Music-based nonfungible tokens are an emerging frontier in the crypto and NFT space, but the first questions that come to mind are: What are they? And what are their utility?
Music NFTs are relatively new to the scene and cannot be pinned down by one definition. At the most basic level, however, they are verifiable digital collectibles, with a core component being the integration of a song.
One of the first collections was “Audioglyphs,” which cemented itself as revolutionizing the way users consume music, synthesizing an infinite stream of audio for each NFT. Creators and investors began to discover the novelty of music NFTs, as they lessened the barriers of access to artists and consumers.
Nonfungible tokens (NFTs) have been largely acquired as proof-of-profile pictures (PFPs) that represent a brand, embody culture or ultimately, reflect as a static status symbol. Blue-chip NFTs like the Bored Ape Yacht Club or Cool Cats were not originally backed by any tangible utility other than speculative value and hype, along with the promise of an illustrative roadmap, but in 2022, investors are looking for a little bit “more.”
However, nonfungible tokens are finding their use beyond branding and status symbols by attempting to build out an existence in the Metaverse and some are ambitious enough to start within it.
The Altered State Machine (ASM) Artificial Intelligence Football Association (AIFA) has introduced a novel concept to NFTs called nonfungible intelligence or NFI. By tokenizing artificial intelligence, the ASM AIFA has captured the attention of investors who are thinking long-term about the future of the Metaverse and decentralized play-to-earn (P2E) economies.
In fusing AI features to the three growing markets of gaming, decentralized finance (DeFi) and NFTs, the ASM AIFA has the potential to be a lucrative long-term bet.
As an investor, these are the strategies I’ve considered when thinking about investing in the ASM AIFA, while also factoring in the impending tokenomics that will be integrated into the nascent blockchain P2E game.
JPMorgan has released a report outlining several prospects associated with the Metaverse
According to the study, there is a $1 trillion market opportunity
In addition, JPMorgan has opened a lounge in Decentraland
JPMorgan took its first step into the Metaverse, becoming the first bank to open a virtual lounge in the popular blockchain-based realm, Decentraland.
The bank launched the “Onyx lounge” alongside a report explaining Metaverse-related corporate development potential and reasons for the bank’s “explosive interest.” Onyx lounge is the name for the bank’s suite of Ethereum-based services.
In the report published by the American investment bank, “Opportunities in the Metaverse: How businesses can explore the Metaverse and navigate the hype vs. reality,” managing directors Christine Moy and Adit Gadgil have sketched up a theoretical Metaverse future. They said in it that the Metaverse might be a $1 trillion yearly market potential as “it will likely infiltrate every sector in some way in the coming years.”
According to JPMorgan, the Metaverse offers a $1 trillion annual revenue market opportunity as artists use Web3 to commercialize their work innovatively.
According to the research, “This democratic ownership economy coupled with the possibility of interoperability, could unlock immense economic opportunities, whereby digital goods and services are no longer captive to a singular gaming platform or brand.”
According to statistics gained from four prominent Metaverse sites, the average price of virtual land increased from $6,000 to $12,000 in six months last year. According to the bank, in-game advertising spending will reach $18.4 billion by 2027.
An accessible, easy-to-use metaverse doesn’t require VR. We already have the technology to build virtual spaces in which people coexist, collaborate, and create together, said Kumail Jaffer, co-founder and CTO of Gather.Town during the GamesBeat ‘Into the Metaverse’ Summit.
Dean Takahashi, lead writer at GamesBeat, was able to tour through the Subpace’s virtual office, led by Jaffer and William King, co-founder and CTO of Subspace, a global network platform that allows real-time applications to route traffic on the fastest paths.
There are already so many practical, real-life applications for these virtual gathering spaces, Jaffer said — everything from remote work to hosting conferences, trade shows, or even weddings.ADVERTISEMENT
“Anything that benefits from having a space for people to naturally interact, that’s what we’re trying to create here at Gather,” he explained. “That’s what we think the power of the metaverse is, creating natural spaces for people to connect in.”
The Gather meeting space is a virtual map you can navigate in your old-school JRPG style videogame avatar. Proximity chat gives you the feeling that you’re running into coworkers in the hall — when you’re close to someone, you can see and hear their audio and video feed; the video disappears and sound drops and mutes as you move away, letting you move fluidly between conversations. You can tap co-workers on the shoulder to chat over text or video, set up meetings, collaborate, and more.
It’s designed to bridge the gap between real-life interactions and virtual interactions in a way that most video meeting technology can’t, Jaffer says. For instance, on a Zoom call, you’re in a single conversation; at a party or any event or conference in the real world, you move fluidly between conversation groups.ADVERTISEMENT
“When COVID started we realized that things like this were missing, these natural interactions you get from a physical space,” he said. “That’s where we saw that we could provide some value. We could create a tool for creating these spaces, in which you could have more natural interactions.”
The whole excitement around the metaverse, a virtual world that is projected to be the centre of attraction for social interactions in the future, is arguably not dying down soon, as Turkey’s President, Recep Tayyip Erdoğan has been declared as a fan.
Per the local media channel, the DailySabah, the President has instructed officials of the ruling Justice and Development Party (AK Party) to conduct work on new developments, including metaverse, cryptocurrencies, and social media, a move that mimics some of South Korea’s politician’s interest in crypto and the metaverse.
Per the reports, the President tasked the key people in the party to explore the listed industry offshoots and analyze their implications for the future. The president is particularly interested in the capabilities of the metaverse and he wants a forum to be organized in the virtual world where he will also be a guest.
Nations adopting innovations hinged on blockchain technology is always good for the industry, and while Turkey may not rank as one with a globally renowned economy, President Erdoğan is a respected leader around the world, and his potential endorsement of the metaverse as a technological revolution can lend a massive upliftment to the niche as a whole.
Big numbers coming. Microsoft’s US$75 billion acquisition of Activision Blizzard has landed – true to Call of Duty vernacular – “like a bomb” on the $200 billion revenue video games industry.
It heavily arms the Xbox giant for its vision of the metaverse, in which gaming is the marketing adrenaline of this much-touted online future that is to be experienced immersively through virtual reality (VR) headsets or augmented reality (AR) glasses. The stock market knocked $10 billion off Playstation maker Sony’s valuation on the news.
The metaverse was also a big noise at the Consumer Electronics Show in Las Vegas earlier this month, branded “tech’s hottest trend” by Variety magazine. Product launches included Samsung’s new VR world My House, offering virtual home makeovers; and US beauty tech group Perfect Corp’s AR-driven virtual beauty makeover range, which lets people experiment with cosmetics and accessories using AR.
Certainly the metaverse has been fast-moving, even since (in October 2021) Facebook renamed itself Meta – a bold step when VR only brings in about 3% of the company’s current revenue. But Bloomberg is predicting that the overall metaverse will be generating revenues of $800 billion as soon as 2024 (compared to $500 billion in 2020), so the prize is huge.
About half of that 2024 projection is expected from video games, while a substantial remainder is from live entertainment – and major artists like Ariana Grande and Marshmello have already been holding concerts in the virtual world.
Yet besides niche attractions for early adopters, what about the rest of us? Will we sign up for virtual interaction en masse when the technology is ready in a few years time? Meta’s Mark Zuckerberg thinks that the metaverse will allow people “to feel present – like we’re right there … no matter how far apart we actually are.”
Meta is going above and beyond with its ambitious immersive metaverse plans with a new mechanical eyeball that can track human eye movements that will be sent to AR/VR hardware for testing.
Lately, meta has been heavily investing in robotics and showcasing how far ahead they are when it comes to scheming immersive metaverse experiences. Last year, Meta demonstrated a haptic glove prototype meant to let users feel virtual objects in the metaverse.
Just recently, Facebook showed off a thin synthetic skin called ReSkin, which could be used to generate human-like sensations for robotic limbs.The Gorgeous Danube Delta in 4k – from Tulcea Romania
Using the synthetic skin, robot parts can handle items as thin as 1mm in width without the worry of damaging them. It can also detect force as small as 0.1 Newton on objects as thin as 1mm.
Now, new patents from Facebook describe a human-like eyeball device coated in a skin-like layer, called “Two-Axis Mechanical Rotatable Eyeball.”
Unity, a platform for developing games and other 3D content, and Hyundai Motor Company have agreed a partnership to jointly design and build what they describe as “a new metaverse roadmap and platform for a meta-factory”.
The partnership will realize Hyundai’s vision of becoming the first mobility innovator to build a meta-factory, a digital-twin of the company’s physical plant, supported by a metaverse platform.
The introduction of Meta-factory, will allow Hyundai to test numerous scenarios virtually, in order to assess, calculate and create optimal operation conditions, without employees needing to be onsite.
The collaboration culminates in a real-time 3D virtual platform, which will reach a broad group of Hyundai Motor Company customers, offering them a more comprehensive range of services across sales, marketing and customer experience.
Meaning, consumers will now be able to trial, test and engage various auto related solutions digitally, long before choosing which to transfer to physical vehicles.
DENVER, Jan. 07, 2022 (GLOBE NEWSWIRE) — Meta Reality Realms announced today its official launch introducing its first-ever NFT collection of real-world properties.
As part of its launch, anyone will now have the opportunity to turn their real-world properties and assets into NFTs to be sold on the blockchain. This original take on NFTs, spearheaded by Meta Reality Realms, is the first of its kind to allow investors that own physical land to obtain both a physical and virtual warranty deed for their property.
Each deed allows investors to not just own the digital art but also the blockchain-based NFT ID, which is expected to unlock endless possibilities in future Augmented Reality Zone sites that will exist both physically and virtually.
“Alongside cryptocurrency, land will be the most important asset to own in the future,” explained Meta Reality Realms founder and CEO, Aaron Beltran. “Our NFTs are backed by real-world assets that anyone should be thinking about investing in, as the future of augmented reality gets closer.”
The future of Augmented Reality Zone sites is still progressing. By bringing awareness to NFTs backed by physical property, Meta Reality Realms is committed to preparing investors for the virtual future.
Meta Reality Realms is the first company to allow real land ownership to be purchased and sold on the blockchain.
“Metaverse” may be the latest buzzword of the tech world, but regardless of whether or not this concept has a future, Samsung’s joining the metaverse with its own VR world called “My House” in collaboration with Naver Z’s ZEPETO platform.
Metaverse, as a concept, consists of an online virtual world that incorporates internet and IoT functionalities and allows users to interact with each other through virtual meetings, conversations, get-togethers, and so on.
Samsung isn’t building its own metaverse from the ground up, but rather, the company has teamed up with Naver Z to utilize the ZEPETO metaverse platform.
Emerging technologies including AI, virtual reality (VR), augmented reality (AR), 5G, and blockchain (and related digital currencies) have all progressed on their own merits and timeline. Each has found a degree of application, though clearly AI has progressed the furthest. Each technology is maturing while overcoming challenges ranging from blockchain’s energy consumption to VR’s propensity for inducing nausea. They will likely converge in readiness over the next several years, underpinned by the now ubiquitous cloud computing for elasticity and scale. And in that convergence, the sum will be far greater than the parts. The catalyst for this convergence will be the metaverse — a connected network of always-on 3D virtual worlds.
The metaverse concept has wide-sweeping potential. On one level, it could be a 3D social media channel with messaging targeted perfectly to every user by AI. That’s the Meta (previously Facebook) vision. It also has the potential to be an all-encompassing platform for information, entertainment
and work.
There will be multiple metaverses, at least initially, with some tailored to specific interests such as gaming or sports. The key distinction between current technology and the metaverse is the immersive possibilities the metaverse offers, which is why Meta, Microsoft, Nvidia, and others are investing so heavily in it. It may also become the next version of the Internet.
Instead of watching the news, you could feel as if you are in the news. Instead of learning history by reading about an event in a book – such as Washington crossing the Delaware – you could virtually witness the event from the shore or from a boat. Instead of watching a basketball game on television, you could experience it in 360-surround. People could attend a conference virtually, watch the keynotes, and meet with others. In the metaverse, our digital presence will increasingly supplement our real one. According to Meta CEO Mark Zuckerberg, the metaverse could be the next best thing to a working teleportation device.
