The Technologies For A Fully Decentralized Future: Web3, NFTs, And Metaverse

May

23

By Awi Khan // in Business

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“It’s a future definitely worth feeling enthusiastic about,” NFT3 founder Dylan Dewdney said if the crypto community can completely decentralize the web.

Participants in the BlockDown Croatia 2022 event were able to see debates on the sociopolitics of the Web3 ecosystem, nonfungible tokens (NFT), and the Metaverse. It turns out that the crypto ecosystem’s continuing advancements are well to decide the future of media and entertainment.

While crypto keeps going to blur the boundaries between the virtual and physical worlds, when it comes to the expanding influence of crypto technologies within media organizations, Cointelegraph’s editor-in-chief, Kristina Cornèr, noted during the BlockDown event that “it’s been a tumultuous year.”

Cornèr underlined NFT use cases that offer independent artists and reporters a forum to collect cash and tackle real-world issues like environmental change. Cornèr highlighted worries about mixing virtual and physical worlds in the Metaverse in a separate debate with Dylan Dewdney, the founder of NFT3, a unified identity network.

Notwithstanding the blending of the two different worlds, real-world problems, as per Dewdney, have great success in permeating into the Metaverse. Meanwhile, he did suggest establishing a pseudonymous system in which people are confirmed but can decide not to expose their names to other Metaverse members.

Dewdney believes that when the world gradually shifts into its new home, the Metaverse, “the real world will grow.” However, it will be essential for humans to adopt elements of the crypto ethos, significantly in regards to equitability and individual accountability:

“I think its time for the world to evolve and we are starting to lay  technical foundations for a lot of that. You have to be careful about how this plays out and really take individual responsibility about spreading that message.”

Cornèr also announced the relaunch of BlockShow, the company’s flagship event, as a decentralized autonomous organization (DAO) that allows participants to hold a stake in the conference and contribute to event planning. The objective of BlockShow DAO, according to BlockShow CEO Addy Crezee, is to “reach more attention to Web3 and help people enjoy all the benefits of the owning economy.”

Dewdney started to explore the sociopolitics of life in the Metaverse with Cornèr, saying:

“We’re still going to have all the same problems because we’re still the same old boring humans who do the same old petty things, and also great things.”

If the crypto community achieves decentralizing the internet, “it’s a future worth becoming excited about,” both on an individual and communal level.

Dewdney wants to give the Metaverse ecosystem a decentralized identity service via NFT3. The service can connect a pseudonymous yet real-life person to various data. Finally, Dewdney considers that the crypto ecosystem must move beyond the financial use case of blockchain to the “human use case.”

Andreessen Horowitz (a16z), a venture capital firm, recently formed the Games Fund One, a $600 million fund dedicated to gaming businesses focusing on Web3. The fund will help game makers, user apps, gaming infrastructure, and suppliers.

Metaverse initiatives are drawing funding from game industry titans, as reported earlier. Epic Games, the developer of the famous Fortnite game, raised $2 billion in April with help from Sony and Lego to build a metaverse.

 

 

About the author, Awi Khan

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