You heard that right, a new world is approaching fast, to be precise, it has already arrived. You and I have been a part of this era in the past years. Well, now in the coming days we will be able to comprehend and live in them. Yes, It’s the Metaverse. A whole bunch of 3D-generated worlds forms into existence at our fingertips. From “buying lands” to “attending Snoop’s concerts” we will be able to carry out simply anything in the Meta Universe. Now you may ask, “Why is it necessary, and What purpose does it serve?”. Well, the perfect answer is that it’s a world not bound to limitations. A world where people would not be judged based on their cultural aspects or educational limitations. The Meta Society is merely interested in your qualifications or your credentials. What matters is the effective utilization of resources in the metaverse in such a way as to keep the channels running forever.
The resources primarily used in the Metaverse are NFT’s, (Non-Fungible Tokens), purchased through the crypto blockchain of Ethereum. NFT is one of the most controversial topics debated in social media. People who claim that NFT’s are a scam are preposterous. These are people who have not purchased any NFTs nor have the slightest knowledge of how it works, which makes their arguments ridiculous. NFTs may sound foolish but the sound of profitability it reaps is remarkable. One of the greatest aspects of creating NFT’s is that you need not be an artist. You can typically sell anything. No Creativity is needed.
Turns out you can sell almost anything which you deem “fair” at a “fair price”. Last week, the “creative art” of a 10-year-old shot up in demand as buyers bid with a staggering price of 43ETH (132,000$). His parents dwelled on the thought of encouraging him to draw by showcasing his “art” online. Well, they just hit a mega jackpot. Yes, this is how NFTs work and if luck finds you well, you too can take a place in the “Hall of Fame”.
To be honest I find NFT’s very useless and pointless, but after reading this article it seems like they have some benefits.
Just like Aisha, I also find NFT’s useless but I find the virtual metaverse a more interesting and useful concept. After reading the article, I can understand why NFTs as an idea would be great but I find the fact that you could spend a fortune buying a code/image that someone can easily screenshot and use. Wouldn’t that be like buying a pool but everyone coming in and using it like it’s their own? However, I totally see the benefits of the seller, specifically the money they can get out of it! I can see NFTs being the future’s currency, I just think that there should be some minor adjustments, like maybe an update for all software and machines that block “screenshotting” NFTs, just like how you cannot record Netflix.
I really found this piece enjoyable to read, but I cant seem to find the appeal with a 3D generated world, I feel like no matter what you are aware you’re not experiencing it in person. It just feels like removing human experience and interaction out of the equation.
Thanks for a provocative post, Ritz.
Some ideas for discussion:
1. What do you know about NFTs? What would you like to know more about?
2. The examples in the post point to how NFT’s highlight art as a commodity (a thing invested in capitalistic exchange). What do we gain or lose when we think of art primarily as a commodity — something to be bought, owned, traded?
3. The metaverse and its promise of meaningful online experiences is still in development? What do you see as things to avoid in virtual experiences? What are the most important aspects of creating healthy, long-term, distant digital communities?
I have noticed the craze of NFTs through social media, usually displayed from a negative perspective as they consume a lot of non-renewable energy to generate the process of “receipts” or whatnot. I would like to know more about the limitations and the larger concerns regarding the rise of digitalized monetary items.
This is a very interesting take on NFT’s. I did not have a high opinion of them before reading this article but you brought up a lot of interesting points