has experienced dramatic growth between 2020 and 2021: trade in 2021 grew to more than $17billion compared to 2020s $82 million.

More likely and Notably, metaverse refers to a relatively parallel world to the real world. It is still in its development process and as such has no actual definition yet.

Metaverse however is envisioned to be the result of the development of the internet which is a creative space for anyone that wants to create a unique experience. Metaverse aims at making it possible for people to exist in an almost real but unreal world where they can do anything. The metaverse looks to being developed in a way that the unreal feels like reality where people can learn, work, travel, and even own properties.

In continuation, Non-fungible tokens popularly referred to as NFT as well as metaverse are great areas of study and enlightenment. As we all know, the world has grown digital therefore knowledge about the digital world in the present day is very essential to both individuals and the world economy as it promotes economic growth and development as well as financial independence of the society at large.

It means that NFTs in the Metaverse can represent ownership for anything, including in-game assets, virtual avatars, and real estate properties (digital version). Similarly, the Metaverse-based NFT marketplace allows the user's avatars to explore the marketplace, take a closer look at the digital products, and choose the product of their choice. For example Just as your phone in the real world is an asset to you, so also is your NFT in the Metervers.

NFT technology is essential to grant true digital ownership to the asset owner. However, the major reason NFTs are so popular in the Metaverse is their viability in blockchain games. Interoperable games drive the development of gaming Metaverse by complimenting the virtual world. More roles of NFTs in the Metaverse include:-

Metaverse gives users a platform to access their digital avatars (the replication of real-life identities) through NFTs. Each avatar is tokenized to provide proof of ownership for each respective real-life character. Most Events held in the Metaverse as of present, like music concerts and live events, use NFT ticketing technology to distribute tickets to the desired audiences. Trading in-game collectibles and accessories like skin, armors, monsters and other possible collectibles are marketed using the NFT system to provide ownership and transfer it for trading in the secondary market.

The Uses of Nfts in Metaverse:-

Metaverse allows businesses and users to replicate and port real-world assets into Metaverse's decentralized virtual space. An example of integrating digital assets on the Metaverse is play-to-earn games. Such games drive engagement among the players and empower them by providing benefits like in-game lending and trade activities. With NFTs, players can participate in play-to-earn games and earn their contributions. Most of these games involve guilds that act as intermediaries to purchase gaming assets, collectibles, land, and other properties. The responsibilities of guilds also include funding the players who ran out of capital. This helps promote a transparent and fair economy as anyone can join play-to-earn games and earn yield even when they are just starting with zero capital in hand.

Metaverse is here to redefine existing social experiences, and NFTs play a crucial role. Holding unique NFT avatars, users can prove their identity among various avatars available in the virtual space. Brands can use their NFT avatars to interact with targeted audiences, discuss the perspectives of their projects with like-minded people, and thus solve many problems. Owing to the NFT avatars, social media users can meet the avatar of their connection or social media friend rather than having a text-based chat or video call. Since NFTs have non-fungible properties, each NFT avatar is unique and has a real-world identity. Plus, users have complete freedom to design and curate their personalized virtual avatars on the Metaverse.

Users can also buy virtual properties in the Metaverse like the real world. The underlying blockchain technology and NFTs let users hold ownership and develop virtual real estate based on their choice. Users have the freedom to buy and sell these virtual properties and rent them for passive income. Moreover, they can build different structures such as online stores on the virtual land and utilize these spaces to host social events. Decentraland is one of the best practical examples of how virtual products are auctioned in NFTs.

Also, Businesses can use NFTs and Metaverse for Trading Virtual products, reaching a worldwide audience, and also for maintaining digital security.