Splash – Splash – The cryptocurrency market experienced a strict ice age, which brought it to NFTs. Damaged, squeezed and sometimes weak, the cryptographic sector is thus attacked, weak, it comes under harsh criticism from some mainstream media.
And, yet. If we take a little longer, events do not seem to be as icy as they seem NFT. Popular among influential people in the entertainment or art sector, it can even be imagined that NFTs will be a real path for mass adoption. Indeed, the uses and factors of change, non-fungible tokens are becoming more and more important in our societies.
GAFAM, major luxury brands, institutions, NFTs seem almost an inevitable stage of development for players in traditional finance, leaving our great values, pillars of decentralized finance.
To avoid getting lost in 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. Often used clichés and platitudes that categorize NFTs, they leave many scars. Some of these insults are based on intent. On the contrary, some symptoms of a company that refuses to make a big leap to the web 3, his interests are well established by now. Sometimes these are the same people who refused in the 90s to take the plunge on the Internet.
the scams, scams and more scams of all kinds then participate, in fact, in these stigmata that arouse cynicism and skepticism in many media. Also, Kim kardashian, fell into the pot of bomb and dump (highest to lowest in French), selected by the SEC (Security Exchange Commission) this week. In the question? Promoting a suspicious cryptocurrency to its subscribers:EthereumMax. Often in many crypto and NFT projects, this type of operation leads to victims who sometimes lose large sums of money. This vulnerability of the cryptographic sector contributes to the criticism it sometimes faces, especially during the winter season.
NFT stars on the web 3: the example of Warner Music Group
After these few clichés, some truths are clear. on Gucci on GAFAM, the entry of commercial giants in the Web 3 is established. Again this week, Warner Music Group (WMG) confirmed, for example, its aspirations to continue the development of this sector that interests us: that of blockchain.
Building on the recent Walkpartnership with OpenSea, the famous NFT market, the music giant, a conglomerate of various music labels, confirms find two web experts 3 on the LinkedIn social network:
- One about manage the marketing plan for the brandsmetaverse platforms and other web 3 start-ups;
- The other focuses on strategy and commercial partnerships to build virtual locations for brands.
We understand that the WMG web 3 experience is not about stopping NFTs. So this is a development question:
- commercial use (with partnership);
- and technology (with the opening of the web start-up 3).
Oriented around a social and fun experienceWMG is thus behind the use and development of an NFT technology in one of its companies:
“(…) metaverse strategy (…) the development, co-financing and management of musical entertainment experience projects in the metaverses and games. The projects will include new deal structures that focused on immersive experiences and strategic content integration. The ideal candidate for this role will have experience with 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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On the limits of decentralization
A factor of change, NFTs appear as a undeniable marketing tool, must for some. From video games to the art sector, the way of looking at authenticity and ownership is changing in many sectors. Solutions against fakes and fraud, possibility of using the metaverse, this almost ancient idea found – in the end – some roots in the use of NFTs, a symbol of property and an identity filled with freedom and anonymity.
NFT projects are not innocent of this success. They find interest in it, not without violating some important principles of decentralization. Yuga Labs thus able to improve the ability field of his bored monkeys thanks to his metaverse The Others. A symbol of belonging to a community and a management, the Bored Apes goes beyond using the NFT as a simple avatar. Their functions are multiplied, offering their holders:
- A media visibility from the partnership (recently Snoop Dogg and Eminem);
- a digital tools : to play a web game 3;
- the possibility to see the value of the NFT change is positive in the development of these utilities.
However, The Others saw himself, not without criticism, begged KYC, Know Your Customeridentity verification, vibration – TRUE – the beautiful values of some decentralization purists.
What is behind owning an NFT
The roots of the war that is not NFT, a image of most of the time that is in a clouds – controversy that we will discuss here – but what can do NFT. Access to a metaverse, conditions to belong to a DAO or even to a management, concert tickets or other certificate of authenticity… finally The possibilities of using NFTs are staggering. For us and the big brands. These advantages are highlighted on the website of Bored Ape Yacht Clubthey are the selling point of NFT:
“BAYC is a collection of 10,000 Bored Ape NFTs, unique digital collectibles that reside 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 benefits can be opened to the community by activating the Roadmap.
Source: Bored Ape Yacht Club
Hasn’t the adoption of NFTs already started?
The utility, the advantage of NFTs
Utility is one of the three basic pillars which makes the structure of a NFT project. the community and theexclusivity of the idea as two other pillars. The benefit seems to be for us needed and empirical here: it makes it possible to find an element that will allow a greater purpose of using an NFT.
“What’s behind my NFT?” What values did he defend? What actions does it allow me to take within the community and in the real world? »
Only owning an NFT can answer these questions. Owner a NFT Women’s World does not, for example, have the same meaning as having a Bored Ape Yatch Club NFT. In fact, both are unique. Both can be valuable. However, the NFTs wow and the values of inclusiveness and fairness conveyed are different than Bored Ape Yatch Club beyond the possible management of each of these projects.
“WoW’s vision is to create an inclusive web 3 through its collection and community. According to a study published in November 2021, female artists account for only 5% of all sales in NFT art for the past 21 months. WoW is on a mission to change that. Together we can create opportunities for anyone in the world to become owners, creators and contributors in this new era of web. »
Source: Wow
The Metaverse and NFTs: An Inevitable Fate
The concept of the metaverse was discussed long before the appearance of Bitcoin, the blockchain and the specific principles behind decentralized finance. Read on the novel Snow Crash by Neil Stephenson in 1992, this nearly century-old idea of an all-virtual interconnected world was popular in science fiction.
NFTs and blockchain make it possible to change the game and offers a new account of the metaverse. Ideas about property, anonymity and the chaos experienced in our exchange habits give legitimacy to this dystopian idea 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 also part of the marketing used by big brands to immerse us in what is possible, probably the future of entertainment great disappointment with decentralization.
The company seized non-fungible tokens
Although the crypto winter is upon us, some numbers speak for themselves. Beyond the declining but still existing fundraising, and the participation of some traditional financial giants in the ecosystem, The Block told us this week that the number of trademark applications related to NFTs mi -triple in the US by 2022.
Although for a few months this one has 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 total. However, this does not involve the same number of projects being launched. However, this figure shows the growing interest of the world’s giants for Web 3 and technologies such as NFT.
Institutions also turn to non-fungible tokens and the blockchain to solve ticketing problems, fraud but also problems related to tax payment. The usefulness of NFTs throughout our society launched the beginning of adoption by the general public. Some countries and institutions like Japan and South Korea are already moving towards a normalization of non-fungible tokens and the metaverse. In a society where the QR code takes us by the nose, the cases of using NFTs in the future, whether for social, commercial or political purposes, seem almost obvious, gradually eating dreams of decentralization. Could mass adoption destroy our dreams of decentralization?
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