Web3, NFT, Metaverse: Tools for a truly decentralized future

BlockDown Croatia 2022 festival attendees witnessed Cointelegraph’s discussion of the sociopolitics of the Web3 ecosystem, Non-Fungible Tokens (NFTs) and the Metaverse. Continued innovation across the cryptocurrency ecosystem is well positioned to shape the future of media and entertainment.

While cryptocurrencies continue to blur the lines between the virtual and physical worlds, Cointelegraph editor-in-chief Kristina Cornèr said: agreement Talking about the impact of the growing crypto innovation within media companies during the BlockDown festival, he said, “It’s been a really crazy year.”

Cornèr highlighted use cases within the NFT space, providing a platform for independent artists and journalists to respond to and finance real-world issues such as climate change. Separate Argument Together with Dylan Dewdney, founder of NFT3, a unified identity network, Cornèr raised the question of merging the virtual and physical worlds in the metaverse.

According to Dewdney, despite the merging of the two worlds, real-world problems are likely to seep into the metaverse. However, he proposed developing a pseudonymous system where users could choose to be verified but not disclose their identity to other members of the metaverse.

As the world slowly moves into its new home, the Metaverse, Dewdney believes “the real world will get better.” However, people need to instill the spirit of encryption, especially when it comes to equity and personal responsibility.

“I think it’s time for the world to evolve and we’re starting to lay the technical groundwork for a lot of that. You have to be careful how this goes and take really individual responsibility for spreading that message.”

Demonstrating an in-house attempt to create the largest community-owned Web3 festival, Cornèr also announced that it is relaunching Cointelegraph’s flagship event, BlockShow, as a decentralized autonomous organization (DAO) that allows attendees to own and participate in the show. event organization. According to BlockShow CEO Addy Crezee, the goal of the BlockShow DAO is to “bring more people to Web3 and help people feel the benefits of the economy of ownership.”

Discussing in more detail the sociopolitical implications of living in the metaverse, Dewdney told Cornèr:

“We will still have the same problems because we are still the same old, boring humans doing the same old trifles and great things.”

If the crypto community can successfully decentralize the internet, it is “a future worthy of enthusiasm” at the individual and other social levels.

With NFT3, Dewdney aims to provide decentralized identity services to the metaverse ecosystem. This service may associate various pieces of information with pseudonymous but real identities. In conclusion, Dewdney believed that the crypto ecosystem should evolve beyond a financial use case into a “human use case” for blockchain.

Relevant: $3 billion will flow into metaverse and Web3 games this month with $600 million a16z tips.

Venture capital firm Andreessen Horowitz (a16z) recently launched a $600 million Game Fund One dedicated to Web3-focused gaming startups. The fund aims to support game studios, consumer applications, and game infrastructure providers.

As Cointelegraph previously reported, the Metaverse project is attracting too much investment from gaming industry giants. In April, Epic Games, which produced the popular Fortnite title, raised $2 billion to create the metaverse with funds from Sony and Lego.

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