The tools for a truly decentralized future

The tools for a truly decentralized future

Participants in the BlockDown Croatia 2022 festival attended Cointelegraph’s discussions on the sociopolitics of the Web3 ecosystem, non-fungible tokens (NFTs) and Metaverse. It turns out that ongoing innovations in the currency crypto ecosystem are well positioned to dictate the future of media and entertainment.

As cryptocurrencies continue to blur the lines between the virtual and physical worlds, Cointelegraph Editor-in-Chief Kristina Corner agrees that “it’s been a crazy year” when it comes to the growing impact of currency crypto innovation on to media companies during the year. BlockDown Festival.

Corner highlighted the use cases in the NFT space that offer independent artists and journalists a platform to raise funds and address real-world challenges such as climate change. In a separate discussion with Dylan Dewdney, the founder of NFT3, a unified identity network, Corner raised questions about the fusion of the virtual and physical worlds in Metaverse.

According to Dewdney, real-world problems have a good chance of infiltrating Metaverse, despite the merging of the two worlds. However, he suggested developing a pseudo-named system where users are verified, but may choose not to disclose their identities to other Metaverse members.

As the world moves slowly in its new home, the Metaverse, Dewdney believes that “the real world will be better.” However, there is a need for people to instill some of the principles of currency crypto – particularly in terms of equity and personal responsibility:

“I think it’s time for the world to evolve and we’re starting to lay the technical foundation for a lot of that. You have to be careful about how it goes and really take individual responsibility for spreading that message.”

Demonstrating an in-house attempt to create the community’s largest Web3 festival, Corner also unveiled the relaunch of BlockShow – Cointelegraph’s flagship event – as a decentralized autonomous organization (DAO) that allows participants to take part in the show and participate in the organization of the event. According to BlockShow CEO Addy Crezee, BlockShow DAO’s goal is to “bring more people to Web3 and help people feel the benefits of the property economy.”

Deepening the discussion of the sociopolitics involved in life on Metaverse, Dewdney told Corner:

“We always have the same problems because we’re always the same boring old humans who do the same little things and even big things.”

If the currency crypto community can decentralize the internet well, “it’s a future worth waiting for” – at the individual level and at other social levels.

With NFT3, Dewdney aims to provide a decentralized identity service for the Metaverse ecosystem. The service may associate various pieces of information with a pseudonymous but real identity. In a final note, Dewdney believed that the currency crypto ecosystem needs to evolve from the financial use case to the blockchain “human use case”.

  • Related: $ 3 billion flows into metaverse and Web3 games this month as a16z tips to $ 600 million

Venture capital firm Andreessen Horowitz (a16z) recently launched a $ 600 million Games Fund One fund dedicated to Web3-focused gaming startups. The fund aims to support gaming studios, consumer applications and gaming infrastructure providers.

As Cointelegraph has said before, Metaverse projects are also attracting investment from the titans of the gaming industry. In April, Epic Games, creators of the popular Fortnite title, raised $ 2 billion to create a metaverse with funding from Sony and Lego.

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