As we learned to appreciate over the past year or so, virtual
goods are intangible assets that can be traded within a virtual
economy, worth whatever participants in the virtual market are
willing to pay for them. Though a type of virtual good, NFTs have
their own unique definition, which can now be found in the
Cambridge Dictionary:
An NFT is a unique unit of data (the only one existing of
its type) that links to a particular piece of digital art, music,
video etc. and that can be bought and sold.
NFTs are essential tools in the metaverse, which is a fictional,
immersive universe contained within the internet and facilitated by
the use of virtual reality, augmented reality and other advanced
internet technology. Over the past few years we have seen that the
impact of the metaverse on the outside world has become very real,
leading to various sectors entering the metaverse with the
introduction of virtual stores, tailored events, try-on tools, and
avatar
