The concept of Metaverse continues to be popular all over the world, has successfully entered the mainstream perspective, and has become the focus of heated discussions in the blockchain industry. The Metaverse is also known as "Web 3.0," suggesting that the virtual world is about to become a "parallel universe" of the real world. The metaverse needs the support of artificial intelligence, AR, VR and blockchain technology.
At present, Metaverse products on the market cover many different fields, obviously still in the stage of exploration and development, and the ecology is not yet mature. In the second half of 2021, tracks such as DeFi, Metaverse, and NFT have begun to enter a new round of development cycle, which also contains many new opportunities. How do you view the current stage of development of the Metaverse? Do NFTs Really Have Potential? Or is it a flash in the pan? What combination and breakthrough points can there be between the Metaverse and the NFT market?
On October 24, 2021, the "Meeting Metaverse NFT World New Wave" conference was successfully held at Shanghai World Financial Center Yunjian Art Museum.
The conference was hosted by Cointelegraph Chinese and NOVA CLUB, co-hosted by MetaEstate, ICA, and APENFT, titled by Metagame, gold sponsored by Waves Ducks, and silver sponsored by Xcarnival.
This article is the core content record of "Meeting the Metaverse New Wave of NFT World" on October 24.
This conference includes 4 keynote speeches and 4 round table dialogues. In this conference, Jackey Jiang, co-founder of MetaEstate, Sean Yu, co-founder of Prometheus, Yang Linyuan, managing partner of Dfund, Steve, head of Waves China, Jeffrey Chu, co-founder of Dewave Venture, Qin Jianxin, co-founder of CryptoArt.Ai , Conflux Business Manager Yu Qing, Neo Ecological Expansion Director John Wang, Cypher Ventures Founder Martin Tang and more than 30 guests focused on the future development of the Metaverse and blockchain, including the ecological development of the Metaverse, the new development of Gamefi and NFT. Intense discussions and discussions were carried out on related topics such as opportunities and metaverse industry investment.
The following is a summary of highlights of the day:
Keynote Speech 1 "Absolute Meta Becoming Avatar":
Jackey Jiang, the co-founder of MetaEstate, said that the metaverse is not completely virtual, nor is it false. Every Avatar is a builder and content contributor of Metaverse. A kind of fusion of virtual and real.
Among the typical building types in the Metaverse, art pavilions are relatively popular. The Metaverse and artworks naturally blend together. More and more artists are building art pavilions in the Metaverse to display artworks without using Fear of lost or damaged artwork.
Keynote Speech 2 "Metaverse Games Far Away—Gamefi&NFT Industry Opportunities and Challenges":
Sean Yu, co-founder of Prometheus, said that games are the best ticket to the metaverse world. Games can make sense of the metaverse economic system. The virtual world cannot only have "investment" and "speculation", but also needs consumption. Games need to be immersive, and if you can't, existing apps are good enough. All types of games are trying to maintain the gameplay while making it simpler and simpler, and the development of the Metaverse will partly follow the development laws of traditional games.
The success factors of metaverse game projects include: game playability, publicity, economic model, and first-mover bonus. When the first player who actually pays for the game content itself appears, the so-called economic model can be established for a long time (5 years and above). The core of the economic system is to solve a problem - inflation. The crude inflation burning model sometimes pushes up the threshold of gameplay and affects new additions.
Keynote Speech 3 "Metaverse Investment & Parallel World":
Yang Linyuan, managing partner of Dfund, said that the blockchain is an opportunity to restructure the operating system level of financial infrastructure, and it is an opportunity for investors of our generation to grasp a large asset class. For investors, the first priority is to discover the biggest variable of this era. The information revolution of the Internet is a big paradigm shift, and we are now in the process of human beings migrating to digitalization and the Internet of Everything. For new things, the more comprehensive the past is, the more likely it will hinder our success. We must let go of our prejudices and iterate our cognition.
The blockchain has ushered in an era of technological equal rights. In the past, the competition on the Internet has been brought to the extreme, but now technology is used as a tool and latitude. In many fields, entrepreneurs have survived in the cracks of giants for a long time, but there is an opportunity to change the operating system. Under the new rules, the original advantages may become invalid. Blockchain is such an opportunity.
Keynote Speech 4 "Discussing the Ecological Diversity of the Metaverse":
Jeffrey Chu, co-founder of Dewave Venture, said that with the development of the entire technology, human beings will definitely migrate from the real universe to the metaverse digitally in the future. I think the three stages of digital migration are digital twins, digital natives, and virtual reality. These three stages are seamlessly migrated. After the digital migration, the Metaverse world will form a complete set of economic systems, generating new capital markets and commodity markets. The new capital market is the product of ideology that impacts the development of the existing financial system, and the commodity market is the NFT market.
The metaverse solves the problem of our better life. For example, an 80-year-old lady may find it difficult to eat or do strenuous exercise in real life, but if she wears a helmet and uses VRAR technology, she can swim in that world. So the metaverse is to solve the problem of people living better under the problem of food and clothing. Otherwise, what would I do in the metaverse world? I should enjoy myself in the metaverse, enjoy the fun and happiness that I can no longer experience in the real world. The physical layer needs these hardware devices for support.
Roundtable Forum 1 "Potential Applications of NFT in 2022":
Qin Jianxin, co-founder of CryptoArt.Ai, said at the roundtable forum "Potential Applications of NFT in 2022" that NFT is the first tool in human history to use technical means to solve the scarcity and confirmation of digital assets. As a productivity tool, NFT can greatly promote the improvement of overall productivity and promote the development of our era. I think this is very promising in the future. Personally, I am more optimistic about the online copyright market, which is a relatively large opportunity. Because judging from the data in 2020, the scale of the online copyright market has reached trillions, and there will be a lot of room for growth in this field in the future.
Steve, the head of Waves China, said in the round table forum "Potential Applications of NFT in 2022", now, NFT is actually a combination of income attributes and usage attributes. Players are looking at yield very seriously these days. However, as the experience gets better and better, and the complexity and immersion of the metaverse become stronger, more metaverse projects will put more emphasis on use attributes rather than income attributes. More and better projects need to emerge to push the NFT market to a more mature and higher-level stage.
Yu Qing, head of Conflux business, said at the round table forum "Potential Applications of NFT in 2022", from a macro perspective, I think NFT is more like a bridge, connecting the blockchain world and the outside world. In the metaverse world, NFT, as a very basic element, also helps to promote the development of the entire metaverse economic system. In view of the bridge function of the metaverse, it can attract more traditional industries to enter and build the metaverse. From this aspect, it helps the development of the blockchain field. In both the blockchain world and the traditional world, NFT serves as a bridge for assets, turning some traditional data into NFT, so that they can be circulated in the virtual world. This also allows some actual data resources to have richer value with the help of the blockchain and the application scenarios of the Metaverse.
Vivi Lin, XCarnival contributor and FT Chinese columnist, said at the roundtable forum "Potential Applications of NFT in 2022" that less than 5% of people in the world enter the encryption field, and the market for NFT in the encryption field is very small. Only when many outsiders enter this field will they have a truly mainstream future. If NFT is going to have great development in the future, it must embrace the mainstream crowd.
KAKA NFT Metaverse China Ambassador Cong Zhang said at the roundtable forum "Potential Applications of NFT in 2022" that in addition to issuing NFTs, chain games are also NFT applications with relatively low thresholds, but in terms of how the economic model combines blockchain, chain games It takes time to run in. In fact, financial NFT is also worth looking forward to. It is better connected to real life and brings potential benefits to users, but the general direction of NFT is still metaverse.
Roundtable Forum 2 "Investing in the Metaverse: What are the directions for investing in the virtual future":
Sea, Director of Global Operations of Element, said in the roundtable forum "Investing in the Metaverse: What are the directions for investing in the virtual future" that the numerical model of the game attributes of the Metaverse and the economic model of the blockchain are very suitable, that is, earning while playing, anyone can In the virtual world, transfer your offline artworks to online for realization. You can also socialize in the metaverse, and it's even exactly the same as the real world. Both the Internet and the blockchain are waiting for an opportunity like the metaverse, allowing more people to enter it.
Zheng Yushan, partner of Waterdrop Capital, said in the roundtable forum "Investing in Metaverse: What are the directions for investing in the virtual future" that the word Metaverse was not invented by the blockchain circle, and the concept of Metaverse is much bigger than blockchain. Blockchains are only one part of the metaverse. In the Internet field, the Internet has developed many branches, and blockchain is a branch of the Internet. Metaverse can summarize all the latest topics in the technology world, especially the Internet world. No matter what industry you are in, you can find opportunities in the metaverse. For example, programmers can grab NFTs as scientists, investors can invest in projects, and people who are good at governance can build governance models in the metaverse. People from different backgrounds come together because of the metaverse, so that's why people are interested in the metaverse.
Xu Chaoyi, founder of Bitlysium Ventures and a core volunteer in the xNFT technology community, said at the roundtable forum "Investing in Metaverse: What are the directions for investing in the virtual future" that NFT is far from the time of explosion and is still in a very early stage. At present, except for Ethereum, NFTs on other chains are not so popular, and most of the popularity of NFTs erupted in the Metaverse. In addition, there are more flat NFTs, and the popularity of 3D NFTs has not yet come.
Martin Tang, founder of Cypher Ventures, said in the roundtable forum "Investing in Metaverse: What are the directions for investing in the virtual future" that when investing in Metaverse projects, we should consider from multiple dimensions, try to avoid blind spots, communicate with peers, and even do some research on similar projects. Compare. Projects in the future will be very different from those two years ago. Projects like NFT, games, and social networking attach great importance to operations. In the past, we may have paid more attention to the project itself, such as technical background, but now we attach great importance to overseas operations. and market expansion capabilities.
Ying Jun, the founder of Yishuli, said in the roundtable forum "Investing in Metaverse: What are the directions for investing in the virtual future" that NFT represents a new concept recognized by young people. The biggest problem for big companies and brands is that the brand will age. Like Facebook, the biggest problem is aging. They need to cater to young people to innovate, and they are also thinking about these innovative forms. In addition, in terms of investment, we may focus on three points. The first is the combination of traditional business and NFT metaverse, the second is the combination of traditional brands and NFT metaverse, and the third is the combination of traditional artists and NFT.
Roundtable Forum 3 "Metaverse and NFT New Wave and Enterprise Migration":
Neo Ecological Development Director John Wang said in the roundtable forum "Metaverse and NFT New Wave and Enterprise Migration" that the metaverse and the real world must first have assets, and NFT will be a very large asset to support the metaverse world. In the future, Metaverse will allow more people to display their NFT assets. As more and more capital comes in, it can accelerate ordinary people's understanding of the metaverse concept. In addition, as capital comes in, infrastructure including cross-chain has a relatively large chance to settle down on this track.
QuarkChain core engineer and technical director Junjia He said in the roundtable forum "Metaverse and NFT New Wave and Enterprise Migration" that every major Internet company can implement Metaverse. But whether for compliance reasons or otherwise, it is likely that large companies will still want to sell advertising or user data in their Metaverse. The cypherpunks may not have as many resources as big companies, but the metaverse of the cypherpunk faction representing the native cryptocurrency looks more interesting, because they can really embody some blockchain spirit in their own metaverse.
Zhang Hui, a partner of Metachi, said in the roundtable forum "Metaverse and NFT New Wave and Enterprise Migration" that the reason why Metaverse is really popular now is actually because of the blessing of NFT. Because of the emergence of NFT, the data assets in the Metaverse have become real data assets. Only the emergence of NFT can really make people feel that the things in the Metaverse are solid and not illusory. The relationship between the two is that NFT first solves the data asset confirmation relationship, and then lays the foundation for the metaverse ecology.
Blair Z, a core volunteer in the X Protocol community, said at the roundtable forum "Metaverse and NFT New Wave and Enterprise Migration" that NFT entered the public eye earlier than Metaverse, and due to its special nature, under the current domestic high-pressure policy , NFT can still stand openly on the public stage, for example, you can buy some NFT directly with fiat currency on Alipay. The chemical reaction brought about by the combination of NFT and Metaverse is still the exit of capital, and the other is the exit of users.
Roundtable Forum 4 "GameFi: One of the Application Directions of Metaverse":
Alex Hui, founder and CEO of PolkaFantasy, said in the roundtable forum "GameFi: One of the Application Directions of the Metaverse" that many Gamefi products are developed by technicians in the blockchain field, rather than traditional game staff. There is still a gap between blockchain games and games that people actually enjoy playing. Gamefi games will definitely open up a whole new world for everyone, and people will integrate the Gamefi realm into the blockchain ecosystem. In the past, e-sports was dominated by good players, and only the winners could make money through the game, but in Gamefi games, all players have the opportunity to get rewards.
Sergey Medvedev, managing partner of Cryptomeria Labs, said in the roundtable forum "GameFi: One of the Application Directions of the Metaverse", that the Metaverse is still in the early stage of development, and we are creating the Metaverse layer. Ethereum is a metaverse in which there are no fancy interfaces, it creates value for people, and people can spend it in it. GameFi is a specific term, mostly popular in the crypto community, where people launch games, play them, and get rewarded.
Astrid Dang, head of marketing and partnerships at My Defi Pet, said at the roundtable forum "GameFi: One of the Application Directions of the Metaverse" that the development trend of Gamefi may be the same as the development trend of the initial token issuance a few years ago. Regulated to be regulated. Gamefi games are more fun and profitable for players than traditional games, why don't we use it? Now is a huge opportunity for blockchain and Gamefi to combine with the traditional game model to get mainstream participation.
Treasureland marketing consultant Dima said at the roundtable forum "GameFi: One of the Application Directions of the Metaverse" that we are now building the Metaverse, and basically all these projects are now on the market. I want to call them "meta willage" because They are not connected together, they all have different physical worlds, and the economies of the Metaverse are disconnected from each other. In the future, we will see a central hub connecting different assets and different metaverses, and we can conduct transactions in different metaverses. The current metaverse is more of an experiment, and in the long run, many project experiments will not be successful. No big players from the traditional game field have entered the game and tried NFT yet.
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