Hi, welcome to Foundry 45s. Today we have our good friend Elizabeth Strickler Director of Media Entrepreneurship and Innovation at GSU and expert on all things metaverse. Hey Elizabeth, how will NFT’s tie into the future of the metaverse?
Everybody’s heard about the metaverse, and it’s some sort of, you know, new mind palace that we’re all moving to. But the economic layer of the metaverse is the NFT, the non-fungible token. So what NFT’s do in the metaverse is basically put ownership around every digital thing in the metaverse and the metaverse is made of digital things. So basically, it’s a wrapper around every digital thing so that you can prove origination and ownership of everything be it a song, or a skin that an avatar wears, or an avatar, or a database that you’ve made, or an article that you’ve written. Basically, everything in our sort of shared mind palace kind of has ownership around it and then an economic layer where we can buy and trade those things.