The metaverse concept continues to take the world by storm, has managed to enter the mainstream perspective, and has become the focus of heated discussion in the blockchain industry. The metacosm is also known as "Web 3.0," which suggests that virtual worlds are about to become "parallel universes" to the real world. The metacosm needs artificial intelligence, AR, VR and blockchain technology.
At present, the meta-universe products on the market cover a number of different fields, and are obviously still in the exploration and development stage, and the ecology is not yet mature. In the second half of 2021, DeFi, Metacosmity, NFT and other tracks began to enter a new round of development cycle, which also contains many new opportunities. How do you view the current stage of development of the metacosm? Does NFTs really have potential? Or is it a flash in the pan? What other convergence points and breakthrough points can the metacosmity and the NFT market have?
On October 24, 2021, Meet the Metacosm · The NFT World New Wave Conference was successfully held in Shanghai World Financial Center and Yunjian Art Museum.
The conference was hosted by Cointelegraph Chinese and NOVA CLUB, co-hosted by MetaEstate, ICA and APENFT, and sponsored by Metaagame, sponsored by Waves Ducks for Gold and Xcarnival for Silver.
This article is for the October 24 issue of Meet the Metacosm · The core content record of NFT World New Wave.
The conference consisted of 4 keynote speeches and 3 roundtable dialogues. At the conference, Jacobe Jiang, co-founder of MetaEstate, Sean Yu, co-founder of Prometheus, Linyuan Yang, managing partner of Dfund, Steve, head of Waves China, Jeffrey Chu, co-founder of Dewave Venture, Qin Jianxin, co-founder of CryptoArt.Ai, Yu Qing, head of Conflux business, and John, director of neo ecological development More than 30 guests, including Wang and Martin Tang, founder of Cypher Ventures, held intense discussions and discussions on the future development of the metaverse and blockchain, including the ecological development of the pixel universe, the new opportunities for Gamefi and NFT, and the investment of the meta-universe industry.
Here's a highlight of the day:
Keynote Speech 1 Absolute Meta Becoming Avatar:
MetaEstate co-founder Jackey Jiang said that the metaverse is not completely virtual, let alone false, each Avatar is a builder and content contributor of Metavase, and the metaverse is actually a combination of the virtual world and the real world, which is a fusion of virtual and real.
In the typical architectural types of the metaverse, art galleries are relatively popular, metacosms and artworks are naturally integrated, and more and more artists build art galleries in the metaverse to display artworks, and there is no need to worry about the loss or damage of artworks.
Keynote Speech 2 "Metaverse Game Far Away - Industry Opportunities and Challenges for Gamefi & NFT":
Sean Yu, co-founder of Prometheus, said the game is the best ticket to the metaverse world. Games can make the metaverse economic system meaningful. The virtual world can not only "invest" and "speculate", but also need to have consumption. Games need to be immersive, and if you can't, the existing app is enough. All types of games are trying to maintain gameplay while becoming simpler and simpler, and the development of the metaverse will also partially follow the development laws of traditional games.
The success factors of the Metaverse Game Project include: game playability, publicity, economic model, and first-mover dividends. When the first players who actually paid for the game content itself appeared, the so-called economic model was likely to be established for a long time (5 years and more). At the heart of the economic system is to solve a problem – inflation. Crude inflation-burning models sometimes push the threshold of gameplay higher and affect new ones.
Keynote Speech 3 Metacosmic Investment & Parallel Worlds:
Yang Linyuan, managing partner of Dfund, said that blockchain is an opportunity to reconstruct the operating system level of financial infrastructure, and it is an opportunity for our generation of investors to grasp the large asset class. For investors, the first meaning is to find the biggest variable of this era, the Internet information revolution is a big paradigm shift, and we are now in the huge process of human migration to digital migration of the Internet of Everything, when faced with unprecedented new things, the more comprehensive the summary of the past, the more likely it is to hinder our success, we must let go of prejudice and iterate on our own cognition.
Blockchain opens an era of technological equality, the competition of the Internet in the past has been played to the extreme, and now it is using technology as a tool and latitude. In many fields, entrepreneurs have long survived in the cracks of giants, but there is an opportunity to change an operating system, under the new rules, the original advantages may be invalid, and the blockchain is such an opportunity.
Keynote Speech 4 "Exploring the Ecological Diversity of the Metacosm":
Jeffrey Chu, co-founder of Dewave Venture, said that with the development of the entire technology, human beings will definitely migrate from the real universe to the metacosm in the future. I think the three phases of digital migration are digital twins, digital natives, and virtual reality, and these three phases are seamless migration. After the digital migration, the metaverse world will form a complete economic system, giving rise to new capital markets and commodity markets. The new capital markets are a product of the ideology of the development of the existing financial system, and the commodity market is the NFT market.
The metacosm solves the problem of living better for us. For example, an 80-year-old woman may have a hard time eating in real life and can't do some strenuous exercise, but if she wears a helmet and uses VRAR technology, she can swim in that world. So the metacosm is meant to solve the problem of people living better in the case of food and clothing. Otherwise, what would I do in the metaverse world? I should enjoy it in the metaverse world, enjoy the fun and happiness that I can no longer experience in the real world. The physical layer needs to have these hardware devices to support it.
Panel 1 "Potential Applications of NFTs 2022":
Qin Jianxin, co-founder of CryptoArt.Ai, said at the roundtable forum "Potential Applications of NFTs in 2022" that NFTs are the first tool in human history to solve the problems of scarcity and confirmation of rights of digital assets by technical means. As a productivity tool, NFT can greatly promote the improvement of the entire productivity and promote the development of our times, which I think is very promising in the future. I am personally more optimistic about the online copyright market, which is a relatively large opportunity. Because from the data of 2020, the scale of the online copyright market has reached trillions, and there will be a lot of room for growth in this field in the future.
Steve, head of Waves China, said on the roundtable forum "Potential Applications of NFTs in 2022" that NFTs are actually a combination of revenue attributes and usage attributes. Players are now very focused on yield. However, as the experience gets better and better, and the metaverse becomes more complex and immersive, more metaverse projects will place more emphasis on using attributes rather than revenue attributes. More and better projects need to emerge to push the NFT market to a more mature and higher-level stage.
Yu Qing, head of Conflux business, said on the roundtable forum "Potential Applications of NFTs in 2022" that from a macro point of view, I think NFTs are more like bridges, connecting the blockchain world and the external world. In the metaverseic world, NFTs, as a very basic element, also help to promote the development of the entire metacosmic economic system. Given that the metacosm has a bridging role, it can attract more traditional industries to enter the market and build a metacosm, in this regard, it will help the development of the blockchain field. In both the blockchain world and the traditional world, NFTs serve as a bridge for assets, NFTing some traditional data, so as to circulate in the virtual world. This also makes some actual data resources have richer value with the help of blockchain and the application scenario of the metaverse.
XCarnival contributor and FT Chinese columnist Vivi Lin said on the roundtable forum "Potential Applications of NFTs in 2022" that less than five percent of the world's people have entered the crypto field, and the market for NFTs in the crypto field is very small, and only by allowing more outsiders to enter this field will there be a truly mainstream future. If the NFT wants to have a very big development in the future, it must embrace the mainstream crowd.
KAKA NFT Metaversary China Ambassador Cong Zhang said on the roundtable forum "Potential Application of 2022 NFT" that in addition to the issuance of NFTs, chain games are also NFT applications with relatively low thresholds, but in terms of how the economic model combines with blockchain, chain games need time to run in, in fact, the NFT of financial attributes is also worth looking forward to, it is better to access to real life, bringing potential benefits to users, but the general direction of NFT is still meta-universe.
Roundtable Forum 2 "Investing in meta-universes: what are the directions of investing in the virtual future":
Sea, Global Operations Director of Element, said on the roundtable forum "Investing in metaverse: what are the directions of investing in the future of virtual universe" that the numerical model of the metaverse game attributes and the economic model of the blockchain are very compatible, that is, while playing and making money, anyone can monetize online through their own offline artwork in the virtual world. The metaverse can also be socialized, even exactly like the real world. Both the Internet and blockchain are waiting for opportunities like the metaverse to bring more people in.
Zheng Yushan, a partner at Waterdrop Capital, said on the roundtable forum "Investing in metaversity: what are the directions of investing in the virtual future" that the word metacosm was not invented by the blockchain circle, and the concept of metacosm is much larger than the blockchain, and the blockchain is only a part of the metacosm. In the field of the Internet, the Internet has developed many branches, and blockchain is a branch of the Internet. Metacosm can summarize all the latest issues in the world of science and technology, especially in the world of the Internet. No matter what industry you are in, you can find opportunities in the metaverse, such as programmers can grab NFTs as scientists, investors can invest in projects, and people who are good at governance can build governance models in the metacosm. People from different backgrounds have come together because of the metacosm, so that's why everyone is interested in the metacosm.
Xu Chaoyi, founder of Bitlysium Ventures and a core volunteer of the xNFT technology community, said at the roundtable forum "Investing in Metaverse: What are the directions of investing in the future of virtual" that NFTs are far from the time of outbreak, and are still in a very early stage. At present, in addition to Ethereum, the other chain NFTs are not so hot, and most of the NFT heat is exploding in the metaverse, in addition, there are more flat NFTs, and the heat of 3D NFTs has not actually arrived.
Martin Tang, founder of Cypher Ventures, said on the roundtable forum "Investing in Metavalse: What are the directions of investing in the virtual future" that when investing in metaversmic projects, it is necessary to consider multiple dimensions, try to avoid blind spots, communicate with peers, and even make some comparisons with similar projects. Future projects and the projects of the earlier two years will be very different, such as NFTs or games, social networking projects attach great importance to operation, in the past we may pay more attention to the project itself, such as technical background, and we now attach great importance to overseas operations and market expansion capabilities.
Ying Jun, founder of Art Digital, said at the roundtable forum "Investing in Metavalse: What are the directions of investing in the virtual future" that NFT represents a new concept recognized by young people. One of the biggest problems with big corporate brands is that brands are aging, and the biggest problem like Facebook is aging, and they need to cater to young people to innovate, and these forms of innovation are also thinking about. In addition, in terms of investment, we may focus on three points, the first is the combination of traditional business and NFT metacosm, the second is the combination of traditional brand and NFT metacosm, and the third is the combination of traditional artists and NFT.
Panel 3 Metaverse and the NFT New Wave and Enterprise Migration:
John Wang, director of neo ecological development, said at the roundtable forum "Metaverse and NFT New Wave and Enterprise Migration" that there must be assets in the metaverse and the real world first, and the NFT will be a very large asset to support the metaverse world. In the future, the metacosm can allow more people to showcase their NFT assets. As more and more capital comes in, it can accelerate the awareness of the concept of metaverse among ordinary people. In addition, with the arrival of capital, infrastructure including cross-chain has a relatively large opportunity to settle down on this track.
Junjia He, the core engineer and technical leader of QuarkChain, said on the roundtable forum "Metaverse and NFT New Wave and Enterprise Migration" that every large Internet company can do metaverse landing. But for compliance reasons, or for other reasons, it's likely that large companies still want to sell ads or user data in their metaverse. Cryptopunk may not have as many resources as big companies, but the metaverse of the cryptopunk faction that represents native cryptocurrencies looks more interesting because they can really embody some of the blockchain spirit in their own metaverse.
Metachi partner Zhang Hui said on the roundtable forum "Metaverse and NFT New Wave and Enterprise Migration" that the reason why the metaverse can really catch fire now is actually because of the blessing of NFT. Because of the advent of NFTs, the data assets in the metaverse have become real data assets. Only the advent of NFTs can really make people feel that the things in the metaverse are solid, not illusory. The relationship between the two is that the NFT first solves the confirmation relationship of data assets, and then gives the metaverse ecology a foundation.
X Protocol community core volunteer Blair Z said on the roundtable forum "Metaverse and NFT New Wave and Enterprise Migration" that NFTs entered the public eye earlier than the metaverse, and due to its special nature, in the case of the current domestic high-pressure policy, NFTs can still openly stand on the public stage, for example, you can buy some NFTs directly on Alipay. The combination of NFTs and metaversms can bring about a chemical reaction that is still the out-of-the-loop of capital, and the other is the out-of-loop of the user.