Web3, NFTs, Metaverse: The tools for a truly decentralized future

Attendees to the BlockDown Croatia 2022 festival were witnesser to Cointelegraph’s discussions astir sociopolitics of the Web3 ecosystem, non-fungible tokens (NFT) and the Metaverse. It turns retired that ongoing innovations crossed the crypto ecosystem are well-positioned to dictate the aboriginal of media and entertainment.

While crypto continues to blur the lines betwixt the virtual and carnal worlds, Cointelegraph’s editor-in-chief, Kristina Cornèr, agreed that “It’s been a brainsick year” erstwhile talking astir the rising interaction of crypto innovations wrong media companies during the BlockDown festival.

Cornèr highlighted usage cases wrong the NFT abstraction that gives autarkic artists and journalists a level to rise funds and antagonistic real-world challenges specified arsenic clime change. In a abstracted discussion with Dylan Dewdney, the laminitis of NFT3, a unified individuality network, Cornèr raised questions related to the merging of virtual and carnal worlds successful the Metaverse.

According to Dewdney, real-world problems person a bully accidental of seeping into the Metaverse contempt the merger of the 2 worlds. However, helium suggested processing a psuodenomous strategy wherein users are verified but tin take not to disclose their identities to different members of the Metaverse.

As the satellite dilatory shifts into its caller home, the Metaverse, Dewdney believes that “the existent satellite volition go better.” However, it volition necessitate the radical to inculcate immoderate of the ethos of crypto — particularly successful narration to equitability and idiosyncratic responsibility:

“I deliberation its clip for the satellite to germinate and we are starting to laic the method foundations for a batch of that. You person to beryllium cautious astir however this plays retired and truly instrumentality idiosyncratic work astir spreading that message.”

Showcasing an in-house effort to make the biggest genuinely community-owned Web3 festival, Cornèr excessively revealed the relaunch of BlockShow — Cointelegraph’s flagship lawsuit — arsenic a decentralized autonomous enactment (DAO) that allows attendees to ain a involvement successful the amusement and enactment successful organizing events. According to BlockShow CEO Addy Crezee, the extremity astatine BlockShow DAO is “to bring much radical to Web3 and assistance radical consciousness the benefits of the ownership economy.”

Getting further into discussing the sociopolitics progressive with surviving successful the Metaverse, Dewdney told Cornèr:

“We’re inactive going to person each the aforesaid problems due to the fact that we’re inactive the aforesaid aged boring humans who bash the aforesaid aged petty things, and besides large things.”

If the crypto assemblage tin successfully decentralize the internet, “it’s a aboriginal truly worthy getting excited about” — astatine an idiosyncratic arsenic good arsenic different societal levels.

With NFT3, Dewdney aims to supply a decentralized individuality work for the Metaverse ecosystem. The work tin subordinate assorted accusation with a pseudonymous but real-life identity. On an extremity note, Dewdney believed that the crypto ecosystem needs to germinate beyond the fiscal usage lawsuit into the “human usage case” of blockchain.

Related: $3B flows to metaverse and Web3 gaming this period arsenic a16z tips successful $600M

Venture superior steadfast Andreessen Horowitz (a16z) precocious launched a $600 cardinal Games Fund One dedicated to gaming startups with a absorption connected Web3. The money aims to enactment crippled studios, user applications and gaming infrastructure providers.

As Cointelegraph antecedently reported, Metaverse projects are excessively attracting investments from gaming manufacture titans. In April, Epic Games, creator of the fashionable Fortnite title, raised $2 cardinal to make a metaverse with backing from Sony and Lego.