SENSO executive on NFTs and VR: a lot of potential, but Ethereum isn’t the right platform

Blockchain tokens are already used for payments by major metaverse and VR projects like SENSO and Sensorium Galaxy. The next step is introducing NFTs, or non-fungible tokens, to allow users to carry avatars and virtual items from one platform to another. The idea has a lot of potential, but there are serious technical challenges to overcome.

Why would someone pay millions for an NFT?

Let’s start with a short primer. NFT stands for ‘non-fungible token’, and what this means is a blockchain token that represents something valuable and unique, be it a digital artwork, diamond, house, cartoon character, song – even a puppy. NFTs are sold on special marketplaces, and in the past few months we’ve witnessed a veritable NFT craze, with some selling for millions of dollars. The most expensive one was a collage by the digital artist Beeple, which sold for $69 million.