Metaverse will bring unbridled evolution to NFT
Even though non-fungible token (NFT) transactions have taken off and made headlines, they are just a gimmick for most people outside the cryptocurrency world. Metaverse will change this.
There is always a turning point when new technology suddenly changes from an incomprehensible fringe interest into a part of life. This usually comes from the confluence of multiple driving factors, and now we are experiencing what happens when two such trends reach an inflection point together.
Mark Zuckerberg’s Decided to rename Facebook to Meta Enough to push Metaverse to major headlines around the world, even though the concept has been around for at least three years. It is this apparent meta-universe that suddenly appeared that provided the escape speed for the restoration of NFT images as speculative encryption gimmicks.
Big brands such as Morgan Stanley are now predicting the future of NFT, and the field of “digital luxury goods” has already predicted Metaverse Pay attention to By 2030, it will reach 50 billion U.S. dollars. The next phase of the NFT cycle has begun.
Not just virtual
Metaverse is generally considered virtual reality and augmented reality, but it is not that simple, even though VR/AR adds the promised immersive experience. It is also considered from the perspective of the game, just like in Ready Player One, but it is not limited to this. However, both provide clues as to what it will be.
Yuanjie’s work has tended to “embody the Internet”, Quote Zuckerberg’s vision: an interconnected virtual experience network that integrates digital and physical together to provide new ways of working, entertainment, socializing, and creativity. Think of it as an extension of the work-from-home experience facilitated by COVID-19-but now in a 3D virtual space, whether you are accessing it through a headset or a regular 2D screen. Remote meetings do not necessarily mean a wall. Instead, you can share a virtual space with a group of virtual characters. This is important because having a real sense of presence allows for more subtle and natural interactions.
Of course, Facebook saw this opportunity a long time ago and has good reasons to continue to promote it. Its Oculus Quest headset-sold out for most of 2020- Add to The main driving force of the VR market is mainly due to their ease of use. The speed at which the device gains traction highlights the new consumer demand for 3D experiences: In the past 18 months, people who want to get rid of lock-in isolation have creatively reused games as a place for social interaction, whether it’s in the “Animal Crossing The wedding in “is still a meeting in Red Dead Redemption at work.
There is no clearer indication that the game lays the foundation for the broader experience that is coming. Another player who pays attention to Metaverse is Epic Games, which is the studio behind Fortnite. A full year before the lock-in, the company held a virtual concert organized by the electronic band Marshmello. Epic CEO Tim Sweeney is betting on the farm In Metaverse, supply Services-including their Unreal Engine design tools-are free. Purpose? Promote development in the direction he wants to see-fewer barriers, greater interoperability, and more data sharing. Less concentrated; less harmful.
Metaphysics…with the help of blockchain
The decentralized structure certainly has no potential necessity, but it meets what many metaverse advocates consider the most ideal goal: What Sweeney describe As an “open framework, everyone can control their own existence, there is no check.”
In order to create a veritable metaverse, rather than a collection of separate 3D spaces, the platform needs to be interoperable and seamless. Payments must be secure, frictionless and instant, and it must be possible to retain and use the assets created (such as your custom avatar) no matter where you are. Until recently, to participate in the digital world, you had to leave traces of breadcrumbs for the gatekeeper (game maker, etc.) to recognize you. When individuals use blockchain to track their accounts, assets, and transactions, it adds a wealth of potential for users to choose how they behave, what they have, and what they decide to trade.
Blockchain is one of the “core promoters” of Metaverse, according to Matthew Bauer, venture capitalist and influential Yuan Festival commentator. Another key element in his definition of metaverse is “the individual’s presence, and…the continuity of data”. The more you “live” online, the more important your personal “skin” is. As the enthusiasm for CryptoPunks shows, even the most basic pixel art can be closely related to personal identity; bosses often say that they feel that they have a close connection with punk.
In fact, whether it is through randomly generated or carefully designed features, NFT makes it more and more possible to express individuality online. The virtual clothing and accessories selected by users in Metaverse will help make everyone feel online and deepen their participation. Fashion and art are important parts of self-expression in the real world; why should the online world be different?
As mentioned earlier, digital fashion is Flourish And it has new growth opportunities in NFT. Design companies and celebrities sell skins, clothing, hairstyles, and pets as NFTs; “discarding NFTs” is as hot as discarding an unexpected album. In fact, musicians and athletes are accepting the possibility of earning royalties when selling NFT assets, hoping that they can create a new property right system that is not hindered by the practices of traditional brokers.
As digital property rights legalize and blockchains become more secure, NFTs may become more important bargaining chips. For example, imagine a group bargaining with Disney about the right to use its characters. Seems far-fetched? Sotheby’s recently saw a DAO (consisting of 17,000 donors) push up the bid for a rare copy of the U.S. Constitution to more than $43 million. Although they did not win this time, it is clear that shared ownership promoted by NFTs will become a real economic force.
Financing for the future
What does all this mean for capitalism, innovation and creativity? For the business model and our life experience?
The range of revenue streams available on Metaverse, from games to ticketing, from software subscriptions to healthcare, is likely to shift the technology paradigm away from advertising and big data, and all the privacy and security nightmares they bring. This is certainly not a given, but at least it is a possibility.
The more open and accessible the platform, the stronger the narrative. The interconnected platform attracts more users; then seamless, interoperable payment and asset mechanisms increase their motivation for design and transactions—recycling revenue throughout the system and increasing the potential for parallel economic order.
Large game companies have begun to use their Metaverse development tools extensively, with a clear goal to encourage interoperability and thus wider adoption. These companies firmly believe that an open meta-universe is most suitable for enterprises. This will undoubtedly be the best way to create a thriving online economy-in this economy, users are motivated to participate and create value, and both platform developers and user creators will participate.
This time, technology, philosophy, and economic cases may all point in the same direction: using the ability of blockchain technology to move toward a distributed meta-universe, online citizens can finally escape the walled garden of Web 2.0 and reap the benefits of their contributions. In this exciting new world, NFT will bridge the gap between the real and the virtual. From identity to business, tangible ownership will make all the difference. This is a whole new level of reality.
This article does not contain investment advice or recommendations. Every investment and trading action involves risks, and readers should research on their own when making a decision.
The views, thoughts and opinions expressed here are only those of the author, and do not necessarily reflect or represent the views and opinions of Cointelegraph.
Stephanie Sue Economist, policy analyst and co-founder of the blockchain security company Geeq. Throughout her career, she has been applying technology in her professional disciplines. In 2001, she was the first person to use machine learning on social science data at the National Supercomputing Application Center. Recently, when she was a senior lecturer at Vanderbilt University, she studied the use of distributed network processes in healthcare and patient safety. Stephanie graduated from Princeton University and the University of Rochester.