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Web 3.0 gaming isn’t just about asset ownership – it’s much bigger

Horacio — Fri, 15 Mar 2024 08:33:31 +0000

By Jack O’Holleran

People think they know the value of Web 3.0 gaming – that it’s all about users owning their own in-game assets as non-fungible tokens (NFTs).

This view is the most common misperception in the space, and it’s flat-out wrong. Ownership matters, but limiting the value of Web 3.0 gaming to ownership misses the full picture – the potential for blockchain-based incentives to expand the gaming industry beyond even its current size.

Web 3.0 driving a world of monetization models for gamers

The innovation that is getting far less attention could be far more valuable – a world of monetization models for gamers, game builders and the communities that support them.

Right now, game developers have limited points of sale to reach both experienced gamers and casual ones. They may sell their game through a console, an app store or a service like Steam, for example.

But what if they could multiply their storefronts to include the entire internet, monetizing thousands and thousands of virtual spaces?

Consider the possibilities for developers if they were able to capture not just the new game market – but also the secondary resale market so that they receive a portion back for each new user interacting with the game.

Games built on the blockchain are able to access a market so much larger than their current one, giving creators the ability to reach far more than they previously could.

It’s the difference between only being able to sell your game in a closed system, such as a single app store, and being able to sell it through a Shopify site that can integrate with every app and marketplace on the internet.

Consider this year’s League of Legends World Finals, where VIP guests were given a badge that, on the front of it, gave an ominous warning – anyone who sold or transferred that badge to another person would be immediately banned from the event.

That’s the current gaming economic model, intensely focused on keeping as strict a user moat, and as tight control over your closed game ecosystem, as possible.

Under a more open, blockchain-enabled economic model, you could create that VIP badge as an NFT.

Event organizers, instead of trying to restrict access, could instead let VIP holders sell that ticket to anybody, and each time it sold, the organizers would earn another five percent of that ticket – resale value they weren’t able to harness before.

Smart contract-enforced royalties allow creators to receive compensation each time their digital assets are bought, sold or traded, ensuring fair compensation and long-term benefits – an economic innovation most game developers could benefit from.

NFT assets are good for the gamer/purchaser of that NFT. If the owner no longer has use for it, then they can get a portion of their money back.

And those blockchain assets are also good for the devs, who get that royalty, allowing them to monetize their assets wherever things are sold, while also making it easier for them to grow their community of supporters.

Although most prominent Web 2.0 games feature in-game digital currencies, they lack the economic guarantees inherent to Web 3.0 games, such as publicly accessible information on quantity, inflation and reward schedules.

Expanding the possibilities of in-game asset ownership

If you own an NFT, you also own a history of that ownership and all the traits of that asset are stored on the blockchain.

If you are playing a Web 2.0 game, then you do not ‘own’ anything you earn or purchase in the game, outside of that game server.

This essentially makes all game assets temporary ‘IOUs’ from game developers – and particularly nebulous ones, since in-game currencies or assets often collapse as soon as the server/game they exist in is no longer supported by its makers.

Future generations of gamers are likely to prioritize true ownership of digital assets that NFTs offer over the mere IOUs provided by centralized Web 2.0 servers.

And that is a truly valuable proposition for those gamers and game developers interested in playing and building on the blockchain – especially when combined with the expanded economic models for gaming made possible by the advent of blockchain.

Link: https://dailyhodl.com/2023/06/14/web-3-0-gaming-isnt-just-about-asset-ownership-its-much-bigger/

Source: https://dailyhodl.com

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NFTs: Non-fungible Tokens and their legal consequences

Horacio — Wed, 27 Dec 2023 14:10:28 +0000

By Meghmala

Since it can be challenging to find and identify the original owner of work on virtual platforms, NFTs are mostly used to confirm ownership. This is because easy reproduction of work might result in a decrease in its value. NFTs are therefore an attempt to enforce value storage, ownership monitoring, and decentralization. It grants “digital bragging rights” by means of authenticated ownership documentation.

The legitimacy of these digital assets is still a big question, though. Concerns have been raised about the legitimacy and legal status of these tokens, particularly in India. As a result, proponents of the NFT in that country have voiced worries about the long-term sustainability of the initiative because there are no clear regulations that forbid or restrict Indians from engaging in NFT transactions.

NFTs are digital tokens that may be used to represent ownership of any kind of digital property, including virtual real estate, music, art, and other forms of digital information. NFTs are unique among cryptocurrencies in that they are not tradable, unlike conventional ones like Bitcoin. Unlike typical cryptocurrencies, each NFT is unique and cannot be traded one-to-one. Their distinctiveness stems from the blockchain’s capacity to confirm the legitimacy and possession of a particular digital object.

The most important legal discussion surrounding NFTs is the one pertaining to intellectual property rights and copyright. There are issues about ownership of digital assets when producers, singers, or artists tokenize their creations as NFTs. Is the NFT only a document that proves ownership, or does it also grant copyright ownership? This has grown to be a significant matter, particularly in light of the resale of NFTs and the rights of the artists involved in those sales.

NFT-related legal conflicts are beginning to surface, shedding light on the difficulties associated with digital ownership. Lawsuits pertaining to copyright violations, unapproved tokenization, and stolen artwork marketed as NFTs have brought up important concerns about how legal systems throughout the world will resolve these kinds of conflicts. These examples highlight the need for legal clarification regarding NFTs, especially with regard to safeguarding the rights of buyers and producers.

The provenance aspect, which is crucial, is provided by the blockchain technology that powers NFTs. This indicates that the ownership and transfer history of a particular digital item is unchangeable and visible. Because it enables individuals to demonstrate the legitimacy and ownership of their creations, this may be extremely advantageous to artists and other producers.

The copyright of the underlying work of art is currently not transferred to the owner with the purchase of the NFT. A signed sale contract that expressly assigns copyright must exist in order to transfer copyright and be recognized as the owner, as per Section 19 of the Copyright Act of 1957.

The only right to “reproduce and distribute copies of it” belongs to the owner of a work, according to Section 14 of the Copyright Act. Thus, such conduct may not be granted protection unless the buyer and seller specifically prohibit resale or copying of the NFT.

Therefore, unless the owner expressly transfers their rights, the buyer cannot prove ownership of the item. The Copyright Act will, however, shield the buyer’s digital object from unauthorized duplication or distribution.

The acceptance of blockchain-based provenance as proof in copyright cases and court cases has legal ramifications. In addition to digital art and collectibles, NFTs are finding their way into luxury products and real estate. Particular legal issues pertaining to property rights, taxes, and regulatory compliance are brought up by this growth.

Link: https://www.analyticsinsight.net/legal-implications-of-nfts-an-in-depth-exploration/?utm_source=pocket_saves

Source: https://www.analyticsinsight.net

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How gaming, loyalty and entertainment are adapting to the rise of NFTs and Web3

Horacio — Mon, 18 Dec 2023 07:36:10 +0000

Also, global footwear giants Nike and Puma announced new partnerships and digital sneaker releases that offer meaningful utility and thoughtful designs.

You’re reading The Airdrop, our weekly newsletter where we discuss the biggest stories across Web3. Sign up here to get it in your inbox every Friday.

This Week’s Alpha

Onboarding the next billion users: Experts from across the entertainment, loyalty and gaming sectors made their cases for why their industries are poised to bring about mass adoption of Web3. While the broader crypto market is down and experiencing numerous challenges, the sentiment around Web3 and a decentralized, creator-focused digital future remains positive.

Entertainment as a “stealthy” tool: Visual media like TV and movies have the potential to onboard mass consumers in a gradual and fluid way, according to executives in the entertainment industry. “Mainstream adoption will probably look less like a conscious choice and will just happen to be powered by this technology,” Chris Jacquemin, says head of digital strategy at global talent agency WME.
NFT memberships and supercharging fandom: Thanks to NFTs, artists are able control how their tickets are distributed and reward their fans for engagement, experts in the ticketing and loyalty field say. “Any artist who is minting their own NFTs can explore token-gated sales, which can be used to help match token holders with premier seats, pre-show experiences or to simply give first access to all tickets on an upcoming tour,” said David Marcus, EVP of music at Ticketmaster.
Gaming that provides “true ownership” of assets: Gamers around the world are spending billions of dollars each year on in-game assets – without actually owning those assets, according to gaming industry leaders. NFTs allow players to buy, sell and trade those assets, giving them value inside and outside of the game. “It’s about just getting something back for what you put into it, in terms of possessing some sort of interoperable utility,” said Spencer Tucker, chief gaming officer at Yuga Labs.

Fancy footwork: Major sneaker companies have continued to team up with both Web2 and Web3 brands to bring digital collectibles to their millions of fans. Their collaborations offer meaningful utility and thoughtfully designed digital items that prove Web3 doesn’t have to feel forced or clunky for global brands.

Battle Royale: Nike continued its digital expansion with a new partnership, bringing its .SWOOSH experience to Fortnite’s 240 million users. “Airphoria,” a collaboration between Nike, Fortnite creator Epic Games and branded game builder Beyond Creative, will enable players to opt-in to connecting their digital items across the Fortnite and .SWOOSH ecosystems. “This is all part of a larger effort to bring Nike’s Air Max brand into the world of Fortnite with cosmetics, Fortnite islands, and account linking between Nike and Epic,” an Epic Games spokesperson told CoinDesk.
Cat’s meow: Global sneaker brand Puma released a new pair of sneakers called the “GutterMelo MB.03” that link real-world kicks to NFTs. The colorful drop is a collaboration between Puma, Web3 streetwear brand Gutter Cat Gang and NBA player LaMelo Ball.

Link: https://www.coindesk.com/web3/2023/06/23/how-gaming-loyalty-and-entertainment-are-adapting-to-the-rise-of-nfts-and-web3/?utm_source=pocket_saves

Source: https://www.coindesk.com

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The metaverse and the future of e-commerce

Horacio — Tue, 14 Nov 2023 12:53:09 +0000

By Brian Straight

Online shopping continues to evolve and now includes NFTs, cryptocurrency and more

At the end of 2021, Nike (NYSE: NKE) became one of the first brands to launch a metaverse store. In its first five months after going live, Nikeland was visited by over 7 million people worldwide. Visitors to Nikeland, which is built on Roblox, can create an avatar and try on and purchase virtual products and interact with other visitors.

Meta (NASDAQ: META), the parent company of Facebook, and Jio Platforms have launched e-commerce capabilities inside WhatsApp, allowing residents of India to purchase items while in the app from JioMart, an online grocer.

Shopping in the metaverse may be in its infancy, and likely not understood by many at this point, but it represents the future of online shopping. Whether that is buying virtual goods, NFTs or physical goods and services, brands are flocking to the metaverse.

“Google Trends data suggests that worldwide searches for the topic of the Metaverse have spiked since October 2021. But do consumers understand the Metaverse? More importantly, are they ready to shop on the Metaverse?” asked BigCommerce in its Global Consumer Report: Current and Future Shopping Trends survey.

The survey tackled a broad range of topics, but one section was devoted to the future of online shopping. In the results, 26% of respondents said they had a strong understanding of the metaverse and another 25% reported a mild understanding.

“While knowledge of the Metaverse remained relatively consistent regardless of country, we found that Gen Z and Millennials reported a stronger understanding than Gen X and Baby Boomers. Moreover, consumers with an income of $100,000 or more per year tend to have a stronger understanding of the Metaverse, while those who make less than $25,000 per year have little to no understanding,” BigCommerce wrote.

However, even as brands like Nike invest in their metaverse stores, the survey found that 52% of people are not willing to shop in the metaverse right now. Only 2% said they had already shopped in the metaverse, while 46% said they would be willing but had not done so.

The survey, written by Shelley Kilpatrick, asked 4,222 people in five countries (the U.S., U.K., Italy, France and Australia) a series of questions on their current shopping habits as well as their understanding and willingness on future shopping trends. The survey was conducted by ProfitWell in March and co-branded with Google.

Unsurprisingly, Gen Z and millennials were most willing to shop in the metaverse, and 58% of those making more than $100,000 annually were willing to shop or had already done so.

The metaverse is a virtual world, but 51% of shoppers in the space would like to purchase a combination of both physical and virtual goods. Again, age makes a difference, with Gen Z more likely to prefer virtual goods (19%) compared to just 6% of baby boomers.

BigCommerce (NASDAQ: BIGC) pointed to Balenciaga as an example of a company that is successfully combining virtual and physical worlds. Last year, the apparel brand launched a collection of virtual outfits and accessories inside the popular game Fortnite and paired those virtual offerings with limited-edition versions in its store and online.

What of NFTs?

NFTs, or non-fungible tokens, are all the rage online. These virtual items have become popular with sports stars and artists, allowing them to sell authenticated digital versions of their works or likenesses. They are usually purchased using cryptocurrency.

In the BigCommerce survey, though, the majority of consumers (91%) have little idea what NFTs are. Just 23% confessed to having a mild understanding, while 21% said they have a weak understanding and another 21% said they had no understanding. More than one-quarter (26%) said they didn’t know what an NFT is.

With so little understanding of the NFT market broadly, and those with interest most focused on music, gaming or fashion, BigCommerce cautioned brands about jumping too fast into the world of NFTs.

“It’s worth noting though that the NFT market is still extremely new — and prone to volatility. In fact, as of right now, many news outlets — both mainstream like The Wall Street Journal and niche like Decrypt — are reporting a significant downturn in the NFT market,” Kilpatrick wrote. “Brands might be wise to enter with caution, or at the very least with a solid understanding of their target consumers and a close eye on the state of the market.”

Payment trends with cryptocurrency

The COVID-19 pandemic really accelerated the use of cryptocurrency such as bitcoin as shoppers and retailers sought contactless methods of payment. While only 5% of shoppers use cryptocurrency to pay online, according to the survey, BigCommerce found that of those that used crypto, 66% said it was their preferred online payment method.

Cryptocurrency was more likely to be used by consumers that had a better understanding of the currency method. Unfortunately for global brands, that understanding varies by country, as does the preferred cryptocurrency. U.S. consumers were least likely to understand crypto payments while in France and Italy, brands that offer only bitcoin were at a disadvantage as consumers prefer a choice of which cryptocurrencies to use.

“One thing for brands to consider though is that similar to NFTs, the cryptocurrency market is also in flux, and time will tell if cryptocurrency will hit the mainstream in a similar fashion as digital wallets,” Kilpatrick wrote.

Earlier this month, BigCommerce announced a strategic partnership with cryptocurrency firms BitPay and CoinPayments to easily and securely deliver cryptocurrency payment solutions to BigCommerce merchants in select countries.

BigCommerce’s takeaway from the report is that brands need to stay agile and focus on trends that will have the greatest impact on their e-commerce business.

“When looking to the future, it’s still too early to predict whether or not the Metaverse, NFTs and cryptocurrency will move from futuristic to mainstream. For now, consumers show a growing interest in these emerging technologies, and overall, a willingness to explore shopping on the Metaverse and paying with cryptocurrency,” Kilpatrick concluded.

Link: https://www.freightwaves.com/news/the-metaverse-and-the-future-of-e-commerce?utm_source=pocket_mylist

Source: https://www.freightwaves.com

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NFT market remains sluggish despite crypto’s rise

Horacio — Wed, 25 Oct 2023 20:05:28 +0000

So far digital collectibles have not significantly benefited from crypto’s rally

BY ANDREW THURMAN/

Despite a broad-based rally that has pushed digital asset prices to levels not seen in years, the NFT market remains stubbornly mired in a bear.

In the past week, large caps such as bitcoin have surged as much as 22%, climbing from $28,000 to a peak of $35,000 on Monday. Bitcoin in turn dragged much of the industry higher, with only two assets – Huobi’s HT and Trust Wallet’s TWT – among the top 100 by market capitalization in the red on a 7-day basis, per CoinGecko.

Despite the broad-based rally, however, the NFT sector has largely failed to rise.

According to data from Nansen, floor prices – the lowest price at which a single NFT for a given collection can be purchased – for major projects such as CryptoPunks and Pudgy Penguins are down on a 7-day basis, falling 4% and 5% respectively.

The Nansen NFT-500 index is continuing to grind lower, currently sitting at a value of 308 versus a yearly high of 1,700 set in October.

On Oct. 24, both the total number of buyer addresses (7,200) and first-time buyers (920) set yearly lows.

However, there are some metrics that look promising for the sector.

Overall trading volumes appear to have bottomed. For the week ending Oct. 9, volumes on mainnet Ethereum hit a yearly low of 29,742 ETH, or under $50 million. Since then, volume has begun to rally, with the week ending Oct. 23 seeing 47,369 ETH worth of NFTs traded or minted worth over $85 million.

Additionally, there has been an uptick in “active projects” – collections with sales exceeding benchmarks such as 10, 100, and 1,000 ETH. On Oct. 8, active projects bottomed at 41 collections, versus 80 as of today.

Link: https://blockworks.co/news/nft-market-remains-sluggish

Source: https://blockworks.co

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Web3 in fashion, music, and sports Industries: a revolution

Horacio — Wed, 27 Sep 2023 09:33:31 +0000

By Nitesh Kumar

Explore the revolutionary transformation of web3 in the fashion, music, and sports industry

The emergence of Web3, the next generation of the Internet powered by blockchain technology, is poised to revolutionize the fashion, music, and sports industries. With its decentralized nature and enhanced control over data, Web3 offers brands, personalities, and teams unprecedented opportunities to engage with their fans, monetize their craft, and create a more equitable ecosystem without intermediaries.

Brands have recognized the potential of Web3 and are getting involved for several reasons. Unlike Web2, Web3 provides users with greater transparency, reliability, and trustlessness. It enables the creation of non-fungible tokens (NFTs), which represent digital assets and can be tied to real-life experiences and products. This opens up new avenues for brands to connect their communities with unique offerings. For example, Hublot released a limited edition line of timepieces accompanied by corresponding NFTs, while Decentraland hosted a Metaverse Music Festival featuring performances by renowned artists in the form of avatars.

The music industry, in particular, has experienced a rapid transformation over the past two decades. Web3 takes this transformation to new heights by empowering musicians to connect with fans, protect their intellectual property rights, and generate revenue in novel ways. Blockchain technology allows for secure and immutable records of ownership and royalties, ensuring fair distribution of revenue and granting artists greater control over their music. Web3 platforms even enable the release and purchase of instrumental tracks as NFTs, allowing lyricists to apply their vocals and giving them IP rights related to the music. By bypassing intermediaries such as record labels and streaming services, musicians of all levels can create self-controlled revenue streams through tokenization and fan engagement.

In the realm of sports, Web3 is enabling teams, athletes, and fans to engage with one another in unprecedented ways. NFTs are being utilized to power digital fantasy sports games, where users can create their teams and compete in global tournaments. This enhances the connection between players and fans, fostering a sense of community. Moreover, Web3 has the potential to transform the sports industry by introducing transparency, ownership, and autonomy. Smart contracts can revolutionize sports event ticketing, and sponsorship deals can be signed on the blockchain, ensuring transparency and immutability.

Web3’s transparent nature also brings significant benefits to the fashion industry. Fashion brands can leverage Web3 to create new business models, implement anti-counterfeit measures, and enhance customer interactions through personalized experiences. Luxury brands like Louis Vuitton, Gucci, and Prada have already released their own NFT lines, often accompanied by physical pieces from limited edition or vintage collections. Web3’s supply chain transparency and traceability can address critical issues in the fashion industry, such as human rights violations and counterfeiting. Every step of the supply chain can be recorded on a tamper-proof blockchain ledger, ensuring secure and decentralized tracking from production to sale.

While the potential of Web3 in these industries is vast, it is important to acknowledge the challenges and limitations it presents. Implementing Web3 requires technical expertise that may be beyond the capabilities of many individuals and teams in the music, fashion, and sports fields. Hiring Web3 developers can be expensive, potentially creating a barrier to entry for smaller brands and personalities with limited budgets. Furthermore, widespread adoption of Web3 remains a challenge, as the majority of people have yet to interact with it. Brands and personalities must carefully evaluate the costs and benefits of adopting Web3 projects, while supply chain traceability depends on the willingness of all stakeholders to participate.

In conclusion, Web3 has the potential to revolutionize the fashion, music, and sports industries by enabling direct engagement between brands and their communities, providing transparency in supply chains, and enforcing IP rights.

Link: https://www.analyticsinsight.net/web3-in-fashion-music-and-sports-industries-a-revolution/?utm_source=pocket_saves

Source: https://www.analyticsinsight.net

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5 potential benefits of NFTs for the sports industry

Horacio — Tue, 12 Sep 2023 09:39:12 +0000

By Aiswarya PM

The Potential Benefits of NFTs for the Sports Industry gives Diverse Revenue

NFTs for the sports industry have been revolutionized by digitizing unique moments like game highlights, collectible cards, and athlete memorabilia. One can own verifiable, one-of-a-kind digital assets through blockchain technology, enhancing engagement and creating new avenues for fan interaction, monetization, and market growth.

Non-Fungible Tokens (NFTs) have emerged as a game-changer in the Sports Industry—the NFT’s five distinct advantages. Firstly, NFTs enable verifiable ownership of digital assets, granting fans an authentic connection to sports memorabilia. Secondly, they revolutionize fan engagement by providing exclusive access to content and experiences. Additionally, NFTs facilitate new revenue streams for athletes and teams through tokenized collectibles and partnerships. The technology also tackles counterfeit issues, assuring the genuineness of merchandise. Lastly, NFTs foster global participation, allowing fans worldwide to partake in the sports ecosystem. Here are 5 potential benefits of NFTs for the sports industry

1. Engagement and Interaction

NFTs introduce a novel avenue for sports enthusiasts to forge unparalleled connections with their beloved teams and players. By converting pivotal moments from historic matchups, whether a game-changing goal, a record-setting play, or a jubilant celebration, into tokenized digital assets, teams unlock the potential to offer fans a tangible stake in sporting history. As supporters secure ownership of these NFTs, they acquire a slice of the action and cultivate a profound emotional attachment to the sport. This heightened connection bolsters fan loyalty, fostering an environment of heightened engagement and interaction. Through NFTs, fans evolve from passive spectators to active participants, playing a role in commemorating the events that shape their sports passions.

2. Monetizing Digital Collectibles

The emergence of NFTs offers sports organizations an innovative avenue to extract value from their digital assets. Traditionally tangible collectibles like virtual player cards, exclusive jerseys, and rare memorabilia can be reimagined as NFTs, introducing a dynamic shift in how these items are valued and traded. Through tokenization, these collectibles become digital treasures that collectors can buy, sell, and showcase within virtual ecosystems. This engenders a thriving secondary market where enthusiasts can trade, creating a perpetual cycle of interest and demand. Unlike traditional collectibles, NFTs enable ongoing monetization through every subsequent transaction, allowing sports organizations to continuously benefit from the resale of these items. This augments the revenue stream and incentivizes teams to curate captivating and sought-after digital assets, enhancing the intersection of sports, technology, and commerce in a previously unexplored manner.

3. Enhanced Athlete Revenue Streams

NFTs offer athletes an unprecedented avenue to harness their brand and accomplishments for direct monetization. Athletes can tokenize diverse content, from electrifying game highlights to exclusive behind-the-scenes glimpses and personal endorsements. This innovative approach introduces a fresh revenue stream that operates independently of traditional contracts and sponsorships, potentially bolstering financial security for athletes. Moreover, NFT sales can serve as a powerful conduit for philanthropy, aligning with athletes’ social initiatives. By earmarking a portion of NFT proceeds for charitable causes, athletes can leverage their influence to drive positive change and contribute to impactful endeavors. A new empowerment dimension emerges in this symbiotic relationship between NFTs and athletes, allowing sports personalities to exercise greater control over their financial destinies while catalyzing meaningful social transformation through their digital assets.

4. Verified Authenticity and Ownership

NFTs leverage the inherent security of blockchain technology to create an unassailable framework for establishing ownership and certifying the genuineness of digital assets. Within the realm of sports, this innovative application holds the potential to counteract challenges posed by counterfeit memorabilia and deceptive autographs effectively. Through tokenizing official items, teams and players can guarantee the authenticity of their digital collectibles, offering fans an unwaveringly dependable avenue to acquire exclusive and bona fide items. This revolutionary shift aligns with the digital era’s demand for trust and transparency, rendering the authentication process foolproof. As a result, enthusiasts gain the thrill of owning unique pieces of sports history and the assurance of their authenticity, redefining the relationship between fans and their treasured mementos.

5. Innovative Fan Experiences

NFTs usher in an era of enriched fan engagement through immersive and interactive experiences. Sports entities can craft virtual arenas or galleries, serving as digital havens where enthusiasts proudly exhibit their curated NFT collections. Within these virtual realms, the potential blooms for hosting dynamic events, interactive competitions, and gatherings that allow fans to forge connections with both each other and the sport itself. This innovative landscape transcends geographical constraints, propelling the sports community into an expansive digital ecosystem that connects enthusiasts worldwide. The convergence of technology and sports empowers fans to celebrate their passion in novel ways and cultivates a sense of belonging and camaraderie.

Link: https://www.analyticsinsight.net/5-potential-benefits-of-nfts-for-the-sports-industry/?utm_source=pocket_saves

Source: https://www.analyticsinsight.net

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NFT Royalties: What are they and how much fortune can you make?

Horacio — Wed, 16 Aug 2023 06:55:24 +0000

By Zaveria

Learn what are NFT Royalties and how you can make a fortune with NFT Royalties in this article

In particular in music, painting, and other creative material, non-fungible tokens (NFTs) have revolutionized how artists and content providers sell and profit from their creations. NFT royalties are one of the ways they make money and enable them to receive ongoing payment for their work.

However, what are NFT royalties? How to make a fortune with NFT Royalties?

What is an NFT Royalty?

When a piece of work is resold, the creator or original owner is given a portion of the sale price known as an NFT royalty. In essence, this functionality enables producers to make money off their NFTs long after the first sale.

NFT royalties are designed to give producers of digital music, art, and other goods a reliable stream of revenue. Additionally, they give artists and other creators a way to profit from the rising value of their works when they are purchased and resold on the secondary market, creating a new source of income in the age of digital creation.

How Do NFT Royalties Work?

The author of an NFT has the choice to specify a royalty percentage that they will get each time their NFT is sold in the future when it is first issued. The percentage can be altered to the creator’s preference; it commonly runs from 2.5% to 10%. The royalty portion is immediately subtracted from the sale price and sent to the original inventor or owner when the NFT is purchased on an NFT marketplace. With the help of this tool, creators may continue to profit from their work even after it has been sold.

You must first mint your NFT before you can start receiving royalties. Establishing a distinct and secure record of ownership entails registering your digital asset on a blockchain network. You may use smart contracts to set the amount or percentage you want to receive from second-party sales of your work during the minting process. As a result, the smart contract will automatically provide you, the original owner, with the set proportion when secondary sales take place.

The NFT royalty system is designed to provide creators the chance to profit from the increasing value of their work over time, even after the initial NFT sale. For musicians, artists, and other producers, this generates a steady stream of money over time, which may inspire them to keep turning out high-caliber work.

Imagine that you produce an NFT and someone buys it from you for 50 ETH. Even though you only receive 50 ETH for this first sale, if you had included a 10% NFT royalty, you would have continued to receive a portion of every subsequent sale. The smart contract would activate and reserve 10% of the selling price for you, the original inventor, if the buyer later sold the NFT for 500 ETH. You would earn an additional 10% royalty as the original owner if the new buyer decided to sell, generating a possible long-term cash stream for you.

While the NFT’s retail price may change, the royalty percentage for an NFT is constant. Depending on factors like market demand, scarcity, and other variables, this may result in fluctuations in the percentage of royalties that the creator receives from each sale. As a result, even while the royalty rate doesn’t change, the creator may still get a range of royalties from various sales.

The Future of NFT Royalties

In conclusion, NFT royalties have had a huge impact on the art industry despite being a relatively new idea. NFTs’ introduction has given producers a dependable source of revenue that allows them to keep practicing their skills. Additionally, it has given previously neglected or undervalued digital products access to a new market.

We should expect more changes in the production, sale, and valuation of art as NFT use increases. NFTs have so not only transformed the art world but also have the power to influence how people express themselves creatively in the future.

Link: https://www.analyticsinsight.net/nft-royalties-what-are-they-and-how-much-fortune-can-you-make/?utm_source=pocket_saves

Source: https://www.analyticsinsight.net

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What Marketers Need To Know About Metaverse, Web 3.0 And NFTs

H. — Tue, 25 Jul 2023 09:53:10 +0000

If you’ve heard of Web 3.0, you might be wondering what it is and why we need it. You may have also heard about Metaverse and want to know more about this innovative project in the blockchain space.

In this article, we will explain what Web 3.0 is, why we need it and how metaverse can provide solutions for problems faced by current blockchains such as scalability issues and high transaction fees. We will also discuss how non-fungible tokens (NFTs) can be used to create unique digital assets on the blockchain with their own unique attributes which cannot be replicated or reproduced exactly in any way because they are not like regular digital assets which can be copied easily (also known as fungible).

What is Web 3.0?

Web 3.0 is the next generation of the internet. It’s a decentralized web, where users are in control of their data and transactions are peer-to-peer (P2P). The Web 3.0 ecosystem consists of open source software that allows people to transact directly with each other without intermediaries or central authorities controlling them.

Web 3.0 is made up of three parts:

A peer-to-peer network where people can exchange value directly with one another without an intermediary
A digital distributed ledger system that stores information about who owns what on this network so everyone knows who they’re dealing with at all times

Why do we need Web 3.0?

Web 3.0 is the next version of the internet, and it’s designed to be more secure, private and decentralized than its predecessor. It will be faster, more scalable and able to handle more data and users. Web 3.0 also enables transaction processing at higher speeds than ever before–allowing for things like instant payments without fees or waiting periods between sending money from one person to another.

Web 3.0 projects like Metaverse are building this new internet using blockchain technology which allows them to create digital assets that can be used in real life situations such as buying goods or paying bills online through cryptocurrency instead of cash or credit cards (which can often come with high fees).

What is Metaverse

Metaverse refers to a collective virtual shared space where users are able to interact with a computer-generated environment and each other through the use of avatars. It is essentially a virtual reality (VR) version of the Internet that allows people to create, explore, and connect in a variety of digital environments and experiences.

The concept of the Metaverse has been popularized in science fiction, but is becoming more of a reality with advancements in technology. It has the potential to revolutionize the way we work, learn, play and interact with each other.

The Pros and Cons of a Metaverse-Based Economy

A metaverse-based economy has the potential to offer several benefits and also presents certain challenges. Here are some pros and cons to consider:

Pros:

New economic opportunities: A metaverse-based economy can create new job opportunities, especially in fields related to virtual reality, game development, digital art, and virtual commerce. This can lead to economic growth and prosperity. This could also create new job opportunities in fields such as virtual real estate, gaming, and virtual events and experiences. Such transactions could potentially involve cryptocurrencies such as Ethereum (ETH) and USDT, as these digital assets can support faster and cheaper cross-border transactions in a metaverse economy. This could also lead to the creation of more trading pairs such as ETH/USDT along with BTCUSDT to support these transactions.

Global market access: In the metaverse, geographical barriers become less relevant, allowing businesses and individuals to reach a global audience. This opens up new markets and customer bases, enhancing trade and collaboration. As the demand for digital assets in metaverse economies increases, the demand for ETH could also rise, potentially affecting the Ethereum price USDT positively.

Virtual property ownership: In a metaverse, users can own and trade virtual assets such as virtual real estate, digital art, or virtual goods. This can create a new market for digital assets, offering potential for investment and entrepreneurship.

Enhanced creativity and innovation: The metaverse provides a platform where people can create, design, and innovate in a virtual environment. This fosters collaboration, sparks new ideas, and promotes artistic expression.

Cons:

Inequality and exclusion: A metaverse-based economy may widen the digital divide, as access to technology and resources required to participate may not be accessible to everyone. This can create socio-economic disparities and exclude marginalized communities.

Privacy and security concerns: As more personal information is shared and stored in the metaverse, there are potential risks of privacy breaches and cyberattacks. Safeguarding user data and ensuring security will be crucial for the success of a metaverse economy.

Economic volatility and risk: Virtual economies are subject to fluctuations and risks, similar to real-world economies. The value of virtual currencies and virtual assets may be volatile, which can pose financial risks for individuals and businesses operating in the metaverse.

Ethical considerations: The metaverse raises ethical questions related to virtual identities, ethics of artificial intelligence, digital ownership, and virtual marketplaces. Standards and regulations will need to be developed to address these concerns.

What are NFTs (Non-Fungible Tokens)

Non-Fungible Tokens, or NFTs, are unique digital tokens that represent ownership of a specific digital asset or piece of content, such as artwork, music, videos, or tweets. Unlike cryptocurrencies like Bitcoin, each NFT is one-of-a-kind and cannot be exchanged for another NFT at an equal value. NFTs are stored on a blockchain, a decentralized digital ledger that records transactions across multiple computers.

The increasing popularity of NFTs has led to high demand for certain NFTs, such as rare art or meme-based tokens, which have sold for millions of dollars at auction. Some see NFTs as a new way for artists and creators to monetize their work directly and establish ownership and authenticity in the internet age.

Purpose of NFTs

NFTs have a wide range of potential uses, but some of the most common purposes are:

Digital art and collectibles: NFTs are frequently used to verify ownership and authenticity of digital art and collectibles. By using NFTs, artists or creators can sell unique, one-of-a-kind digital assets and avoid issues related to copying or piracy.

Gaming and virtual worlds: NFTs enable developers to create in-game assets that can be traded and owned by players outside of the game environments. This can create new opportunities for gamers to monetize their participation in virtual worlds.

Real-world assets: NFTs can represent ownership of real-world assets such as real estate or stocks. This has the potential to simplify the process of buying and selling these assets, and lower costs due to fewer intermediaries.

Social media: NFTs can represent ownership of tweets or posts and can be used for fundraising or charitable purposes.

What’s in store for the metaverse, Web 3.0 and NFTs?

The future of the metaverse, Web 3.0, and NFTs holds great potential for various industries and digital experiences. As technology continues to advance, these emerging trends are expected to shape the way we interact with digital content.

The metaverse, often described as a virtual universe, has the potential to become a vast interconnected network of virtual worlds and virtual reality experiences. It offers opportunities for social connections, gaming, entertainment, commerce, and more. Advancements in extended reality technologies such as virtual reality, augmented reality, and brain-computer interfaces are expected to play a crucial role in shaping the metaverse and enhancing human digital experiences.

With Web 3.0, users have greater control over their data and digital identities, enabling peer-to-peer interactions and removing the need for intermediaries. NFTs, as unique digital assets on the blockchain, are a prominent feature of Web 3.0, allowing for proof of ownership and authenticity of digital content.

The potential impact of NFTs in the metaverse and Web 3.0 is significant. NFTs can enable the creation and ownership of digital art, collectibles, virtual real estate, and other unique digital assets. They open up new possibilities for artists, creators, gamers, and virtual world participants to monetize their creations and digital experiences.

As the metaverse and Web 3.0 continue to evolve, the implications for industries and society are vast. They have the potential to transform entertainment, gaming, education, advertising, and various other sectors. However, challenges such as interoperability, scalability, sustainability, and privacy will need to be addressed to fully realize the potential of these technologies

Conclusion

We have seen that the metaverse and Web 3.0 are key concepts in the evolution of the internet. The ability to create a virtual world where users can interact with each other, buy goods and services and even trade assets is an exciting prospect for marketers who want their brands to be part of this new world order. However, there are still many unanswered questions about how exactly these technologies will work in practice – especially when it comes down to how people will actually use them on a day-to-day basis.

The post What Marketers Need To Know About Metaverse, Web 3.0 And NFTs appeared first on Fintech News.

The relationship between NFT gaming and Blockchain

Horacio — Wed, 12 Jul 2023 07:25:27 +0000

Non-fungible tokens (NFTs) are digital assets that show the authenticity of a unique item or proof of ownership. It could be anything from an image, piece of music or software to online content. NFTs are built on blockchain technology. NFT gaming refers to gaming where players can mint, earn, or otherwise obtain NFTs as they play. Using blockchain and leveraging its features means NFT gaming is changing how games are developed, monetized, and played. Here’s a look at how NFT gaming and blockchain are related.

Complete Ownership of In-game Assets

Players do not have complete ownership of their in-game items in traditional games, but they do in NFT gaming. Game developers can create unique NFTs for different in-game items, including acquired assets and characters, with unique identifiers and ownership records. Players can store all these as tokens in the blockchain network.

This control means players can buy, sell, trade, or independently transfer their in-game assets as NFTs in any way they like.

Gamer Community Engagement

NFT game developers leverage decentralized autonomous organizations (DAOs) in their decentralized governance models. These DAOs allow players to participate in the development of their favorite games by proposing features and changes and governing various aspects of the development process.

Additionally, players can leverage their voting rights within the DAOs to put their thoughts down about the development, game rules, and direction. Because of this, NFT gaming can enhance community engagement, strengthen relationships between developers and players, and give players a sense of ownership over the game and its development.

The Blockchain Adds Scarcity and Authenticity

Players and developers can easily duplicate in-game digital assets in traditional games, which means they do not have much value, as anyone can create them. This does not happen in NFT gaming.

Blockchain provides a transparent and immutable ledger that anyone can use to prove the rarity and uniqueness of the assets used in NFT gaming. The trustless system also ensures the scarcity and originality of these assets thereby making them more valuable and prestigious, which in turn increases their status and desirability within a gaming community.

Economics and Marketplaces Driven By Players

The blockchain gaming space has created an environment of scarce, unique, and desirable digital assets while simultaneously making it easy for players to sell or trade the assets they own or need.

The result is an economy and marketplace ecosystem that is driven by players. Players can use these ecosystems to monetize the skills, effort, and time it takes to earn in-game NFTs. Players can also actively and voluntarily participate in shaping these ecosystems and dictating the supply and diamond of digital and virtual assets.

Doing so opens up numerous opportunities for income generation and entrepreneurship within respective gaming communities.

Play-to-Earn Mechanics

Players can also earn real-world value by earning tokens through play-to-earn mechanics. Players can sell these tokens and their NFTs to other players or anyone else in an NFT marketplace, earning cryptocurrency they can convert to real-world currency.

NFT gaming would not be possible without the underlying blockchain technology it is built on top of. Both have an intertwined relationship, with gamers benefiting immensely from this relationship.

Link: https://bigdataanalyticsnews.com/relationship-between-nft-gaming-blockchain/?utm_source=pocket_saves

Source: https://bigdataanalyticsnews.com

The post The relationship between NFT gaming and Blockchain appeared first on Fintech News.

NFT Archives - Fintech News

Web 3.0 gaming isn’t just about asset ownership – it’s much bigger

People think they know the value of Web 3.0 gaming – that it’s all about users owning their own in-game assets as non-fungible tokens (NFTs).

This view is the most common misperception in the space, and it’s flat-out wrong. Ownership matters, but limiting the value of Web 3.0 gaming to ownership misses the full picture – the potential for blockchain-based incentives to expand the gaming industry beyond even its current size.

Web 3.0 driving a world of monetization models for gamers

The innovation that is getting far less attention could be far more valuable – a world of monetization models for gamers, game builders and the communities that support them.

Right now, game developers have limited points of sale to reach both experienced gamers and casual ones. They may sell their game through a console, an app store or a service like Steam, for example.

But what if they could multiply their storefronts to include the entire internet, monetizing thousands and thousands of virtual spaces?

Consider the possibilities for developers if they were able to capture not just the new game market – but also the secondary resale market so that they receive a portion back for each new user interacting with the game.

Games built on the blockchain are able to access a market so much larger than their current one, giving creators the ability to reach far more than they previously could.

It’s the difference between only being able to sell your game in a closed system, such as a single app store, and being able to sell it through a Shopify site that can integrate with every app and marketplace on the internet.

Consider this year’s League of Legends World Finals, where VIP guests were given a badge that, on the front of it, gave an ominous warning – anyone who sold or transferred that badge to another person would be immediately banned from the event.

That’s the current gaming economic model, intensely focused on keeping as strict a user moat, and as tight control over your closed game ecosystem, as possible.

Under a more open, blockchain-enabled economic model, you could create that VIP badge as an NFT.

Event organizers, instead of trying to restrict access, could instead let VIP holders sell that ticket to anybody, and each time it sold, the organizers would earn another five percent of that ticket – resale value they weren’t able to harness before.

Smart contract-enforced royalties allow creators to receive compensation each time their digital assets are bought, sold or traded, ensuring fair compensation and long-term benefits – an economic innovation most game developers could benefit from.

NFT assets are good for the gamer/purchaser of that NFT. If the owner no longer has use for it, then they can get a portion of their money back.

And those blockchain assets are also good for the devs, who get that royalty, allowing them to monetize their assets wherever things are sold, while also making it easier for them to grow their community of supporters.

Although most prominent Web 2.0 games feature in-game digital currencies, they lack the economic guarantees inherent to Web 3.0 games, such as publicly accessible information on quantity, inflation and reward schedules.

Expanding the possibilities of in-game asset ownership

If you own an NFT, you also own a history of that ownership and all the traits of that asset are stored on the blockchain.

If you are playing a Web 2.0 game, then you do not ‘own’ anything you earn or purchase in the game, outside of that game server.

This essentially makes all game assets temporary ‘IOUs’ from game developers – and particularly nebulous ones, since in-game currencies or assets often collapse as soon as the server/game they exist in is no longer supported by its makers.

Future generations of gamers are likely to prioritize true ownership of digital assets that NFTs offer over the mere IOUs provided by centralized Web 2.0 servers.

And that is a truly valuable proposition for those gamers and game developers interested in playing and building on the blockchain – especially when combined with the expanded economic models for gaming made possible by the advent of blockchain.

NFTs: Non-fungible Tokens and their legal consequences

The copyright of the underlying work of art is currently not transferred to the owner with the purchase of the NFT. A signed sale contract that expressly assigns copyright must exist in order to transfer copyright and be recognized as the owner, as per Section 19 of the Copyright Act of 1957.

The only right to “reproduce and distribute copies of it” belongs to the owner of a work, according to Section 14 of the Copyright Act. Thus, such conduct may not be granted protection unless the buyer and seller specifically prohibit resale or copying of the NFT.

Therefore, unless the owner expressly transfers their rights, the buyer cannot prove ownership of the item. The Copyright Act will, however, shield the buyer’s digital object from unauthorized duplication or distribution.

How gaming, loyalty and entertainment are adapting to the rise of NFTs and Web3

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This Week’s Alpha

Cat’s meow: Global sneaker brand Puma released a new pair of sneakers called the “GutterMelo MB.03” that link real-world kicks to NFTs. The colorful drop is a collaboration between Puma, Web3 streetwear brand Gutter Cat Gang and NBA player LaMelo Ball.

The metaverse and the future of e-commerce

Meta (NASDAQ: META), the parent company of Facebook, and Jio Platforms have launched e-commerce capabilities inside WhatsApp, allowing residents of India to purchase items while in the app from JioMart, an online grocer.

Shopping in the metaverse may be in its infancy, and likely not understood by many at this point, but it represents the future of online shopping. Whether that is buying virtual goods, NFTs or physical goods and services, brands are flocking to the metaverse.

The survey tackled a broad range of topics, but one section was devoted to the future of online shopping. In the results, 26% of respondents said they had a strong understanding of the metaverse and another 25% reported a mild understanding.

Unsurprisingly, Gen Z and millennials were most willing to shop in the metaverse, and 58% of those making more than $100,000 annually were willing to shop or had already done so.

The metaverse is a virtual world, but 51% of shoppers in the space would like to purchase a combination of both physical and virtual goods. Again, age makes a difference, with Gen Z more likely to prefer virtual goods (19%) compared to just 6% of baby boomers.

What of NFTs?

NFTs, or non-fungible tokens, are all the rage online. These virtual items have become popular with sports stars and artists, allowing them to sell authenticated digital versions of their works or likenesses. They are usually purchased using cryptocurrency.

With so little understanding of the NFT market broadly, and those with interest most focused on music, gaming or fashion, BigCommerce cautioned brands about jumping too fast into the world of NFTs.

Payment trends with cryptocurrency

“One thing for brands to consider though is that similar to NFTs, the cryptocurrency market is also in flux, and time will tell if cryptocurrency will hit the mainstream in a similar fashion as digital wallets,” Kilpatrick wrote.

BigCommerce’s takeaway from the report is that brands need to stay agile and focus on trends that will have the greatest impact on their e-commerce business.

NFT market remains sluggish despite crypto’s rise

So far digital collectibles have not significantly benefited from crypto’s rally

Web3 in fashion, music, and sports Industries: a revolution

Explore the revolutionary transformation of web3 in the fashion, music, and sports industry

In conclusion, Web3 has the potential to revolutionize the fashion, music, and sports industries by enabling direct engagement between brands and their communities, providing transparency in supply chains, and enforcing IP rights.

5 potential benefits of NFTs for the sports industry

The Potential Benefits of NFTs for the Sports Industry gives Diverse Revenue

1. Engagement and Interaction

2. Monetizing Digital Collectibles

3. Enhanced Athlete Revenue Streams

4. Verified Authenticity and Ownership

5. Innovative Fan Experiences

NFT Royalties: What are they and how much fortune can you make?

Learn what are NFT Royalties and how you can make a fortune with NFT Royalties in this article

In particular in music, painting, and other creative material, non-fungible tokens (NFTs) have revolutionized how artists and content providers sell and profit from their creations. NFT royalties are one of the ways they make money and enable them to receive ongoing payment for their work.

However, what are NFT royalties? How to make a fortune with NFT Royalties?

What is an NFT Royalty?

When a piece of work is resold, the creator or original owner is given a portion of the sale price known as an NFT royalty. In essence, this functionality enables producers to make money off their NFTs long after the first sale.

How Do NFT Royalties Work?

The Future of NFT Royalties

We should expect more changes in the production, sale, and valuation of art as NFT use increases. NFTs have so not only transformed the art world but also have the power to influence how people express themselves creatively in the future.

What Marketers Need To Know About Metaverse, Web 3.0 And NFTs

What is Web 3.0?

Why do we need Web 3.0?

What is Metaverse

The Pros and Cons of a Metaverse-Based Economy

What are NFTs (Non-Fungible Tokens)

Purpose of NFTs

What’s in store for the metaverse, Web 3.0 and NFTs?

Conclusion

The relationship between NFT gaming and Blockchain

Complete Ownership of In-game Assets

This control means players can buy, sell, trade, or independently transfer their in-game assets as NFTs in any way they like.

Gamer Community Engagement

NFT game developers leverage decentralized autonomous organizations (DAOs) in their decentralized governance models. These DAOs allow players to participate in the development of their favorite games by proposing features and changes and governing various aspects of the development process.