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For Finextra's free daily newsletter, breaking news and flashes and weekly job board. What is the Metaverse? When an artist creates a work of digital art and wishes to exhibit it in the metaverse in digital format, he or she must transform it into a hologram or augmented reality. Artists create unique, serialised works that are assigned a non-fungible token, i.e. NFT, which can be purchased with cryptocurrency transactions. Today, Beeplee, Tyler Hobbs, Manuel Rossner or Larva Labs are some of the most famous digital artists.

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Sound a little pointless and far-fetched? This concept of metaverse shopping could have real-world applications, too. Shoppers could try on a virtual version of clothes in the metaverse before making a purchase. Nvidia (NVDA -1.59%) CEO Jensen Huang talks a lot about "digital twins" of physical world locations, which has tremendous potential for businesses when designing and constructing property or planning for manufacturing projects. The same could be said for individuals who could preview a home remodel or sample a product, such as furniture, in a digital recreation of their home. What is metaverse crypto? The metaverse, a living and breathing space that blends physical and digital, is quickly evolving from a science fiction dream into a reality with endless possibilities. It is a world where people can interact virtually, create and exchange digital assets for real-world value, own digital land, engage with digitized real-world products and services, and much more.