Blockchain technology is the infrastructure for the metaverse; without it, the metaverse is just another closed-up sandbox. But with it, we are truly entering an open and free digital space where we are no longer required to look at the world the way it is. From NFT collections to digital pop stars, artists and content creators have found new ways of monetising their artistry through this digital renaissance.
One pioneer of the digital space is metaverse visionary Cynthia Cao, the brainchild of NFT-based personality, CCisDreaming. Cao has previous experience in the entertainment industry from working at Red Light Management, home to artists like Lionel Richie and Dave Matthews Band.
Passionate about music, art, and technology, Cao spoke to The Fintech Times to explain how the metaverse will pave the way for this massive expansion of blockchain technology:
Through the use of NFTs, tokenisation, and decentralised systems (DAOs), blockchain visionaries are helping creators establish their identity and adopt a web3 monetisation model that has never been seen before. This expansion is thanks in part to the recently unveiled metaverse, a digital microcosm of the real world that now represents the third revolution in the history of computer-human interaction. And with a market that is predicted to expand to ten times its current size (close to $300billion) by the end of 2024, consumer demand for metaverse content will only increase, making this an exciting industry to watch in the years to come.
The first revolution took place in 1969 with the release of the X-terminal, which linked to a remote host mainframe computer via a telephone line. This resulted in an unprecedented number of users being connected for the very first time, allowing them to access information from around the world at the speed of light and collaborate across cultural, ideological, and national boundaries. The second revolution occurred in 1991 when Sir Tim Berners-Lee proposed what became the World Wide Web and developed Web protocols known as Hypertext Transfer Protocol (HTTP) and Hypertext Markup Language (HTML). This led to an exponential proliferation of ‘surfing’ as well as new online businesses such as Amazon, eBay, and Google.
Today’s newly unveiled metaverse is set to create a booming digital community using blockchain technology. Most of the technology giants like Oculus Rift, Meta (formerly known as Facebook), Google, Apple, and Samsung are striving to be the leader in this emerging market. But there are also other entrepreneurs and creators who are working on new concepts and ideas to provide something innovative. What if you could monetise your own imagination? What if you could get paid for something that only you can do? The more technology continues to advance, the more possible it is for artists and creators to think outside of the box and create digital masterpieces in a way that has never been seen before.
Over the past year alone, we’ve seen an explosion of new types of digital content entering the pop culture landscape. Non-fungible tokens (NFTs), for example, have many uses and are a vital step in ushering in the next wave of digital content. With an updated blockchain, entrepreneurs and developers can transact in the metaverse as well as buy, sell, and trade digital goods like movies, video games, and collectables. Fueled by the desire to be part of an immersive experience, the expansion of blockchain technology in the metaverse is already giving creators new ways to monetise their art, while giving brands a way to connect with their audiences in this new digitally created universe. And its rapid growth means that this space will soon be filled with higher quality content than what real life has to offer today.
The blockchain and cryptocurrency community have realised this from the beginning, and it is through the latest developments in blockchain technology that the expansion of the metaverse has rapidly evolved in recent years. Whether you want to learn about a place like Syria through VR journalism or hang out with your friends at Oasis in virtual reality, there’s always something new and engaging available that can change your life. There are even lectures from hundreds of academics, explaining subjects from quantum physics to economics.
We are standing on the verge of a truly once-in-a-lifetime opportunity, where the infrastructure that holds up our communities and societies could be reinvented for the better, changing the way humans interact with each other on the internet and in real life, while bringing us closer than ever before. It will give us the ability to totally immerse ourselves in an artificial world where everything is more advanced and lifelike than what we have today, whether we are in the same town or across the globe.
Cynthia Cao: https://www.linkedin.com/in/cynthia-cao/
