Reuters provided insight on the new economy of blockchain-based virtual worlds where land, buildings, avatars and even names can be bought and sold as non-fungible tokens (NFTs) – a new type of virtual asset that has its ownership status and authenticity verified by blockchain, often fetching hundreds of thousands of dollars. In these environments, referred to as the metaverse, people can wander around with friends, visit virtual buildings and attend virtual events. NFTs have exploded in popularity in 2021, with prices skyrocketing, but investors caution that the market could represent a price bubble, with the risk of major losses if the hype dies down.
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