Digital Participation and NFTs: Transforming Social Relations in the Metaverse

Abstract

The virtual worlds of the metaverse and non-fungible token (NFT) technology are converging to create a new paradigm in interaction and community formation. This paper explores the future implications of this convergence and presents a case study using the metaverse to create art communities. The findings suggest that NFTs will play a critical role in ownership, access, and governance within the metaverse. Collaborative efforts are needed to address sustainability challenges. The metaverse and NFTs have potential applications across diverse sectors, enabling the expression of digital identities and the establishment of vibrant virtual communities. While challenges exist in privacy, security, and ethics, these technologies have the potential to build a more connected, creative, and equitable future. It is concluded that the metaverse and NFTs will transform the way we live, work, and interact with the world.