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A personal view on the metaverse and NFT craze
Ive been into crypto for a long time, and I have seen some crazy stuff happening in the scene. From the falling of the biggest CEXs to hacks where dApps lost almost $1B. These things, however, don’t compare to the metaverse concept craze I have seen so far.
Before we dive into my opinion on the metaverse, let me give you some context to this bold statement. I visited the Metaverse Amsterdam (MET AMS) convention earlier this year and, although I’ve always been a great enthusiast for crypto, what I saw here kind of shocked me.
I didn’t know what to expect before coming to METAMS, but you would think they would put all their energy into making it a place for creativity and creating a convention showcasing the best of the best of crypto. To my surprise, however, the convention was filled with mostly garbage… From NFT projects convincing me why their project was different to fan clubs like CyberKongz, to the worst implementations of the metaverse possible. Every single project was horrible…
Every metaverse project I saw looked like a budget Aliexpress version of Grand Theft Auto — Me
I tried, I really tried to find projects which had real-world value and were not just some cash grab opportunist, but I didn’t succeed. I asked projects about their utility, and their only response would be to show me their OpenSea page telling me how much money they made selling their NFTs. I looked at projects telling me they would create the metaverse, but showing me their digital world that just looked like a rip-off from Roblox.
I mean, If you can sell an image of a Lamborghini on the internet for cold hard $$$, who wouldn’t? But that is my problem with everything I saw at MET AMS; Everything looked either cheap or like a cash grab. And this is my opinion on the metaverse in general. Everybody is counting themselves rich with made-up concepts no one is waiting for, trying to pump out concepts as fast as possible to make some money off of it…
But is it only bad?
Not necessarily. Although I am having a hard time believing the metaverse will ever exist (certainly on the blockchain), I already see the value NFTs can offer. I have seen some beautiful art at MET AMS, and I believe that there is room for art around NFTs. Digital art and the blockchain are made for each other, making it possible for digital art to be handled, sold and issued as traditional art would. There are some great minds pushing this, and I respect their work to the fullest.
At the same time, I am using my own OpenSea account as part of my resume. For all the bounties and gigs I am doing on Dework I get rewarded an NFT as proof of my work. It’s a great way to gather “proof-of-work”, complementing my resume in this new way.
This use case is, in my opinion, the best example of the metaverse; Not some digital world where I can collect fake Gucci t-shorts or badly modelled Lamborghinis, but a digital personality built and gathered on the blockchain. Showing my friends not some digital house, but things I achieved, am proud of, and which proof is stored on the blockchain. That is the Metaverse!
As you have read by now; I am not a fan of the current metaverse. It creates a lot of noise in the blockchain ecosystem, and I don’t think the metaverse will look like most projects want you to believe it looks like. Creating an online personality should revolve around utility. It’s a place where you can show your proof-of-work and show the achievements of which you are proud of. Not a place where for too-expensive monkey images or cheap rip-offs of Habbo. Amen.
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