Virtual objects trading: beyond NFTs

By virtual objects trading, we mean the creation of a methodology for exchanging digital objects between interested users within the metaverse.

Whether in the form of money or barter, the exchange has always existed in history and, therefore, in human nature. Consequently, it is easy to think that this will change in a parallel and virtual universe in a radically different way. Furthermore, it’s not only the way of trading that has changed, but also what to exchange and, therefore, what we can produce thanks to the latest technological innovations such as Blockchain.

NFT trading

Non-fungible tokens (NFTs) are certainly the most revolutionary tech products of recent times. Platforms such as OpenSea, SuperRare and Rarible are designed to facilitate the exchange for the owners of NFTs, who today do so in the same way they would do it with conventional and concrete objects.

However, the exchange of NFTs takes place not only within their marketplaces but also within games developed on the blockchain (My Defi Pet, Battle Pets).

Transfer of digital assets

This idea is easily transferable to the metaverse by the developers. It’s not difficult to think about creating markets for the sale of digital native content. However, even here, we cannot think of taking something we know and transporting it unchanged into a new world, and that’s what makes virtual objects trading possible, but limited.

Trading systems need to change a bit to ensure that they are fully functional in the metaverse, as was the case with trading.

In particular, the risk is the absence of the possibility of being able to transport the desired digital assets from one virtual world to another. This would mean damaging the essence of the metaverse, the interoperability. These potential risks can only be avoided if the developers work under a common framework. What makes NFTs fascinating is known to everyone: each NFT is unique and cannot be exchanged for others. Furthermore, NFTs cannot be stolen as the blockchain verifies their ownership in a highly secure way. However, the virtual commerce market still needs to safeguard the ownership of digital assets. In fact, the blockchain indeed gives many guarantees, but it is equally valid that the production of counterfeit works remains a big problem.

It’s not difficult to think that someone can buy a work, thinking they are sure it belongs to a famous artist, but it is not in reality. This represents a significant potential problem. What is exchanged in the metaverse, in fact, are not primary necessities such as food or energy, but mostly luxury goods.

Is virtual objects trading safe enough?

In the sense that the value of a digital asset is determined more by social status dynamics, the fact that the virtual object people are about to buy is 100% authentic is a significant factor. Developing a considerable trade in counterfeit digital items could discourage content creators with good intentions. This is another problem developers need to think about.

Currently, creating an NFT is very easy, and anyone can upload whatever they want to OpenSea. Because of the metaverse, it would be appropriate to aggravate the revision processes in order to make virtual objects trading safer.

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