Between adoption and decentralization, the heart of NFTs swings – Le Meta-Hebdo

Splash – Splash – The cryptocurrency market is experiencing a rigorous ice age, taking with it that of the NFTs. Damaged, flayed and sometimes weakened, the cryptographic sector is thus attacked, fragile, it is coming under harsh criticism from certain mainstream media.

And, yet. If we take a little height, the events do not seem to be as icy as they seem for the NFT. Popular with influential people in the entertainment or art sectors, it might even be possible to envisage NFTs becoming a real gateway for mass adoption. Indeed, functional and factors of change, non-fungible tokens are becoming more and more essential in our societies.

GAFAM, major luxury brands, institutions, NFTs would seem almost an inevitable stage of development for players in traditional finance, leaving behind our great ideals, pillars of decentralized finance.

So as not to get lost in the Meta-Hebdo:

The underside of NFTs: scams, decentralization and show business

Non-fungible clichés: web 3 under fire from critics

Let’s start with the reviews. Too often using clichés and platitudes categorizing NFTs, they have left many scars. Some of these reproaches are objectively founded. Conversely, others are symptomatic of a company that refuses to take a big leap into web 3, his interests being too well established in the present. These are sometimes the same people who already refused in the 90s to take the plunge into the Internet.

The scams, scams and other scams of all kinds then participate, in fact, in these stigmata which stir up the cynicism and skepticism of many media. Also, Kim kardashians, fell into the pot of pump and dump (highest to lowest in French), was singled out by the SEC (Security Exchange Commission) this week. In question ? Promoting a dubious cryptocurrency to its subscribers:EthereumMax. Frequent in many crypto and NFT projects, this type of operation leads to victims sometimes losing large sums of money. This fragility of the cryptographic sector contributes to the criticisms it can sometimes face, especially during the winter.

The NFT stars of web 3: the example of Warner Music Group

After these few clichés, other facts are obvious. Of Gucci to GAFAM, the entrance of the commercial giants into Web 3 is established. Again this week, Warner Music Group (WMG) confirmed, for example, its wishes to continue to develop in this sector which fascinates us: that of blockchain.

Building on a recent gopartnership with OpenSea, the renowned NFT marketplace, the music giant, a conglomerate of different music labels, has confirmed search for two web experts 3 on the LinkedIn social network:

  • One concerning the marketing plan management for brandsmetaverse platforms and other web 3 start-ups;
  • The other focused on the strategy and commercial 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 partnerships);
  • and technological (with an opening on web start-ups 3).

Oriented around a social and fun experienceWMG thus evokes behind the use and the development of an NFT technology in its company one:

“(…) metaverse strategy (…) the development, co-financing and management of musical entertainment experience projects in metaverses and games. Projects will incorporate innovative deal structures focused on immersive experiences and strategic content integration. The ideal candidate for this role will have experience at a game developer, studio or metaverse platform and a deep understanding of content licensing and the global digital media landscape.”

Source : LinkedIn

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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 artistic sector, the way of looking at authenticity and ownership is revolutionizing many sectors. Solutions against counterfeits and fraud, possibility of use in the metaverse, this almost ancient notion that finds – finally – some roots in the use of NFTs, a symbol of property and an identity imbued with freedom and anonymity.

NFT projects are not innocent of this success. They find an interest in it, not without flouting some important principles of decentralization. Yuga Labs has thus been able to develop the field of competence of his bored monkeys thanks to his metaverse The Otherside. A symbol of belonging to a community and a governance, the Bored Apes have gone beyond the use of NFT as a simple avatar. Their functions have been multiplied, offering their holders:

  • A media visibility from 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, The Otherside saw itself, not without criticism, requesting KYC, Know Your Costumeridentity authentication, crumpling – is right – the slick ideals of some decentralization purists.

What lies behind the ownership of an NFT

The sinews of war then not being the NFT, an image most of the time contained in a cloudscontroversy that we will touch on here – but what enables NFT. Access to a metaverse, condition to belong to a DAO or even to 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 Clubthey are the selling point of the NFT:

“BAYC is a collection of 10,000 Bored Ape NFTs, unique digital collectibles living on the Ethereum blockchain. Your Bored Ape doubles as a Yacht Club membership card and provides access to member-only benefits, the first of which is access to THE BATHROOM, a collaborative graffiti board. Future areas and perks can be unlocked by the community through activating the Roadmap.”

Source : Bored Ape Yacht Club

Yuga Labs invited 4,300 players to a first demo of its metaverse and Otherside NFTs
Otherside NFTs, BAYC’s metaverse

Hasn’t the adoption of NFTs already begun?

The usefulness, the advantage of NFTs

Utility is one of three fundamental pillars which make the structure of a NFT project. The community and theexclusivity of the idea being two other pillars. The usefulness seems to us imperative and empirical here: it makes it possible to find an element which will allow a larger purpose to using an NFT.

“What’s behind my NFT?” What values ​​does he defend? What actions does it allow me to do within the community and in the real world? »

Mere possession of an NFT can answer these questions. Own a NFT World of Women does not, for example, have the same meaning as having a Bored Ape Yatch Club NFT. In fact, both are rare. Both can have value. However, NFTs wow and the values ​​of inclusiveness and equity conveyed are different than those of the Bored Ape Yatch Club beyond the possible governances 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 only 5% of all NFT art sales in the previous 21 months. WoW is on a mission to change that. Together we can create opportunities for anyone in the world to be owners, creators and contributors in this new age of the web. »

Source : wow

The Metaverse and NFTs: An Inevitable Fate

The concept of metaverse was mentioned long before the appearance of Bitcoin, the blockchain and the specific principles that underlie decentralized finance. Readable in the novel Snow Crash by Neil Stephenson in 1992, this almost centuries-old notion of an all-virtual interconnected world is famous in science fiction.

NFTs and blockchain have made it possible to change the game and offered a new narrative to the metaverse. The notions of property, anonymity and the upheaval experienced in our habits of exchanging gave legitimacy to this then dystopian notion of a real virtual world. Despite its popularity with big names like Meta (formerly Facebook) and the birth of future greats in the sector such as The Sandboxthe metaverse is still looking for itself.

A playground of theoretically endless possibilitiesuse of NFTs in the metaverse is also part of the marketing used by big brands to immerse us in what will be, maybe the future of entertainment great disappointment with decentralization.

Company seizes non-fungible tokens

Even though the crypto winter is upon us, some numbers speak for themselves. Beyond the reduced but still existing fundraising, and the involvement of certain traditional finance giants in the ecosystem, The Block was learning this week that the number of NFT-related trademark applications had tripled in the US in 2022.

Even if for some months this one weakened, in the month of March 2022, there are no less than 1080 trademark filings made on American soil, more than the year 2021 in its entirety. However, this does not involve the same number of projects launched. However, this figure shows the growing interest of the giants of this world for Web 3 and technologies such as NFT.

Institutions would also turn to non-fungible tokens and the blockchain to solve ticketing problems, fraud but also problems related to tax payments. The usefulness of NFTs throughout our society launches the beginnings of adoption by the general public. Some countries and institutions like the Japan and South Korea 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 societal, commercial or political purposes, seem almost obvious, gradually eating away at dreams of decentralization. from some. Could mass adoption destroy our dreams of decentralization?

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John R. Zepeda

I have extensive experience working as a content writer in the areas of cryptocurrencies and finance, where I create interesting pieces that both inform and engage their audiences.

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