Splash – Splash – The cryptocurrency market it is experiencing a severe ice age, bringing with it that of the NFTs. Damaged, flayed and sometimes weakened, the crypto sector is therefore attacked, fragile, subject to harsh criticism from some mainstream media.
It’s still. If we take a little height, the events don’t seem to be as cold as they seem for the NFT. Popular with influential people in the entertainment or art industries, it might also be possible to imagine NFTs becoming a true gateway to mass adoption. Indeed, functional tokens and non-fungible change drivers are becoming increasingly essential in our societies.
GAFAM, big luxury brands, institutions, NFT would seem almost an inevitable phase of development for the actors of traditional finance, leaving behind our great ideals, pillars of decentralized finance.
In order not to get lost in the Meta-Hebdo:
The underside of NFTs: scams, decentralization and entertainment
Non-fungible clichés: web 3 under fire from critics
Let’s start with the reviews. Too often, the use of clichés and clichés that classify NFTs have left many scars. Some of these reproaches are objectively well founded. Conversely, others are symptomatic of a company that refuses to make a big leap to the web 3, his interests are too well established in the present. These are sometimes the same people who as early as the 1990s refused to take the plunge into the Internet.
The scams, scams and other scams of all kinds then participate, in fact, in these stigmata that foment the cynicism and skepticism of many media. Also, too, Kim Kardashian, dropped into the pot of pump and drain (from highest to lowest in French), was identified by the SEC (Security Exchange Commission) this week. In question? Promote a dubious cryptocurrency to its subscribers:Ethereum Max. Frequent in many crypto and NFT projects, this type of operation leads victims to sometimes lose large sums of money. This fragility of the crypto sector contributes to the criticisms it can sometimes face, especially during the winter.
NFT protagonists of web 3: the example of Warner Music Group
After these few clichés, other facts are evident. Of Gucci To the GAFAM, the entry of the commercial giants into the Web 3 is established. Also this week, Warner Music Group (WMG) confirmed, for example, its willingness to continue developing in this sector that fascinates us: that of blockchain.
Building on a recent to gopartnership with OpenSea, the renowned NFT market, the music giant, a conglomerate of several music labels, has confirmed this look for two web experts 3 on the social network LinkedIn:
- One concerning the management of the marketing plan for brandsmetaverse platforms and other web start-ups 3;
- The other focused on business strategy and partnerships to establish virtual locations for brands.
We understand that the WMG web 3 experience is not about stopping at NFTs. It is therefore a question of developing:
- commercial utility (with partnership);
- And technological (opening on web start-up 3).
Oriented around social and fun experienceWMG thus evokes behind the use and development of an NFT technology in its own company:
“(…) Metaverse strategy (…) the development, co-financing and management of musical entertainment experience projects in metaverses and games. The projects will incorporate innovative agreement structures focused on immersive experiences and integration of strategic content. The ideal candidate for this role will have experience in a game developer, studio or metaverse platform and a deep understanding of content licensing and the global digital media landscape. “
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At the frontiers of decentralization
A factor of change, NFTs appear as a undeniable marketing tool, a must for some. From video games to the art sector, the way we look at authenticity and ownership is revolutionizing many industries. Solutions against counterfeiting and fraud, possibility of use in the metaverse, this almost ancient notion that finds – long last – some roots in the use of NFTs, a symbol of ownership and identity imbued with freedom and anonymity.
NFT projects are not innocent of this success. They are interested in it, not without disdaining some important principles of decentralization. Yuga Labs he was thus able to develop the field of expertise of his bored monkeys thanks to his metaverse Other side. Symbol of belonging to a community and a government, the Bored monkeys they went beyond using NFT as a simple avatar. Their functions have multiplied, offering their owners:
- A media visibility from the partnership (recently Snoop Dogg and Eminem);
- a digital utility : that of playing in a web game 3;
- the possibility of seeing the value of NFT change positively with the development of these utilities.
However, Other side he could see himself, not without criticism, asking KYC, know your customeridentity authentication, crumpling – it’s right – the elegant ideals of some decentralization purists.
What lies behind the ownership of an NFT
The backbone of the war is therefore not the NFT, an image most often contained in a clouds – controversy that we will touch here – but what enable NFT. Access to a metaverse, condition of belonging to a DAO or even a governance, concert tickets or other certificate of authenticity … in the end the possibilities of using NFTs are dizzying. Both for us and for the big brands. These advantages are highlighted on the website of the Bored Ape Yacht Clubare the strength of the NFT:
“BAYC is a collection of 10,000 Bored Ape NFTs, unique digital collectibles that live on the Ethereum blockchain. Your Bored Ape doubles as a membership card to the Yacht Club and provides access to member-only benefits, the first of which is access to THE BATHROOM, a collaborative graffiti bulletin board. Future areas and benefits can be unlocked by the community by activating the Roadmap “.
Source: Bored Ape Yacht Club
Hasn’t the adoption of NFT already begun?
The utility, the advantage of NFTs
Utility is one of three fundamental pillars that make up the structure of a NFT project. The Community and theexclusivity of the idea being two other pillars. The utility seems to us imperative and empirical here: it allows to find an element that allows a broader purpose of using an NFT.
“What’s behind my NFT?” What values does it defend? What actions does it allow me to do within the community and in the real world? ”
Simply owning an NFT can answer these questions. Own a The world of NFT women for example, it doesn’t have the same meaning as having a Bored Ape Yacht Club NFT. In fact, both are rare. Both can have value. However, NFT Oh! and the values of inclusiveness and equity conveyed are different from those of the Bored Ape Yacht Club beyond the possible governance in each of these projects.
“WoW’s vision is to build an inclusive Web 3 through its collection and community. According to a study published in November 2021, female artists accounted for just 5% of all NFT art sales in the previous 21 months. WoW has a mission to change that. Together we can create opportunities for anyone in the world to be the owner, creator and contributor in this new era of the web. “
The Metaverse and NFTs: An Inevitable Fate
The concept of metaverse was mentioned long before the emergence of Bitcoin, the blockchain, and the specific principles behind decentralized finance. Readable in the novel Snow crash by Neil Stephenson in 1992, this almost century-old notion of an entirely virtual interconnected world is famous in science fiction.
NFT and blockchain made this possible change the game And offered a new narrative to the metaverse. The notions of ownership, anonymity and upheaval experienced in our trading habits gave legitimacy to this then dystopian notion of a real virtual world. Despite its popularity with big names like Meta (ex Facebook) and the birth of future industry greats such as The sandboxthe metaverse is still looking for itself.
A playground of theoretically infinite possibilitiesuse of NFT in the metaverse it is also part of the marketing used by the big brands to immerse us in what will be, can be the future of entertainment big disappointment for decentralization.
The company seizes non-fungible tokens
Even though the winter of cryptocurrencies is upon us, some numbers speak for themselves. Beyond the small but still existing fundraiser and the involvement of some traditional finance giants in the ecosystem, The Block told us this week that the number of NFT-related trademark applications has tripled in the United States over the course of the year. 2022.
Although for a few months this has weakened, in the month of March 2022, there are no less than 1080 trademark deposits made on American soil, more than the year 2021 in its entirety. However, this does not result in the same number of projects being launched. However, this figure shows the growing interest of this world’s giants in Web 3 and technologies such as NFT.
Institutions would also appeal non-fungible tokens and blockchains to solve ticketing problems, fraud but also problems related to the payment of taxes. The usefulness of NFTs across our society initiates the initiation of adoption by the general public. Some countries and institutions such as the Japan and South Korea is already moving towards a normalization of non-fungible tokens and the metaverse. In a society where the QR code leads us by the nose, the use cases of NFTs in the future, whether for social, commercial or political purposes, seem almost obvious, and gradually devour the dreams of decentralization of some. Could mass adoption destroy our dreams of decentralization?
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