Summary:

• Virtual reality (VR) and augmented reality (AR) are powerful tools for providing immersive metaverse experiences
• VR, AR, and NFTs can be used together to help traditional creators thrive in the Web 3.0 digital economy.
• The following article details the relationship between AR, VR, and the NFT market and whether or not these NFTs will be popular going forward

By improving immersive content, AR/VR NFTs are revolutionizing the level of audience engagement creators are capable of.

Although the artwork currently listed on NFT marketplaces is considered 2D, the announcement of the metaverse has encouraged some NFT creators to experiment with new ways of combining the 3D space of the metaverse with NFT technology. The following sections highlight some of these creative innovations.

AR vs VR?

Augmented reality and virtual reality are sometimes mistaken as meaning the same thing. In reality, AR and VR are two similar technologies that accomplish very different things. Here’s a brief summary:

Augmented Reality

AR – or augmented reality – adds an ‘overlay’ to your perception of reality rather than replacing the reality itself. Many mobile games utilize AR technology, the most notable of which is Pokemon Go, which uses a geographic overlay and real-life coordinate system to direct users to objectives.

NFT creators can use AR to enrich the way their creations are experienced by the audience. AR can add depth, meaning, context and atmosphere to digital artworks. Digital objects can be overlaid on real objects, pieces of the environment, or even the artist’s body. The accessibility of AR NFTS means users have constant worldwide access to NFT collections and creations at all times.

Virtual reality

VR – or virtual reality – replaces the user’s perception of reality, rather than just altering it. The goal of VR is to provide a fully immersive experience for the audience, wherever they are in the world. Headsets like the Meta Quest 2 and Google Cardboard transport users to new and unfamiliar digital spaces where they can interact with 3D objects, including NFT artworks.

Immersive technologies

As more corporations and organizations invest in metaverse technology, the potential for VR and AR technologies to provide more immersive experiences has been increasingly discussed by blockchain supporters and digital space enthusiasts alike.

So how exactly can NFTs benefit from AR and VR technology?

NFTs add value to AR and VR creations

NFT technology makes AR and VR experiences easier to purchase, sell, and access through the blockchain by transforming them into verifiable digital assets. Stakeholders and collaborators are communicating more as standards for NFTs evolve, resulting in increasingly complex and comprehensive agreements.

Uses of AR/VR NFTs

1. Art

The use of AR facilitates the implementation of audio and visual techniques to provide a more realistic and meaningful piece of art. This increased engagement and interaction not only improves the audience’s immersion but is fully accessible anywhere by using a smartphone.  

2. Games

Play-to-earn (P2E) games have seen a recent surge in popularity in step with the rising exchange of NFTs. These games reward players with digital assets like NFTs or cryptocurrencies, often including their own blockchain-backed economies. In this way, AR and VR have the potential to facilitate a form of economic growth of digital assets by immersing users. This also has the added effect of making the game more compelling to users, who will feel a sense of achievement completing goals.

3. Commerce

The use of AR or VR technology in the online marketplace has the potential to enhance customer experiences. For example, developers are working on applications that will allow users to virtually try on clothes before ordering them. AR NFTs will be fully exploratory at every step of the customer experience, minimizing potential dissatisfaction with products.

Conclusion

AR and VR applications are immersive technologies that connect our digital and physical realities together, enhancing interaction and engagement. With NFTs, the use of AR and VR technology can reduce the gap between traditional content creation and the widening realm of digital assets. Undeniably, the increased adoption of NFT, VR and AR technologies – combined with blockchain-backed cryptocurrencies – will result in new ways of interacting online.