NFT Mania Indicates Land Grab For Online “Metaverse”

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It was another big week for NFT, a rapidly evolving digital collection that has captured the imaginations of crypto enthusiasts. Main stream..

Announced by the Dolce & Gabbana Collection The number of dresses, suits, jackets, tiaras and crowns that Digital Avatar can wear will be sold as NFTs or “non-fungible tokens” later this month.

Cryptopunks, a collection of 10,000 pixel art punk photos, has topped $ 1 billion in sales. Play crypto punk within hours …

In Russia, the State Hermitage Museum has raised more than $ 400,000 by selling NFTs for six of its collections, including the Madonna and Child by Leonardo da Vinci and Composition VI by Wassily Kandinsky. The museum said it would receive all profits in cash, not cryptocurrency under “Russian rules.”

New NFT marketplaces are emerging from established crypto companies such as FTX and Rakuten and Alibaba, which dominate online shopping in Japan and China.

It’s hard to pinpoint the exact boost for NFT enthusiasts, but with the expanding crypto boom, crypto billionaires and millionaires who believe in the promises of blockchain and have the money to bet on it. The cohort has been created.

These are often works of art, NFTs (destroyed diamonds or virtual perfumes), but they range from a slice of Manhattan virtual real estate to a sports club membership, and even real world assets are an attractive crossbreed product Millions of ordinary people in the crypto world.

But mainly Ethereum blockchain also reinforces the case where Ethereum becomes the “Metaverse” plumbing. It’s the parallel digital world, the hottest technological idea of ​​the year.

The reality of cyberspace mirrors, the metaverse, has been interpreted in several ways. Many office workers who have mostly been connected to their peers on the internet since the start of the pandemic may claim that a pandemic has already occurred.

In July, Mark Zuckerberg said the schedule For the Metaverse, it’s defined as the 3D Internet “is here instead of showing content.” ..

But the idea of ​​Big Tech colonizing the metaverse and building some sort of lucrative walled garden that now dominates the internet sparked an immediate reaction.

Crypto enthusiasts defined the Metaverse as a collection of interoperable shared online worlds, allowing users to move the Metaverse with them while carrying their digital ID, money, and possessions. You can use the same avatar in multiple games, or even in the virtual Facebook desktop.

London or Seoul virtual slices purchased on one platform retain their value on another platform. There is no platform that allows you to control the items you collect.

To realize this vision, you need a single ledger for all known items, a blockchain that can record everything. And the blockchain that has a clear lead in terms of network effect is Ethereum.

As you can see, the NFT boom is not only a speculative frenzy caused by memes and stats, but also in the seizures of the digital landscape, a race to conquer the overwhelming heights of the new digital landscape. I have.

Of course, the landscape can change dramatically. Today, many NFTs derive their value from being locked into assets and services that are scarce in the real world, but the industry is changing at an alarming rate.

What are the risks ? The first is the abundance of idealism. It is not clear how real world law interacts with the virtual world, how intellectual property and trademarks are protected, and who clamps down on theft and fraud. Bad guys have already raised the price of DTVs and thrown them away. How long does it take regulators to request intervention?

The second obstacle is capitalism itself. The world that makes up the metaverse has little financial incentive to create a utopia for shared products rather than promoting their own products. Why can people on other platforms see it on a platform that has exclusive virtual pop star performances? Technology can allow for an open metaverse, but it will be difficult to resist the lure of building a mini-empire.

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