The concept of the metaverse continues to prevail around the world, seeing mainstream awareness and becoming the focus of much discussion in the blockchain industry. Propped up by AI, AR, VR and blockchain technology, the metaverse is also known as Web 3.0, suggesting that the virtual world will soon become a “parallel universe” to the material world.
Products for the metaverse currently on the market cover a variety of areas, but its nascent ecosystem is still in the exploration and development stage. In the second half of 2021, the DeFi sector, the metaverse and NFTs began a new development cycle rich in opportunities.
Cointelegraph China and NOVA CLUB hosted the Meet The Metaverse NFT World New Wave conference , co-hosted by MetaEstate, in YunJian Art Museum of the Shanghai World Financial Center on Oct. 24, 2021. The conference’s aim was to discern the current development stage of the metaverse, the potential of NFTs, and the future pathways and breakthroughs that can be expected in both the metaverse and NFT markets.
Icarus Finance, APENFT Fund, and MetaGame were the title sponsor of the conference, with Waves Ducks as the gold sponsor and Xcarnival as the silver sponsor.
The conference featured four keynote speeches and four panels. Participating in the discussion was MetaEstate co-founder Jackey Jiang, Prometheus co-founder Sean Yu, Dfund managing partner Linyuan Yang, head of Waves China Steve Li, Dewave Venture co-founder Jeffrey Chu, CryptoArt.Ai co-founder Jianxin Qin, Conflux Ecosystem lead Yu Qing, head of Neo Ecosystem Growth John Wang, Cypher Ventures founder Martin Tang and more than 30 other guests. Exploring the metaverse’s ecosystem diversity
According to co-founder of Dewave Venture Jeffrey Chu, human beings will be migrating from the real universe to the metaverse alongside technology development in the future. In his view, digital migration will occur in stages via the concept of digital twins — that is, a coexistence of the virtual world and the real world facilitating seamless migration together. Following digital migration, an entirely new set of economic systems will be formed in the metaverse, with new capital and commodity markets emerging thereafter. This new capital market will mirror the ideology that impacts the existing financial system, and its accompanying commodity market is the NFT market.
Jackey Jiang, co-founder of MetaEstate, said that every avatar is a builder and content contributor in the metaverse, and that the metaverse’s combination of the virtual world and the real world is also a fusion of reality and imagination.
He added that art galleries are some of the more popular building types in the metaverse, as the metaverse and artworks are naturally compatible with each other, so more artists are building virtual galleries to exhibit their artwork without the risk of loss or damage. Investment in the metaverse and the parallel world
Head of Waves China Steve Li added that nowadays, NFTs possess a combination of revenue attributes and utility attributes, and players today place a lot of importance on yield. However, he believes that as user experience improves and the metaverse becomes more complex and immersive, more metaverse projects will put a stronger emphasis on utility rather than revenue, which will propel the NFT market to a more mature and advanced level.
According to Yushan Zheng, partner of Waterdrip Capital, the term “metaverse” was not invented by the blockchain community, and that the concept of a metaverse is much broader than just blockchain, which makes up only a part of the metaverse. In his opinion, there are many sectors within the internet, and blockchain is one of them. The metaverse can include all the latest topics in the tech community, especially on the internet. No matter the industry, there are opportunities to be found for each in the metaverse, Zheng said. For example, he continued, programmers can snap up NFTs, investors can invest in projects, and people who excel at governance can build governance models in the metaverse. The metaverse has brought together people from a wide range of backgrounds, which Zheng believes is one of the major reasons it piques interest.
Cypher Ventures founder Martin Tang argued that when investing in a metaverse project, one should consider it from various perspectives, avoid misjudging the market, communicate with peers, and even compare it with similar projects. Tang believes that future metaverse projects will strongly differ from projects seen in the previous two years. Stable operation is crucial to NFT projects, games or social networking, he said. “In the past, we might have paid more attention to the project itself, such as technical background, but now […]
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