It is great to find fans gathering back to festivals after a long time. At the same time, it will take some time for the music industry to bounce back after suffering losses in 2020 and 2021. Amid all these issues, there has been an increasing popularity of the Metaverse as a possible solution to these challenges.
Simply put, the metaverse happens to be a virtual ecosystem where institutions, brands, and people can collaborate, interact, as well as, be “present”. Similar to the real world, people inside a metaverse can own assets, attend a concert with friends, or even make transactions.
Undoubtedly, it is rapidly emerging as one of the hottest trends of 2022. According to recent data, the metaverse space presently has a market cap of more than 26 billion USD. New and impressive capabilities are being incorporated in virtual words for creating more mesmerizing experiences.
Music in the form of nonfungible tokens
For example, music as NFTs is being utilized in various ecosystems to provide social experiences to fans and artists. Fluf World, for instance, is a dynamic metaverse community mainly comprising 3D-avatar rabbits. It is heavily dependent on music for creating hypnotic music experiences.
Fluf World’s co-founder Brooke Howard-Smith revealed that its metaverse was introduced in August last year. It is meant to be a useful platform for musicians, artists, and creators to connect using nonfungible tokens. The co-founded stated that the metaverse has a feature called “scenes and sounds”. The feature facilitates community members to mix different backgrounds and soundtracks with their intriguing avatar NFTs.