The Metaverse and NFTs: The Internet Enters a New Phase

metaverse

The metaverse is here and people can now own and accumulate digital items thanks to NFTs. They’re having enormous ramifications in the art world, as 60 Minutes+ highlighted last week. NFTs, on the other hand, are transforming music, fashion, sports, and more by allowing individuals to buy digital events such as a blocked shot in a basketball game or a famous meme.

Laurie Segall followed award-winning rapper and songwriter Flo Rida as he turned a performance of his song “Low” into an NFT in a new 60 Minutes+ report available now on Paramount+.

“”What are folks getting when they get the NFT of what happened today?” Segall inquired of the artist. When it comes to you, Flo Rida, what do they own?”

“They’re taking ownership of a really significant moment of myself or anyone else,” Flo Rida explained. “It’s that digital moment, you know.”

Because of blockchain technology, these “digital seconds” can be sold as NFTs. Blockchain technology is a permanent digital ledger that records who owns what in the virtual world, in this case, NFTs. And there’s money to be made – a video of LeBron James dunking in commemoration of the late Kobe Bryant sold for more than $387,000 as an NFT in April. That’s why Flo Rida co-founded Emmersive Entertainment with entrepreneurs David Kovacs and Erik Hicks, a company that develops NFTs for individuals to buy and collect.

“Think of it as a piece of property,” Kovaks explained. “When you buy a piece of real estate and close on it, you’re supposed to get a deed, right? As a result, blockchain functions similarly to a deed. You’ll be given a title to that digital asset.”

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