Interior Design in the NFT and Metaverse Industries

As someone who is very interested in interior design and the real estate investment industry, I recently stumbled across NFTs.

What are NFTs?

NFT stands for non-fungible tokens. An NFT is a non-interchangeable unit of data stored on a blockchain, a form of digital ledger, that can be sold and traded. NFTs can be associated with digital files such as photos, videos, and audio. NFTs are basically just a bunch of unique data and they are one of a kind which makes them valuable to the people that say they are valuable. Just as certain brand names become valuable just purely based on their name, NFTs are similar in that sense.

Why are NFTs a newer popular investment product?

Just as bitcoins and dogecoins became popular cryptocurrencies, NFTs are becoming popular as well with companies such as Bored Ape selling NFTs starting at $262,630. YES, you read that right! As of March 18, 2022, the lowest priced Bored Ape was a couple hundred thousand dollars! People who invest in NFTs are collectors and they love investing in the latest, greatest things out there. They are very vested in this type of currency, therefore, driving up the price as consumers learn through social media, celebrities, and financial coaches what this currency is doing and how it is making people money.

So how does Interior Design factor into NFTs?

Since NFTs are photos and videos they can come in the form of 3d renderings such as houses, buildings, and other real estate. They can also come in the form of digital furniture and home décor. Yes, you can buy a virtual home or building or piece of furniture or a vase of flowers. There are virtual real estate companies where you can purchase homes, stadiums, and skyscrapers for your virtual world. The augmented reality, virtual reality, and mixed reality market reached 28 billion dollars in 2021 and is expected to rise to over 250 billion by 2028!

What type of Interior Design jobs are in the NFT industry?

If you are looking to get into a new niche NFTs might be the place for you. This industry has proven lucrative for some interior designers creating interactive 3d renders of entire homes, furniture designers creating digital furniture models, curators of digital artwork as well as those creating the digital artwork.

Downside

Of course, this industry isn’t without skeptics. Some are still uncertain of how the continued education of the industry will impact future growth. NFTs are deemed bad for the environment due to their large carbon footprint.

How can a digital product be bad for the environment you may wonder?

The amount of energy it takes to power transactions is what skeptics are looking at. Only one transaction can use the equivalent of 75 days’ worth of your household electricity use or 17,063 hours of watching YouTube. Needless to say, this niche isn’t probably for those in sustainable design ... yet.

Many companies are working hard to try to reduce their carbon footprint and some marketplaces assign carbon footprint indicators on their NFTs so the consumers know how much each NFT would use in energy if they were to purchase that NFT.

Interior Design in the Metaverse

You may be wondering what the Metaverse is? The Metaverse is a network of 3D virtual worlds focused on social connection. In simple terms, it’s virtual reality. People can purchase NFTs for metaverse or non-NFT products.

The Metaverse industry could be worth $8-13 TRILLION by 2030. Yes, I wrote trillion! Since the Metaverse is a virtual world, interior designers are needed to create digital designs and products for this world. People pay real money to purchase real estate, furniture, and décor in the Metaverse and it opens up a whole new world for interior designers looking to niche in the digital space.

There is even a company called Metaverse Interior Design and it’s the world’s first interior design community for the Metaverse. This firm connects interior designers to clients who want to create their dream home spaces in the metaverse.

This is a great niche for 3D render artists and furniture modelers to explore. You can make a living creating the interior design in virtual reality.

If you are interested in learning more about the NFT & Metaverse industries in regard to real estate and interior design feel free to reply to this email or if you are reading this on the blog – contact me through our Contact page.

It’s an exciting and new world out there and it may be worth exploring!

XX, Danae