“It is necessary not only to develop projects, but it is equally important to develop a renewed economy and ecosystem” – such an idea was expressed by M. Zuckerberg when he announced the launch of the new Meta brand in the fall of 2021. Meta will replace Facebook as a brand ambassador. Now Facebook is adapting not only to the fickle young users, but also exploring a new area of technology. We are talking about exchange and other financial games and NFT non-fungible tokens.
However, Meta is not a trailblazer in terms of interest and engagement in the Metaverse. Certain gaming brands (Minecraft, Roblox, Fortnite) are the first metaverses to follow this path much earlier.
Other well-known metaverses are CryptoVolexs and Decentraland, where users have the opportunity to form a digital identity to move around large worlds and interact virtually.
Well-known brands already working on the development of the Metaverse:
Virtual universes that are connected to reality
The technological and investment challenge of this proposal is as follows. The connection of the real world with the electronic environment, the formation of the digital universe. So, everyone can come together and act influencing both the virtual space and the real reality by experiencing it.
The Metaverse has updated ecosystem. There was a place for video games in the structure. However, based on Zuckerberg’s idea, the conditions for education, work, entertainment, and hobbies form. This is easier to show with an example. A user can be in a Metaverse shopping center, purchasing a Louis Vuitton bag to use with their personal avatar, and then go to a Taco Bell outlet and order food delivered to the desired address with the support of Uber Eats.
Then you can listen to The Rolling Stones digital concert on Spotify. The connection between the digital space and the real world provides the user with ample opportunities. It is not yet clear whether there will be one Metaverse or many. So, it will be possible to exchange worlds (trademarks, firms, software). All this will require certain encoding, structure, control, ordering for correct functioning.
An offer that can work in different directions:
The essence of such an experience is its deepening. An asset purchased in any program of the Metaverse can be used in other environments and contexts, and not only on its site. This is necessary to provide the user with a complete experience.
In addition, objects from the real environment can be transferred to the site using digital: photos, videos, melodies, cinema, literature, artistic images. All this using NFT technology.
What is the Metaverse in this case?
The Metaverse is a three-dimensional electronic environment. This is necessary for the life of a huge number of people in the spectrum digital. In other words, the user can form an electronic identity. This allows to exchange information with other users in the Metaverse and perform everyday rituals such as the purchase of goods and services, works of art, information.
The digital world was developed as an alternative to the real space, where cryptocurrencies and non-fungible tokens work, and users can purchase the necessary goods with them. The concept of the Metaverse looks like a platform in the style of iOS and Android. Because it is both an entertainment platform and new business opportunities for freelance programmers and content developers.
The Metaverse roots
Neil Stevenson created the Metaverse from SF. He presents it as an alternative space where people are escapist personalities who make their dreams come true in the virtual world.
Features of the Metaverse
Through Blockchain technology, the Metaverse functions to develop an electronic economy. So in virtual reality, users can receive rewards for their abilities and offer various items for sale. This is where NFT tokens come into play.
Tokens connection and the Metaverse
NFTs are digital assets that confirm the uniqueness of content or certain information. On the Decentraland virtual marketplace, several electronic land plots are worth more than $500,000. The prominence of non-fungible tokens in the Metaverse has increased as digital transactions have proliferated. Being in the virtual Universe, you can buy real estate, cars, art objects and so on through avatars.
As a result, the implementation of tokens in the digital universes has greatly accelerated. But the latest increase in value comes with the news of Facebook’s move to Meta. Its plans include becoming a Metaverse, not a social networking company. According to the Blockchain Observatory platform, tokens fit perfectly with the concept of a virtual universe. Metaverse The Sandbox has already sold 1,100 tokens worth $1 billion.
Application of NFT in the digital space
NFT tokens are used in the data universe to represent original and unlike anything else. In recent months, the market for electronic assets has increased. This happened thanks to NFT games (the method of crypto assets that gained fame).
Digital universes are of interest not only to escapist users. Sponsors are ready to invest and see this a great opportunities for the electronic economy. One of the options is documents confirming authenticity. Blockchain technology does a great job with these. These can be seen in different business segments. The most popular are the real estate and intellectual property.
Copyrighting Digital Content
The capabilities of the NFT have led to strong copyright protection for digital content. Thanks to the smart contract we developed, a non-fungible token is unique for certain digital content. Our smart contract conditions protect by copyright, and generated once in the blockchain. The therms of the smart contract govern NFT ownership, transfer conditions, and ensures that there cannot be fully repeatable NFTs. Therefore, the virtual content has been protected by copyright.
The token can be issued for different images, photos, domain name, text, video, etc. In a rapidly changing environment, it is important to confirm for yourself the fact of the first publication on the created content. A correctly issued NFT image allows its owner to receive a reward (royalty).
This must be specified in the smart contract. Transaction histories track actions with tokens. These entries have unchanged. The important! NFT is sold only for crypto. A crypto wallet has been created for the possession and disposal of the NFT. It acts as an identifier for the ownership of a particular NFT.
Copyright infringement
The most famous platform for issuing NFTs is OpenSea. The site is registered and operates in accordance with the laws of the United States. Any content posted on it in violation of the rights of the owner is subject to removal. In order for the service to remove content that violates the rules of the service, you must fill out a form and provide evidence of prior ownership of digital content, both in the real world and in the virtual world. If the system deems the evidence sufficient, such content will be removed. 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 content removal process.
Is the Metaverse the future in the global economy and in communications?
Today, there is no clear answer to this question, but one thing is for sure: technology is taking steps in this direction. In addition, the measures taken as a response to the global pandemic have contributed to the development of the sites of the future. If you are looking for more information on how to get involved in a cutting edge idea that attracts businessmen and sponsors, you can develop your own NFT game, release an NFT collection, create your own metaverse, etc.
Our team of IT specialists and copyright lawyers will help you with this. For a detailed discussion of the project and the calculation of the cost of services, mail by us: info@ipnft.uk
