“It is not only necessary to develop projects, but it is equally important to develop a renewed economy and ecosystem” – this is the idea expressed by M. Zuckerberg when he announced the launch of the new Meta brand in the fall of 2021 – Zuckerberg’s metaverse . Meta will replace Facebook as a brand representative. Now Facebook must adapt not only to fickle young users, but also master a new area of technology to which it had no relation before. We are talking about stock exchange and other financial games and non-fungible tokens ( NFT ).
However, Meta is not the first in terms of interest and engagement with the Metaverse. Certain gaming brands (Minecraft, Roblox, Fortnite) are the first metaverses to go down this path much earlier.
The most famous metaverses are CryptoVolexs and Decentraland, where users have the ability to create a digital identity to move around large worlds and interact virtually.
Well-known brands already working on the development of the Metaverse:
- Meta;
- Fortnite;
- Epic Games;
- Sandbox;
- Roblox;
- Minecraft.
What is the Metaverse in this case?
The Metaverse is a three-dimensional electronic environment Estonia Phone Number List that is needed for a huge number of people to live in the digital spectrum. In other words, a user can create an electronic identity to exchange information with other users in the Metaverse and perform everyday rituals such as purchasing goods and services, works of art, information. The digital world was developed as an alternative to real space. Where cryptocurrency and non-fungible tokens work, and users can buy the necessary goods with them. The concept of the Metaverse looks like a platform in the style of iOS and Android . Therefore, it is both an entertainment platform and new business opportunities for freelance programmers and content developers.
Where did the metaverse come from?
Neal Stephenson created the Metaverse from SF. He imagines it as an alternative space where people are escapist personalities who realize their dreams in a virtual world.
Features of the Metaverse
- Survival. Removing physical barriers and integrating actions and processes of virtual and physical reality.
- Identification, customization. It is possible to have a virtual personality with an avatar to represent a real person.
- Security. All business processes carried out in the Metaverse are guaranteed by Blockchain technology.
- The ability to communicate with other users, as well as with the Metaverse itself.
- Virtual ecosystem . Online games, business environment, entertainment.
- Profitable Investments. The Metaverse offers opportunities for business development through the sale of digital assets.
Options for Doing Business in the Metaverse
Through Blockchain technology, the Metaverse functions to develop an electronic economy that will become real. Where users will be able to receive rewards for their abilities and offer various objects and items for sale. This is where NFT tokens come into play .
The Connection Between Tokens and the Metaverse
NFTs are digital assets that certify the uniqueness of content or specific information. On the Decentraland virtual platform, several electronic land plots are worth more than $ 500,000. The popularity of non-fungible tokens in the Metaverse has increased as digital transactions have spread. While in the virtual Universe, you can buy real estate, cars, art objects, etc. through avatars. As a result, the implementation of tokens in digital universes has significantly accelerated at present. But the latest increase in value is due to the news that Facebook is switching to Meta and plans to become a company that is not engaged in social networks. But in Metaverses. According to the Blockchain Observatory platform , tokens fit the concept of the virtual Universe perfectly.
Application of NFT in the digital space
NFT tokens are used in the data universe to represent original and unique items. The market for electronic assets has grown in recent months. This happened thanks to NFT games (a well-known method of crypto assets). Digital universes are of interest not only to escapist users, but also to sponsors willing to invest, as they see great opportunities for the electronic economy. One option is documents confirming authenticity.
The Relationship between Metaverse, Smart Contract and Blockchain
A smart contract or “smart contract” is a computer algorithm required to support and implement self-executing contracts in the Blockchain . That is, it is a way to exchange values without involving third parties. The software executes agreements concluded between two or more parties. The smart contract operates within the Blockchain. In a simplified form, a “smart contract” guarantees the transfer of tokens from one party to another. But it is possible to set up more complex operations, in particular, issuing a loan or selling NFT tokens .
The use of a “smart contract” has its advantages:
- Government agencies do not monitor ongoing transactions;
- The program guarantees a full transfer of the asset if all conditions that insure against fraudsters are met;
- Transactions are confidential.
Transactions are fast and secure because the Blockchain registry allows you to track the history of the entire chain of transactions with a specific token.
Copyright of digital content
The capabilities of NFTs have led to strict copyright protection industry database resource for digital content . Thanks to the smart contract we developed, the non-fungible token is unique to a specific digital content, protected by copyright, and created once in the blockchain. The smart contract regulates who owns the NFT, how it can be transferred, and ensures that there can be no completely duplicate NFTs. Thus, we get virtual content protected by copyright .
The token can be issued for different images, photos, domain names, text, videos, etc. In rapidly changing conditions, it is important to confirm the fact of the first publication of the created content. A correctly issued NFT image allows its owner to receive a reward ( royalty) . This must be specified in the smart contract. Actions with tokens are tracked through the transaction history. Such records cannot be changed. But it is important to take into account that NFT is sold only for crypto, for which a crypto wallet is created . It acts as an identifier of ownership of a certain NFT.
What constitutes copyright infringement?
The most famous platform for issuing NFT is OpenSea . Any content posted on it that violates the owner’s rights is subject to removal. In orderbj lists for the service to remove content that violates the service’s rules, you should fill out a form and provide evidence of earlier ownership of digital content both in the real world and in the virtual one. Such claims are different from the usual ones, so it is better to contact a lawyer to prepare a claim and collect evidence. This will speed up the process of removing content. Lawyers of our patent office of Ukraine will help with the solution of this problem.
Metaverse and the Future of the Global Economy in Communications. How to Make Money on It?
There is no clear answer to this question today, but one thing is for sure: technology is making steps in this direction. In addition, the measures taken to counter the global pandemic have contributed to the development of the platforms of the future. If you are looking for more information on how to participate in an advanced idea that attracts businessmen and sponsors, you can develop your own NFT game, release an NFT collection, create your own metaverse, etc.
