Whether we want to accept it or not, the way things are done cannot remain the same forever. There have been drastic changes in many industries and sectors especially following the introduction of the internet. With the blockchain technology, a lot seem to be happening and everybody is trying so hard to get their foot in the door. From the sales of crypto coins, NFTs are rising to become another sub-economy on the blockchain. Most recently, Metaverse is becoming something that should be given a second look. Even within these spaces and sub-spaces, things seem to be happening spontaneously. With global expenditure on blockchain infrastructure hitting $11.7 billion in 2022, it wouldn’t make sense for any forward-looking person to pretend like nothing is happening. The following are the latest trends in blockchain, NFT and Metaverse.
Control and Distribution of Vaccines
With one of the features of the blockchain being indelibility and immutability of data, it is predicted that by 2022, the movement of vaccines from the manufacturers to the patients will be easily and effectively monitored. Records of vaccine administration will be stored on the blockchain where they can’t be mutilated and can be accessed from anywhere on the globe.
Increased Rights of Ownership
With NFTs gaining more recognition in 2021, users are now being more empowered to exercise rights of ownership of digital assets. In spite of transferability of these assets, the original digital signatures of their real owners remain immutable and conspicuous on the blockchain for all to see. This makes it easy to know who owns what, thereby facilitating pricing and exchange. Another upside is that NFTs contributes to the preservation of heritage in the form of arts. This is already lending technology and innovation to transactions in vehicles, lands and real estates, saving time and increasing efficiency.
NFTs as Channels for Fundraising
NFTs are gradually emerging as reliable platforms to raise funds for worthy causes and charities. Not-for-profit organizations are already harnessing tokenization and NFTs specifically. One big advantage that this brings is that campaigns can be ran on the blockchain with transparency and little overhead costs compared to the conventional methods. With smart contracts, it can be ensured that funds move directly to the causes for which they are being raised and this is traceable because of the nature of the technology holding it. Public trust is very important in charities and inculcating the blockchain and NFTs helps to guarantee that. Another sneak-peak is that awareness videos can be tokenized and programmed to generate royalty anytime it’s viewed or shared.
Use of Coins in Metaverse
Recently, one of the most talked about topics in the crypto circle is the Metaverse coins. Large companies are already vesting interests in Metaverse and there’s no sign that this is stopping soon. In fact, it is predicted to increase in 2022 and the coming years. According to announcements, about a hundred coins will be released leading the major Metaverse coin projects such as AXS, MANA and SAND. Axie Infinity has already incorporated AXS into it’s games. In fact, Snoop Dogg is planning to build a virtual mansion in the SANDBOX Metaverse universe.
The Big Guys are Hopping on Metaverse
Although Metaverse is still relatively young, some of the big organizations are already getting on board. This means a lot for Metaverse and shows that the future holds more. Many key players in the beauty industries are already finding their way in. Lorea, Luis Vuitton, Dior Beauty are just a few examples. In other industries too, there is a massive on-boarding to Metaverse. Disney has expressed interest in joining the Metaverse community. Intel is already working to enter Metaverse. H&M – an international clothing business – has opened a store on Metaverse. This already gives out so much about where the project is headed. Metaverse might just become a ‘blockchain google’.
The Film and Publishing Industries are not Left Out.
Quentin Tarantino recently auctioned seven uncut scenes from the Pulp Fiction as NFTs. The NFTs will include the uncut first hand-written scripts alongside Tarantino’s exclusive commentary. These contents will only be viewable by the owner(s) of the NFT. This gives an idea of how much potential NFTs have to cause a disruption in the film industry. The publishing industry also stands to benefit as The South China Morning Post – one of Hong Kong’s oldest newspapers – is already getting involved with NFTs. SCMP is also harnessing tokenization to create censorship-resistant and publicly traceable News stories by having them on the blockchain and in the form of NFTs.
As it were, nothing is standing still. Every individual, business and industry is bullishly looking for ways to improve their activities and stay up to date on technology. I think that’s the right thing to do. What about you, what do you think?