It’s hard to get to the sky. Why is it so difficult for blockchain technology to learn to make money in the Metaverse?

Metaverse teaches not to make money on blockchain

The technology buzzwords of 2021 are DAO, NFT and Metaverse.

In layman’s terms, the Metaverse is an artificial space that runs parallel to the real world, where users can move and access through virtual reality or augmented reality helmets or computer screens; NFTs are digital assets that exist on the blockchain; and DAO is a decentralized autonomous organization, an Internet community owned by its members and running on blockchain technology.

It's hard to get to the sky. Why is it so difficult for blockchain technology to learn to make money in the Metaverse?

It can be said that both NFT and DAO are inextricably linked to the blockchain, and as we all know, the blockchain is an extremely important part of the six supporting technologies of the Metaverse. So what role does blockchain technology play in the Metaverse where heat and controversy coexist? Can this architectural concept born out of Bitcoin in 2008 be carried forward in the Metaverse era?

Blockchain, the “identity card”, “bank card” and “safe” in the Metaverse era

Metaverse, as the next “Internet” with high hopes, naturally has some supporting “outlets” inside it.

According to the book “Metaverse Token”, Metaverse has six major supporting technologies BIGANT, namely Blockchain technology (Blockchain), Interactivity technology (Interactivity), Electronic game technology (Game), Artificial intelligence technology (Ai), network And computing technology (Network), Internet of Things technology (IOT). Among these, blockchain technology is often regarded as the core fulcrum of the Metaverse.

It's hard to get to the sky. Why is it so difficult for blockchain technology to learn to make money in the Metaverse?

Among the six technologies, the blockchain can play such an important role in the Metaverse thanks to its five endogenous characteristics, namely decentralization, openness, autonomy, anonymity, and immutability of information . According to “Mantis Observation”, these characteristics of the blockchain make it seem like the “identity card”, “bank card” and “safe deposit box” of the Metaverse era.

First of all, as a virtual world of co-creation, sharing and co-governance, the role of “human” is indispensable for the metaverse. Just like ID cards in real life and IDs in games, the Metaverse era also needs its own identity.

The “anti-tampering and traceability” of the blockchain makes it inherently equipped with the characteristics of “anti-copying”, and the smooth formation of the chapter also creates conditions for Metaverse to provide identity identification. Through blockchain technology, the identity of the user can be judged, so that the identity of others will not be copied or stolen, and the uniqueness of the identity in the Metaverse can be guaranteed.

Secondly, if the yuan ultimate goal is to build a universe independent of the real world and the real world and the ecosystem is connected, then the sound and transparent monetary system will be to ensure a prerequisite for this ecosystem can run down, and the block Chain technology is the important foundation of the future Metaverse economic system.

On the one hand, the “non-tamperable” feature of the blockchain is mainly realized through the consensus mechanism, and the consensus mechanism can solve and ensure the consistency and correctness of each transaction on all accounting nodes, and make it possible to modify the transaction data. The cost is extremely high, which to some extent guarantees the fairness and effectiveness of the transaction process.

It's hard to get to the sky. Why is it so difficult for blockchain technology to learn to make money in the Metaverse?

On the other hand, Sun Yulin, a senior researcher at Ouke Cloud Chain Research Institute, also said: With the help of blockchain encryption algorithms, consensus mechanisms, chain structures, smart contracts and other technologies, Metaverse will realize reliable, authentic, and trusted transfers and compliance. The scarcity of systems and obedience contracts can establish an economic order that is both relatively fair and credible. For example, NFT can be a digital-based asset form in commodity form; DeFi can work with traditional financial models to provide abundant liquidity for various assets in the Metaverse.

Finally, wherever data is involved, security and privacy are the topics that users are most concerned about. Once the data is leaked, it can be harassed by phone calls or text messages, and the property may be looted. The “decentralization” feature of blockchain technology adds a “safety lock” to Metaverse.

The essence of the blockchain is actually a decentralized distributed database, which can realize distributed recording and distributed storage of data information, and can ensure that the data on it will not be tampered with, cannot be forged, and the transmission of data can be traced. Therefore, blockchain technology can be called a “safe scavenger”. With its existence, in the Metaverse era, personal data is difficult to be tampered with by others, and it will not be arbitrarily disposed of . If you want someone’s data, you need to Authorize and pay a certain fee in exchange for desensitized data, which improves the security of information to a certain extent.

From this point of view, is the blockchain technology, which plays important roles such as “identity card”, “bank card” and “safe” in the Metaverse era, is about to usher in the “golden period” of making money? According to “Mantis Observation”, it’s not all.

The bank card is not “card-made”, the safe is not “insurance”, and the blockchain “Nuggets” meta-universal road is obstructed and long

Blockchain technology and Metaverse “posting” have achieved certain results.

For example, the Metaverse concept project blockchain game. Take the current chain game Axie Infinity with the highest market value as an example. It distributes game props, game characters, game attributes, etc. to users in a decentralized manner, driving more players Entering the game, as of now, the economic benefits created by the game in one day have surpassed the glory of the king, showing the market the huge possibility of applying blockchain technology to game digital assets.

It's hard to get to the sky. Why is it so difficult for blockchain technology to learn to make money in the Metaverse?

Another example is the NFT market. In March of this year, the NFT work “Everydays: The first 5000 days” by American digital artist Beeple was sold at Christie’s auction house in the United Kingdom for a high price of 69.348 million US dollars (approximately 449 million yuan), setting a digital art transaction. New record.

Since then, the entire NFT market has been pushed to the forefront. According to data from the CryptoPunks official website, as of October 2021, the number of CryptoPunks sold in the past year was 11,752, with a total cumulative sales of US$1.43 billion. According to the data provided by Nonfungible’s official website, the number of NFT buyers in 2020 increased by 66.94% year-on-year, and the number of sellers increased by 24.7% year-on-year. In October this year, the number of NFT active wallets exceeded 150,000, an increase of 97.09% from 2019.

Although the popularity of chain games and NFT markets is soaring, with the passage of time, market sentiment has begun to return to rationality, and the “golden period” of blockchain in the Metaverse seems to have not yet arrived.

The first and most realistic point is that the Metaverse is just a hot technology concept at this stage, and it is still unknown when it will be implemented.

Tsinghua University’s New Media Research Center released the “Metaverse Development Research Report 2020-2021” within this year, and pointed out that the current large-scale “Metaverse” productization is still far away. Science fiction writer Chen Chufan also believes that currently no company or technology can cover all the things that the “Metaverse” needs to achieve, because it involves a large amount of infrastructure, not a single platform, or a single application.

Therefore, even if the blockchain can play the role of “identity card”, “bank card” and “safe”, the “metacosmic imagination” of blockchain technology will be greatly reduced under the background that the metaverse has not yet landed.

Second, the first creation block with serial number 0 was born on January 3, 2009. A few days later, a block with serial number 1 appeared on January 9, 2009, and it was connected with the genesis block with serial number 0 to form a chain, marking the birth of the blockchain.

Since the birth of the blockchain, after more than ten years of development, some challenges and hidden dangers have gradually emerged. Chen Gen also mentioned in the article “How the Blockchain Developed in the Era of the Metaverse” that with the development of the blockchain, the volume of blockchain data stored by nodes is getting larger and larger, and its storage and computing burdens are increasing. However, this will bring great difficulties to the operation of the core client of the blockchain.

In addition, the application efficiency of the blockchain is low. A Bitcoin transaction requires six confirmations, each confirmation takes about ten minutes, and the entire network confirmation takes about an hour to complete. This efficiency is not suitable for high performance. Financial transactions. If these problems are not properly resolved, it will inevitably affect the commercialization process of blockchain technology in the Metaverse.

Third, since the beginning of this year, scams and routines under the banner of Metaverse and Blockchain have begun to breed.

According to incomplete statistics, there are currently 97,000 registered blockchain-related companies in my country. From 2017 to 2020, the global compound growth rate of the blockchain industry is 73.2%, and the compound growth rate of my country reaches 83.5%, which is higher than the global growth rate. However, when many people have not yet figured out what a “blockchain” is, some companies have begun to harvest users under the “hat” of “chain games” and “metauniverse”.

Some reporters discovered that many suspected fraud games, such as “Nong X World”, “X Valkyrie”, and “Colonial X Star”, all use concepts such as “Metaverse” and “Blockchain” to package themselves. Known as “recovery in 3 days”, “earning 70,000 yuan per day”, “customers have doubled their assets”, “compulsory rich new method”, in fact, these games are the same as ordinary games, most of which are web version 2D game.

Not only in the field of chain games, but based on the characteristics of blockchain technology, criminal behaviors on the chain are fast, concealed, and distributed globally, making it extremely difficult to prevent and track.

Take the NFT field as an example. According to Jeff Nicholas, Creative Director of Authentic AI., some scammers will pretend to be OpenSea customer service staff of the head NFT market. When users ask their questions in the OpenSea community, they will contact the user. The person who pretended to be a customer service staff. Then gain control of the user’s wallet, and withdraw all NFTs and Ethereum. Jeff Nicholas was transferred away from all the monkey avatars, Dogecoin, Catcoin, airdrop products, and Ethereum in the wallet. Judging from the current market conditions, the loss is not small.

All in all, there is no denying the role of blockchain technology in the future Metaverse era, but the reality is that this “identity card” is still reporting the loss, the “bank card” has not yet been made, and the password for the “safe” is not complicated. Of course, with the promotion of domestic and foreign Internet giants and the increase in financial technology supervision and disposal, the commercialization of blockchain technology in Metaverse will become more and more mature, and this will take a long time.

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