In the intersection between entertainment IP’s and technology lie NFT’s and the Metaverse. Here is a list of quick videos you can watch to get caught up.
1: What is Blockchain technology and what is cryptocurrency?
One sentence description: Blockchain is a ledger in the “cloud” (that is, data storage shared across multiple servers). You can watch this video by Simply Explained for more information.
2: What is cryptocurrency?
Cryptocurrencies are digital currencies that operate through the blockchain. Read here for more.
3: What are NFTs?
“NFT” is short for “non-fungible token”. These are unique digital tokens stored in a blockchain. You can watch this video by the Wall Street Journal for more information.
4: What is the Metaverse?
The Metaverse refers to “online spaces that allow people to interact in a more immersive way than in a traditional website.” I got that definition from this Reuters video, where you can learn more about the Metaverse.
5: What do these things have to do with entertainment IPs?
You can connect NFTs to digital and even physical assets. For digital assets, some believe NFT’s will “enter the video game world in a big way.” The theory is that if this does happen, we will say mainstream adoption of NFTs. Why would this happen? Per Sam Englebert, GP at Galaxy Interactive, NFTs wouldn’t be interesting unless some game is built around collecting them. Watch this video from Bloomberg for more.
Moreover, video games are already have a metaverse-like quality to them, given the digital worlds they create. It’s not a stretch of the imagination to see a metaverse-like game involve NFTs.
6: What is “Web 3.0”?
Is it a term for the evolution of the Internet, or just some marketing BS? Watch this 7-minute video from the Wall Street Journal and you decide.
7: Extra Credit: What’s with all the controversy?
Currently, there are security issues. Also, many in the gaming world have not taken kindly to NFTs/the metaverse. You can watch a gamer rant about the metaverse and NFTs here (WARNING: NSFW). There are also potential legal issues with NFTs.
Ramon Rodrigo Kalaw Cuenca, CFA