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What is NFT? What is the metaverse?

Non-fungible Token(NFT) is a digital currency originating from Ethereum Implementation Proposal 721(IP-721) at the end of 2017. It is generally translated as non-homogeneous Token. Unlike Bitcoin and Ether, bitcoins of the same amount are indistinguishable, but NFT contains identifying information recorded in its smart contract, which gives NFT uniqueness and scarcity and therefore cannot be directly replaced by another token.

A homogeneous token is a replaceable, unified, and nearly infinitely split token. Money is a typical “homogenised” asset, such as the dollar we use to spend money, which represents a value independent of the serial number of the bill. But many things with real value in real life are irreplaceable, such as a contract, home ownership, works of art, birth certificates, etc. Non-homogeneous tokens were born.

Understanding this concept of “non-homogeneity” is especially important when we represent these NFT projects on the blockchain.

On the blockchain, digital cryptocurrencies are divided into native coins and tokens. The former, such as BTC and ETH, have their own main chain and use transactions on the chain to maintain ledger data; Tokens are attached to an existing blockchain that uses smart contracts to keep track of the ledger, such as tokens posted attached to Ethereum. The token can be divided into two kinds of homogeneity and non-homogeneity.

Singer Jj Lin has announced on social media that he has bought three blocks of land on his platform Decentraland. According to foreign media estimates, the three plots are worth about $123,000, or 784,000 yuan.

First, the metadverse is a decentralized, independent universe with independent identity and economic systems that are not subject to centralized control. Independent identity is the foundation of free economy, and independent economy is the foundation of social operation.

How to understand the independence of the meta-cosmic identity system and the economic system?

Traditional game identity systems and game rules (or economic systems) are developed and managed by a centralized service provider, and developers have almost absolute control and interpretation of user identity systems and game rules.

The metaverse itself is not a technology, but an idea and concept, which requires the integration of different new technologies, such as 5G, 6G, artificial intelligence, big data, etc., emphasizing the integration of the virtual and the real.

The metaverse mainly has the following core technologies: First, extended reality technology, including VR and AR. Extended reality can provide an immersive experience that solves problems that mobile phones can’t.

The second is digital twinning, the ability to mirror the real world into the virtual world. This also means that we can see a lot of virtual incarnations of ourselves in the metasemes.

Third, use blockchain to build an economic system. As the metasomes develop and the whole of real society becomes more simulated, we may not just be spending money in the metasomes, but we may be making money, and thus forming an economic system in the virtual world.

Technology is eager for new products, capital is looking for new exports, and users are looking for new experiences. Some experts point out that the metaverse is like a embodied Internet, where you are not simply browsing content, but living in it. From Internet 1.0, 2.0 to mobile Internet, the metaverse may be the next new Internet era to replace the mobile Internet.

Due to its application in the field of games, some people equate the metadverse with video games and virtual worlds. Experts disagree, saying that the metasemes cannot simply be equated to video games or virtual worlds. It is creative play, open exploration, and connection with reality.

Post time: Dec-08-2021