The technology, digital and social media world that we are living in, has been constantly evolving, changing and growing. The pace and diversity of various technology platforms, advancements had accelerated in recent years, buzzwords such as cryptocurrency, blockchain and NFTs were the hot topics. In 2022, we are looking into Metaverse, web3.0, future of internet and social media. What are all those all about? How would it change our current and future way of living and working? At a recent Huobi Research Institute webinar held on 26th January 2022, blockchain industry experts debated on Metaverse, NFTs, Blockchain in 2022 and beyond – Huobi Research Editorial.
In Q3 2021, I mentioned about blockchain, crypto and NFT, those new topics of interest that I am entering into. As I was doing more research, reading and learning, the buzzwords Metaverse and Web3.0 became more prominent in January 2022, I am adding them more into my ongoing blockchain, cryptocurrency, NFT fields, part of my Yearly Theme 2022 (Technology, Business and Personal) goals and areas that I am going into.
The editorial commentary by Flora Li, Director of Huobi Research Institute, provided great insights, thoughts and views on metaverse, blockchain, NFTs in 2022 and beyond.
What are the elements that make up the Metaverse?
Co-chairman of the Singapore Blockchain Association Chia Hock Lai views the metaverse as comprising DeFi, NFT, Gamify and Virtual Reality (VR) technology.
Large firms have already signalled their intentions to join the metaverse fray — and in significant ways. Facebook has invested $10 billon on its metaverse division and expects to continue to increase its investment in the coming years. Microsoft’s acquisition of gaming giant Activision, to the tune of $68.7 billion, is also widely viewed as a bid to not only dominate the video games space but also the metaverse.
Big Brands are getting into Metaverse
It’s not just tech firms who have expressed interest in the metaverse — fashion brands Adidas and Prada have partnered for a community-contributed NFT art project in the metaverse; and other similar projects are expected to be announced in the coming year.
Such significant investments into the metaverse will more likely than not accelerate its launch, and its potential for many industries, including entertainment, gaming and social media should not be ignored, said Chia, indicating the blockchain will serve as the metaverse’s economic layer.
The World of NFTs
NFTs, already a significant aspect of the blockchain industry, are expected to occupy an important role in the metaverse, although Senior Financial Analyst and Insights Lead at EmergentX Esme Pau recommended buyers exercise caution if considering NFTs as an investment avenue.
“There’s a major Fear of Missing Out (FOMO) sentiment around NFTs right now,” said Pau.
NFTs are gaining popularity for several reasons, said Flora Li, Director of the Huobi Research Institute and author of the institute’s annual report titled Global Crypto Industry Overview and Trends: 2021–2022.
“NFTs are unique because they satisfy all requirements for digital property rights, facilitating efficiently-run marketplaces,” said Li. “They also fulfill an important social function, that of an enabler for self-expression, creativity and ownership.”
The coming year will likely witness a ‘natural selection’ of sorts in the NFT space, with unsuccessful projects exiting the ecosystem and projects with stronger communities gaining a stronger foothold, said Pau.
“The metaverse will be about technology and communities,” says Pau, adding investments will likely be funneled toward developing technology for metaverse interoperability, enabling players to transfer in-game assets across different metaverses.
“It’s an interesting use case that can also bolster the notion of ownership with regard to NFTs,” stated Pau.
Current IP laws will also be insufficient for the upcoming metaverse and changes to existing laws will likely take place in the coming two years.
“As more deep-pocketed institutions enter, we’ll likely see tussles over IP rights in various jurisdictions. It’s an interesting space to watch,” Pau said.
Personal Thoughts and Views
I am still reading, researching, understanding and analysing on the new fields Metaverse, Web3.0, how all these would change the way we work and live in the coming future. We are not just facing a new future of work, we are also facing a new Future of Internet, Social Media with the new technology platforms and advancements.
How would all these play a part in my NFT journey? Would social media still be relevant in the near future? How many of us would be left behind?
I would definitely be reading, researching, understanding and analysing more on the new fields mentioned here. In my journey of learning, entry into the NFT world as an NFT photographer, I would also be looking at the Metaverse and Web3.0 as well, on how I may enter into the new internet world of the future.
I hope to write and publish more commentaries, information, updates, thoughts and views in Year 2022.
Stay tuned!
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