Canada's Utherverse to launch functional NFTs

14 Jul '22

1 min read

Pic: Utherverse

Utherverse, Canada’s leading metaverse platform, is set to include functional non-fungible tokens (fNFTs) in its next generation virtual world platform. Unlike collectible NFTs, fNFTs have a purpose and are used by consumers’ avatars for something specific within a metaverse. A beta version of the next generation Utherverse platform will launch this year.

Examples of fNFTs include apparel, a car, a TV, sports equipment, furniture, and mobile phones. fNFTs will be functional across all metaverses within the Utherverse ecosystem, and they will be secure and non-replicable. Whereas NFTs of artwork or collectibles can be copied, fNFTs will not function unless authentic. A user who tries to copy an article of clothing, for example, will not be able to put that piece of clothing on their avatar unless it is authentic, the company said in a press release.

“NFTs with a specific function will be integral to the metaverse economy and, ultimately, the success of virtual worlds. Unlike NFT collectibles, fNFTs will have an actual use and purpose within the virtual ecosystem and also create synergies between the real and the virtual worlds,” Brian Shuster, founder and CEO of Utherverse, said.

Fibre2Fashion News Desk (GK)

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