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Metaverses and NFT: symbiosis and digitalization

In today's rapidly developing world, more and more of us are surrounded by the news agenda dedicated to blockchain technology, cryptocurrencies, smart contracts, NFTs and, more recently, metaverses have been added to them. What prospects can these popular words open to us today? We will try to find out in this article.

History on the emergence of blockchain and cryptocurrency

Having omitted the multiple prerequisites in the form of Hashcash and Bitgold, it’s worth starting from 2008, it was then that the article “Bitcoin: A Peer-to-Peer Electronic Cash System” appeared, authored by the mysterious Satoshi Nakamoto, whose identity has not yet been established. From now on, the world will learn about blockchain technology and Bitcoin cryptocurrency. There is no way back.

With the gradual development of cryptocurrencies, a growing community of enthusiasts, one of which was Vitalik Buterin, a Canadian citizen. A young talented specialist won $100,000 in a programming contest and is investing it in the development of his own Ethereum cryptocurrency. It compares favorably with Bitcoin in the presence of smart contracts that allow transactions to be concluded between parties without the participation of third parties. The presence of this feature significantly spurred the development of the cryptocurrency industry at that time. An ICO for the sale of tokens (similar to an IPO) began to be held, smart contracts overcame the standardization process, the ERC20 standard appeared, which was joined in 2018 thanks to the Cryptokitties game by the ERC721 standard, also known as NFT.

What is NFT and why is everyone trying to get their hands on it now?

What is the ERC721 standard? He is NFT. It is worth explaining that the ERC20 token plays the role of identical tokens, for example, on the subway, each is identical to the others. In ERC721, on the contrary, each token is unique and contains a link to an asset. Thus, we can say that NFT is both a digital certificate of ownership and a real one.

Each of the NFTs exists in a single copy, and all information about their author, transactions, and buyers is stored in the blockchain. Like any blockchain project, NFT is not tied to any one server, and by purchasing it, you declare your right to a digital object for the whole world. NFTs have become a real mainstream in 2021.

According to JPMorgan analysts, monthly sales of digital tokens hover around $2 billion, and the total market capitalization of the NFT universe is $7 billion.

Such certificates confirm ownership of a digital painting, music, book or collectible sports cards, which are currently being developed by Napoleon IT and Averin Technology for a well-known sports team. It often contains a reference to the digital property itself. It must be assumed that the object itself is stored on some kind of hosting, which can lead to the removal of "property", and we will have a certificate "without anything". Therefore, in order to preserve access to digital property and protect it from deletion, new solutions are required, other than storing information on a hosting.

The good news here is the emergence of IPFS technology, it is a content-addressable, peer-to-peer hypermedia communication protocol. The nodes of the IPFS network form a distributed file system, so that hosting is no longer required to store information. Simplified, the network itself is able to store information that is in demand, and obliterate information that no one needs.

Individual protected digital assets - why is this a trend and where is it used?

The symbiosis of the described technologies implements a full-fledged decentralized environment in which users have personal secure digital assets, which was not the case before. Due to centralized decisions, development companies dictated rules that could be changed unilaterally. This can be most clearly seen in the example of online games, when the characteristics of objects and characters change to change the balance of the game, sometimes completely nullifying their value. In many ways, for these reasons, early attempts to create a digital universe turned out to be a failure. In 2003, one of these was released, Second life. Today, some call it the progenitor of the metaverses.

Why did everyone start creating their own universes?

Many companies see the success of such sensational P2e games as Axie Infinity and want to repeat the success. The model used in this kind of games is effective in terms of rewarding players. However, it requires a well-thought-out in-game economy.

By 2030, virtual reality will go far beyond the needs of the gaming world. In connection with the pandemic, many companies switched to remote work - huge offices were empty, and real estate prices fell. But one thing becomes quite obvious - we will not return to the old way of life. Therefore, all the attention of companies and investors has shifted to a new digital reality. Already today we see that real estate and land in the metaverses are growing much faster than even in the current realities in the offline world. In the first six months of 2021, digital property prices jumped 3,000 percent. Also, the statements of technology giants make us think about a new virtual future. Metaverse Centrland have already announced their plans to create a metaverse for 2022. The global giants Twitter and YouTube have begun mastering web3.0 and NFT technologies in particular. Facebook has turned into Meta, and creates its own metaverse along with other startups. In these realities, everyone will have digital property and their own opportunities to work in the virtual world and receive real resources. If you look at the latest news reports, you will notice that more and more companies are opening their offices in these metaverses.

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XCOPY NFT artist!

Don't let the bright colors fool you: XCOPY NFT's work is a reflection of something rough, dark and gloomy. On average, such an NFT costs $7,200, and their most expensive NFT was sold for $4 million. A chaotic portrait called Some Asshole shows the character in a suit and tie against a bright red background.

Based in London, XCOPY has an extensive art portfolio currently valued at over $43 million.