Metaverse, NFT, and the New Future Economy
We have heard a lot of people talking about Metaverse, so what exactly is it?
According to USAToday, Metaverse is a combination of multiple elements of technology, including virtual reality, augmented reality, and video where users “live” within a digital universe. Supporters of the metaverse envision that technology will enable them to work, play, and stay connected with friends through everything from concerts and conferences to virtual trips around the world.
Are We in the Metaverse Yet?
Yes, we are now in the very first period of Metaverse. Consider how the Internet evolved from obscurity in the early 1990s to a key pillar of global economic activity in the 2000s, or how smartphones and accompanying app stores have matured into crucial pillars of modern life and work in the last decade. The fact that blockchain shapes our future is gradually being exposed.
Many new technologies have been developed since the introduction of Blockchain in 2008. Now people are transferring money, storing personal information, tracking Logistics and supply chain, etc. on Blockchain technology with nearly-absolute security. Blockchain technology also provides greater security by storing passwords and other data on a decentralized network instead of a centralized server, which helps accelerate the evolution of the Internet of Things (IoT).
Mentioning Blockchain, Non-fungible tokens (NFTs) is one of the most interesting applications we must talk about. Because the blockchain prevents data from being duplicated, placing an NFT on the blockchain ensures that only one copy of a work of digital art exists. NFTs can be used for a variety of things, but at their core, they’re a mechanism to transfer ownership of anything that can be represented by data. And, NFT gamification boomed.
In NFT games such as Axie Infinity or Roblox, players are now enabled to build their own worlds in games. They have metaverse tendencies, as does most social media. If you own a non-fungible token or even just some crypto, you’re part of the metaversal experience.
The New Future Economy
Blockchain technology on its rise has created two important opportunities including true digital ownership and play-to-earn, It is projected to completely revolutionize the world of video games with the industry is estimated to be valued at US $155 billion in 2020 and over US$200 billion by 2023 (source: Juniper Research, September 2020).
To be more specific, Blockchain technology allowed players to have true digital ownership for in-game assets, including the ability to utilize the assets anywhere (not just in that game) and the ability to profit from them (e.g., by selling them to a third party). Besides, the play-to-earn business model rewards game players with monetizable rewards — and absolutely captures the value they created for the whole project from engaging in in-game activities.
It is not hyperbole to say that digital ownership and play-to-earn will revolutionize how we live and work. The potential of these trends was recently illustrated in the Philippines, where families were able to supplement their wages by playing the blockchain game Axie Infinity (which also happens to be one of our investments) during the economic challenges brought on by the COVID-19 outbreak.
It’s critical to understand that these powerful and empowering patterns linked with blockchain games are not exceptional occurrences; they’re becoming more prevalent, and they’ll eventually become the norm.
Our OnePad Universe
At OnePad, we are extensively involved in the expansion of real digital ownership and play-to-earn in the video game business. In the next post, we will unveil everything about our promise business in this field to help readers understand what we will dedicate to the common Metaverse and the value we will create for people as well.
We want to express our gratitude to all of you for your support and dedication to OnePad and our exceptional team of visionaries and innovators at our very first steps. We are grateful and excited for the new future of play and work.
To update news from OnePad as well as our projects, please follow us on all of our social media accounts:
OnePad Website: https://onepad.com/
Telegram Channel: https://t.me/OnePadAnnouncement
Telegram Group Chat: https://t.me/OnePadOfficialGlobal