Blockchain And NFTs About To Spawn The 'Metaverse:' Nvidia CEO

Nvidia NVDA CEO Jensen Huang believes that blockchain technology and non-fungible tokens (NFTs) will be the basis of the virtual world parallel to the physical one called the "metaverse."

What Happened: According to a Saturday VentureBeat report, Huang explained that "we’re right on the cusp of" bringing the metaverse to life," during the recent Computex tech conference. 

"The metaverse, as you know, for all of you who are learning about it and hearing about it, it’s a virtual world that connects to the world that we live in. It’s a virtual world that is shared by a lot of people," he added.

Huang went on to clarify that the metaverse would be comprised of a myriad of purpose-specific virtual worlds meant for gaming, work, communication or entertainment.

He noted that metaverse users would be able to use augmented reality to place the art pieces that they own in the real world and they would be enabled to owning them through an NFT.

"You’ll display that beautiful art, that’s one of a kind, and it’s completely digital. You’ll have our glasses on or your phone. You can see that it’s sitting right there, perfectly lit, and it belongs to you. We’ll see this overlay, a metaverse overlay if you will, into our physical world," Huang added.

Price Action: Nvidia shares traded at $713, up 0.09% in the pre-market, at press time.