NFTs: The Bridge Between Web2 and Web3

NFTs: The Bridge Between Web2 and Web3

Mention the word NFT and the first thing that comes to mind are “PFPs” (Profile Pics) and “trading”. It certainly comes as no surprise, considering the fact that a majority of NFT markets function on these premises.

Yet, to simply relegate NFTs to these two areas would be scratching the surface — NFTs represent so much more, with vast potential waiting to be unlocked. This was the topic of the panel discussion at the FIL-Summit ’22 as part of Asia Crypto Week. Hosted on Sep 26, 2022 at Marina Bay Sands, our NFT Marketplace Business Development Lead, Jenny Zheng, took the stage with four other panelists as they engaged in a fireside chat about NFTs as the bridge between Web2 and Web3.

 

NFT Utility

The utility of NFTs is one of the biggest debates between NFT proponents and skeptics — the latter arguing that NFTs are mere digital assets used for speculation, with limited real-world functionality. Many, if not most NFTs, started out that way. But just as beauty is in the eye of the beholder, “NFT utility depends on how it’s being used and positioned from the creator’s perspective”.

 

“Many of us would look at NFTs from an art perspective, but there are so many other possibilities for them to evolve into.”

 

“In the near future, NFTs and the underlying blockchain technology can be used as identification in passports or even for event ticketing,” said Anndy Lian, Zero to Hero Creator and Chief Digital Advisor.

Guangmian Kung, Integrations and Partnerships Lead at Kleros echoed his sentiments.

“We often look at NFTs as items to sell, but what about non-transferable NFTs like Soulbound Tokens — a new identity verification system that represents who you are and what you’ve achieved. This opens up a whole new system of reputation authentication that can build trust in society.”

 

NFTs in the Bear Market

NFT Summer catapulted NFTs into mainstream consciousness, with the likes of celebrities and influencers driving mass adoption. In 2021, NFT trading volume reached an all-time high of $23 billion. Unfortunately, that all changed in 2022, when crypto winter hit. FUD was abound, causing a sharp dip in floor prices and NFT sales. Yet, through it all, the adoption rate still remained healthy.

Zheng explained how the bear market is the best time to build products.

“Even though Bybit NFT Marketplace started later compared to other players, we’re still growing very fast with a community of more than 600,000 users,” said Zheng.

 

Our key to success was reducing technical barriers, making it simple for users to buy and sell NFTs. For those who are adventurous and bold, there’s still a lot of room for growth.”

 

Adding on to Zheng’s statement, Lian talked about another important value of NFTs — community building.

“The value of NFTs is in its community,” explained Lian. “That social aspect is something that’s so much more valuable than the price. Prices may be sensitive in a bear market, but it’s a good time to build a community.”

 

NFTs and Security

Security was also a major topic, as NFT thefts and hacks continue to make headlines. Naturally, this begs the question of the safety standards in the industry and what regulations can be implemented to prevent fraud.

“Changes and improvements need to be applied to the underlying infrastructure to prevent secondary market sales of unethically acquired NFTs,” said Kung.

 

“I hope that the market will start to take these into consideration and come to a universal solution.”

Adding to that, Zheng pointed out a possible solution that centralized exchanges can provide:

 

“There are many debates between centralized versus decentralized exchanges, but for certain, centralized NFT exchanges provide a higher degree of security”.

 

“For Bybit NFT Marketplace, we carefully curate and evaluate all our projects to prevent any intellectual property issues,” explained Zheng. “We also audit contracts to ensure that they are safe and reliable for our users.”

The Road Ahead for NFTs

More and more brands are adopting NFTs as part of their marketing strategy. From Nike’s Cryptokicks NFT Sneakers to Oracle Red Bull Racing’s Full Charge: Factory Passthese serve to build rapport with their community by giving them exclusive perks and/or access to events.

As promising as it sounds, there’s a caveat — the technical challenges mainstream marketers face when trying to enter the NFT space.

“It’s difficult for these project owners if they lack the know-how and the expertise,” explained Zheng. “As a centralized exchange, we provide the tools — merging, airdrops, and whitelisting — to reduce the barriers to entry, making it easier for brands to kick-start their Web3 journey.”

Lian concurred, adding that “centralized exchanges do have a role to play.”

“Currently, everyone has a wait and see attitude. Brands need to dive deeper into the Web3 environment as it’s currently very scattered,” he said. “I hope that institutions and brands can find a common ground where they can learn, understand and educate, so that everyone can grow together.”

 

Source: https://blog.bybit.com/en-us/post/nfts-the-bridge-between-web2-and-web3-bltbe72f3340cd9342d/

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

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FIL-Singapore Summit 2022: NFTs, The Bridge between Web 2.0 and Web 3.0

FIL-Singapore Summit 2022: NFTs, The Bridge between Web 2.0 and Web 3.0

Filecoin is making the web more secure and efficient with a decentralized data storage marketplace, protocol, and cryptocurrency. They are here in Singapore during the Token 2049 week to bring more Web 3.0 people together at their flagship event FIL-Singapore Summit.

It’s the perfect opportunity to connect with developers, storage providers, ecosystem partners, investors, and clients across the entire Filecoin ecosystem.

At one of the panel discussions, experts discussed the topic- NFTs, The Bridge between Web 2.0 and Web 3.0. The panellists lineup includes YC (Business Development Manager, Moledao), Anndy Lian (Author, NFT: from Zero to Hero), Jenny Zheng (BD Lead, BYBIT NFT), Guangmian (Integrations and Partnerships Lead, Kleros and Faye (Founder, Unschul).

They looked into topics such:

The fundamentals of NFTs
– As the interest in NFTs drops significantly with the bear market, how do you think we move forward from here?
– What are the existing utility of NFTs and how are they valuable?

“For corporations who are entering into the NFT space. They do not have the right tools and people. There are a lot of things that need to be done. If you are going to a decentralised marketplace, no one can also help you. If you come to a centralized marketplace like Bybit, we have tools that can help you make your NFTs happen.” Jenny Zheng commented.

Brands and Corporations Entering the NFT space
– Why do you think large brands such as Marvel, Disney, Adidas, Pepsi, LV and celebrities such as Snoop Dogg, Eminem and Jimmy Fallon are getting involved with NFTs?
– How does the use of NFTs as a technology disrupt existing institutional systems and applications?

“Brands can use NFT to build their relationship with their users.” YC mentioned.

Future outlook of NFTs as we move from Web 2.0 to Web 3.0
– NFTs have received a lot of resistance in terms of acceptance. Why do you think that is happening, and what will it take for mass adoption of NFTs?
– What do you think about some of the ways that liquidity can be added to NFTs, whether in terms of NFT collateralised loans, AMMs, or derivatives like futures on NFTs?
– What do you think will be the next big trend in NFTs?

“I really hope to see more AAA games entering the NFT market. I think the driving force for the next wave will be led by NFT.” Anndy Lian added too.

FIL-Singapore is a collaborative four-day event hosted by the Filecoin community in Asia. There will be a Filecoin Summit and many independently hosted events including meetups, workshops, a hackathon and happy hours throughout the week.

 

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

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NFTs Finally Infiltrated AAA Gaming

NFTs Finally Infiltrated AAA Gaming

The NFT market seems to be heading towards another month of consecutive dip. Based on the figures obtained from Crypto Slam, the dip started in April 2022 with a sales volume of $3,806,346,613.84 in total. Followed by May- $3,184,422,599.20, June- $879,080,400.63, July- $682,104,319.50 and August- $633,988,424.51. The number of unique buyers has dropped by 42% since April. While many of the NFT holders were expecting “The Merge” will lift the markets up, it did not happen that way. In fact, Ethereum’s price has dropped around $1,347.98 at the point of writing.

“The NFT market is flushing out bad assets and keeping the good ones. This might prompt a revaluation of the true value of the NFTs, and alter how they are used. As mentioned previously, NFT is the new asset in the digital world, and NFT marketplaces should start to strategize and embrace traditional AAA games into this space. The bearish market allows all of us time to build, and we create new opportunities. We have to do it the right way.’ Anndy Lian, thought leader and best-selling book author “NFT: From Zero to Hero” added.

Anndy is correct. We are at a point where the crypto industry is all very cautious. The NFT sector is at its all-time low. Web2 and AAA gaming are finding their way to us. We have to take this opportunity.

Here are some AAA games that I have been keeping an eye on.

Epic Games Store Launches First NFT Game

According to a press release, Epic Games’ game marketplace has included Mythical Games’ Blankos Block Party as its first non-fungible token (NFT)-powered Web3 title. The announcement comes less than a year after Mythical Games received $150 million in a Series C fundraising round valued at $1.25 billion.

Blankos Block Party is a free-to-play multiplayer party game based around unique collectible digital vinyl toys known as Blankos, which may be purchased, updated, and sold inside the game. Mythical Games and Third Kind Games collaborated on the game’s development.

Epic Games are open and has left the door open for developers who want to build around NFTs. This is a positive sign.

NFT Games on Minecraft

Despite Mojang Studios’ opposition to the incorporation of NFTs, MyMetaverse was able to incorporate NFTs into multiple games, including its own Minecraft server.

“We wanted to show Mojang that it could be done in a way that benefited them and benefited their player base,” said MyMetaverse CEO Simon Kertonegoro.

According to Simon, multiple servers have violated the Minecraft NFT restrictions, which were designed to protect players from unwanted interactions. The CEO did point out that they are able to implement NFTs on their own servers without violating the game’s regulations. They accomplish this by removing all pay-to-win NFTs and making their best NFTs fully free to play.

Ubisoft is working on integrating NFTs

Ubisoft is a French video game company headquartered in Saint-Mandé with development studios across the world. Its video game franchises include Assassin’s Creed, Far Cry, For Honor, Just Dance, Prince of Persia, Rabbids, Rayman, Tom Clancy’s, and Watch Dogs.

In an interview with Axios, as far as NFTs are concerned, the CEO still believes there is a possibility in the company’s future work on it. He says: “If we find something that will be very interesting and will please players, we’ll work on it.”

More to come

Immutable co-founder Robbie Ferguson stated on September 13, 2022, that two AAA studios had begun developing on the Immutable X platform. Ferguson said the first game would be shown within a month. This implies that before the middle of October, we should know which triple-A developer is joining the NFT movement. This is less than a month from now.

Last but not least, Kakao Games and XL Games are already preparing a new game, ArcheWorld, integrating NFT and Play-to-Earn game mechanics. Representing Bybit NFT Marketplace, I will be on the same panel with XL Games at Blockchain Gaming 2022 organized by ABGA on September 27 on “What Blockchain Technology Can Bring to Traditional Gaming Giants.” I will let you know more about the discussion after the conference.

 

Source: https://hackernoon.com/nfts-finally-infiltrated-aaa-gaming

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

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