Lessons Learned From Exploring NFTS, Metaverse, Etc. – Tech Tribune France

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I put down a deposit on a property in 2007 that doubled in price in a year. I was on a roll. So, in 2008, I put another down payment on an off-plan property. But this transaction did not follow the same trajectory as the previous one, nothing but a sign was put up on the ground. I lost all the money on the deposit, because the “developer” disappeared with all the money. And I was one of the luckiest, because others had put in much larger sums.


What is the difference between the first property and the second? A trustworthy company with visible leadership and a reputation for delivery.

But what does all this have to do with NFTs?

To start, let me say that I’m very excited about the possibilities of where NFTs take us into the world of branded products, verified ownership, and community building. And, having been scammed in the past, I’m as careful as possible when buying a virtual good, because it equates to an off-plan good, in my opinion.

I am writing this article because I believe you would rather learn from someone who has made mistakes so that you can avoid them in your own efforts. Therefore, here are some of the ideas I had during this trip.

To begin with, it is important to understand that non-fungible tokens are permanent contracts, not just JPEGs. To drive home the point, someone sold their house in Alabama as NFT for US$650,000 (pun intended).

Next, treat an NFT project like a startup. As with any investment you make with your money, make sure there are real people behind it and review their plans; otherwise, you bet. Is there a clear team with a track record and a track record of success in something they’ve done? This means that they will most likely want to keep their promises and continue to be a visible part of society. Will you have access to a community or will you receive a physical item? What is the price? Is it too good to be true?

An NFT is a permanent digital record. The permanence of an NFT can be understood if you compare it to a tweet. There are plenty of examples of celebrities and even presidents tweeting the wrong thing on the internet only to find that it can’t be erased or “converted” – the reason being that millions of devices have already “registered this tweet. In a vaguely similar way, once an NFT transaction is made, it is secured and verified as real by a vast network of devices around the world that are also financially incentivized to record this information. If someone tries to modify the NFT record (or a tweet) in this way, the network simply rejects the change as fake. This is how decentralization gives a permanent record, and therefore, security to each owner.

So, aside from images, where do NFTs change fortunes? Global hit DJ Steve Aoki says he earned more from his NFT launch last year than from 10 years of mainstream music royalties. In March 2021, for example, the sale of Aoki’s Dream Catcher NFT art collection brought in more than $4 million, including $888,888.88 paid for a single NFT by the former T-Mobile boss. , John Legere. Now, Aoki is stepping up its activity in this space, with the launch of a new NFT membership and metaverse platform called A0K1VERSE.

Another use case is selling tickets as NFTs. Creating tickets as NFTs gives more control over the resale market, more secure ticket storage, and the ability to view tickets as digital collectibles. NFTs are most valuable when there is utility and community. Gary Vaynerchuk added a real-world utility of sending a copy of his book to buyers of his NFT, in addition to allowing the NFT to act as a ticket to his lectures. His business earned $90 million from the release of his NFTs and continues to generate recurring revenue through resales.

The best NFT collections become up-and-coming media and entertainment companies, launching characters that people can buy that then become cartoon characters for which owners collect royalties, with the ability to even sell merchandise and to earn license fees. All integrated in the NFT contract, without intermediary. As for the art, let’s agree that it is subjective to say the least, and people will pay what they think something is worth. For example, a painting on canvas called black fire 1 by Barnett Newman sold for $84.2 million a few years ago. This is a physical canvas that is painted half black and half white. But I’m not here to judge.

Related: Five things a skeptical metaverse learned from buying real estate in a virtual universe

Contrast that with artist Beeple, who was creating a piece of digital art every day for 5,000 days straight with no clear end goal. When the NFTs came around, he put all of his 5,000 days of work up for sale in a single image, and it made $69 million. A landmark sale by Christies that put NFTs on the mainstream art map. Which is worth more? What matters is that if there are buyers who agree on a price, our opinion is not. However, here are some points of difference between physical and virtual works:

1. Consider the use case of the “certificate of authenticity”. I had worked with a gallery to mint a collection of physical works for this year’s edition of Art Dubai, where the NFT image will act as a digital certificate of authenticity, and we include an image of the certificate of ownership original writing to a permanent record. Thus, the paper certificate may be damaged, but not the digital one.

2. It will give you the opportunity to show off. In an age where we spend hours of our day watching life through screens, doesn’t it make sense to showcase our prized possessions or interests through proven ownership of digital products or images?

The next thing to consider is that gaming is the sleeping NFT giant. Roblox is an existing game that has 45 million users who spent 45 billion hours on the platform last year, and it’s valued at over $40 billion. Separately, in the crypto world, people spent over $40 billion on NFTs in 2021. So you already have virtual worlds and now you have NFT marketplaces, so what happens when you combine the two?

Here’s what most people haven’t figured out yet: NFT games pay players in chips that have real dollar value – that value can make people rich (note: this is not investment advice ). In fact, a game called Axie Infinity has brought life-changing wealth to gamers in poor cities in the Philippines in 2021. They call it play to win, and big plans are in the works with billions of dollars already. invested. Even investment bank JP Morgan released a report stating that the metaverse is a trillion dollar opportunity. The bank has also opened a virtual branch inside a virtual land called Decentraland. Its MANA token increased by 4,000% in value from January 1, 2021 to January 1, 2022.

It’s not all sunshine and virtual rainbows. Most of these projects, or virtual crypto lands, only have a few thousand active monthly users. One of the main issues is that the friction is very high for new users. Put simply, this means you have to learn a few new technical steps to participate, and people generally don’t like to click more than three times to get somewhere online. This includes the learning curve required to set up wallets and accounts to buy crypto tokens using real money. In my case, I started my cryptocurrency journey as a learner and then a teacher in 2014 with a friend who had launched a first practical crypto product – a way to top up your phone credit using crypto. I then had the chance to be a founding member of the Dubai Blockchain Council in 2015.

The evolution of the blockchain in the form of images, both animated and static was expected, but the speed is the surprise. It’s not just new technology, it’s something that allows people to own some of what they buy and grow with it. So if you want to grow at the speed of the internet, try exploring it with an NFT in the metaverse. And maybe fly and say hello. We’ll see each other there.

Related: Four Key Areas Forward-Thinking Countries Need to Focus on to Create Blockchain-Aware Populations

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Lessons Learned From Exploring NFTS, Metaverse, Etc. – Tech Tribune France

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