In The Metaverse, All Art Will Become NFT

The Metaverse is often referred to as the "next generation" of the mobile internet. In the metaverse, the physical and digital worlds merge in a connected virtual space; in the metaverse, technology is not just like the phone in your pocket, but an all-encompassing reality.

Video games like Fortnite have a metaverse in them. Players have a digital image, roam seamlessly from one world to another, buy virtual goods, and participate in the entire virtual economic system.

Most recently, the Metaverse made a strong debut in major headlines following Facebook's July earnings call. Facebook's CEO at the time, Mark Zuckerberg, used the term "metaverse" 20 times in his hour-long speech. Zuckerberg then told employees, investors and analysts that Facebook was targeting more than just a set of interconnected social media apps. Instead, it will be a "metaverse company."

Zuckerberg said the tech giant will continue to sell its virtual reality products, such as the Oculus VR headset, at lower prices for years to come. Future revenue will be generated primarily through advertising and digital commerce within the Metaverse itself.

In its recent foray into the virtual space, Facebook's treasurer, David Marcus, said the company's upcoming digital wallet, Novi, could one day be used to store NFTs (blockchain tokens).

Content NFTization in the Metaverse

When it comes to monetizing the elusive concept that Zuckerberg describes, we should turn our attention to Fortnite again. Fortnite parent company Epic Games generated $3 billion in revenue in 2018 from selling in-game accessories and non-functional skins to players. The company said in a statement that Epic’s equity is now valued at $28.7 billion.

It has Facebook and Epic on its platform, and non-fungible tokens (NFTs) are widely adopted. At the same time, other traditional financial institutions such as Visa have also begun to test the waters of the virtual world.

According to BitMEX co-founder Arthur Hayes, buying NFTs may seem commonplace, but people are often looking at their personal identity and self-awareness when buying. Today, people's social interaction is more online. This need for social signals has led to increased demand for digital collectibles (or NFTs). In a blog post, Arthur wrote: "In effect, you're throwing a thousand bucks, whether it's a Fortnite character costume, a pair of Balenciaga socks, or just in Ethereum. Bought 3 cartoon mutant orangutans - your goals are much the same.

"From an energy standpoint, NFT-licensed art is completely worthless, but it will represent the ultimate way to socialize flexibly in a purely digital world," Hayes wrote, "though for those who think Art Basel and the Venice Biennale To someone who is a cultural event, this may seem silly; but trading an infinitely replicable JPEG (electronic picture) on a blockchain is no dumber than a squiggly line on a canvas.”

A startup ventures into the metaverse

That summer, the NFT bubble burst. Big-name companies are throwing away their armor and eager to absorb assets into future business plans. However, early-stage startup Atomic Form aims to be a "window to the metaverse" from the start.

Co-founder Garrett David said the company, which provides customers with hardware and software solutions, is newly entering the metaverse with its crypto art showcase.

"If you pay for an original Monet, you don't have it in your house in Hong Kong, London and Singapore at the same time. It can only be in one place," David said. "But that's actually why you're willing to buy it, because it's unique. We designed this product to cater to the need that these artworks have to be unique; and if it's not unique, we'll give It provides a unique serial number for you to look up."

Atomic Form's 27-inch digital display uses its hardware to connect directly to the blockchain, ensuring that all NFTs are verified. NFTs have a unique address and can connect directly back to their owners. Therefore, users cannot download content at will and project it onto their own frames.

Users attach their crypto wallets to the Atomic Form’s hardware, which also allows them to lend their NFTs to other display owners, while prices can be set on their own through Ethereum’s blockchain.

Co-founder David is a former Bitcoin miner and neuroscience researcher at Columbia University Medical Center. For ten years, he has been interested in exploring the economics and design mechanisms of blockchain.

Create a metaverse data node

According to David, the mission of Atomic Forms is not just to monetize crypto art as a means of generating returns or reducing the cost of sales, as is often done with NFTs. Atomic Form’s modules are just a step towards their “ultimate goal: to create a node of a metaverse that everyone can participate in, no matter what blockchain, product or operator you use”.

"A more peculiar example is if you move an NFT from your wallet, that affects how the piece is displayed," David said. "It ruins the experience of people viewing an exhibition. So we created this company, Just to change that.”

Co-founder Isabel Kitts is a former journalist focused on the crypto and blockchain space. She was editor-in-chief of Crypto Enthusiast News in 2017. Before that, she studied fine art marketing at NYU and worked in product development with Jonathan Adler.

“I think people are essentially just looking for a solution to show their NFTs. Just showing it off is enough to keep a lot of people happy for a long time,” Kitts said.