During the beginning of 2021 we witnessed how the market trend turned directly towards a novel market within the cryptocurrency ecosystem; that of the NFT or Non-Fungible Token (Non-Fungible Token). Almost a year later, we are about to kick off 2022 and over the past few weeks we have seen a great candidate to drive this new dynamic; Metaverses. So in today’s article we are going to discuss both topics and show you a game that has a great future in NFTs and Metaverses; Outer Ring MMO.
What are NFTs?
The NFT or Non-Fungible Token (Non-Fungible Token) is a kind of token that represents something unique, referenced directly on the intellectual property. Let’s take a clear example to understand it; in our daily life we can be witnessing imitations or counterfeits of all kinds of objects that emulate the characteristics of the originals. Normally the change of the product’s characteristics and in turn of its authorship make the user lose credibility and confidence in the market, sometimes even feeling cheated or swindled. With the NFT market this problem is solved, since being integrated with blockchain technology allows us to buy and sell any type of digital object (sketches, songs, animated gifs, photographs …) with the assurance that we will buy the original object, we can verify its authorship and in turn track the movements of these in case of fraudulent activity and to certify that we own the original object.
NFTs follow the same characteristics as cryptocurrencies; scarcity ends up implying revaluations translated into rises with a large percentage of profits. Clear evidence of its boom is evident when we see that the NFT market currently enjoys a market capitalization of 80 billion USDT and that we have witnessed sales at unthinkable prices thinking that we are talking about digital art. The image below is the most expensive piece of digital art in history, sold for a whopping 69.3 million USDT.
And what are MetaVerses?
In order to discover at first glance what Metaverse is, it is enough to look at where this combination of words comes from; Meta means beyond and Verse refers to a universe, so this combination of words refers to a universe located beyond reality. Within this virtual world you can buy and sell land, characters and buildings within it. What the Metaverse gives us is the experience of living in an alternative reality where we can perform any action that we perform in real life, such as meeting friends for a drink, attending events within the Metaverse and making exchanges of any kind.
This whole concept was reinforced and enhanced with the emergence of the confinement caused by the pandemic we are suffering, with the restrictions of movement that occur a new concept of social relations was developed. This growing world had already been devised in other types of concepts, such as Habbo Hotel that we have all played as children where we shared a room in a super hotel where we could acquire clothes, buildings and objects that allowed us to customize our apartment or room within the game. Within the concept of the Metaverse a revolutionary concept on video games emerged; the Play-2-Earn games.
These video games work like any other video game, the novelty they provide is that they have their own in-game economy and in turn reward the user financially for spending time within the ecosystem and contributing value to the project. One of the best known within the ecosystem is Decentraland (MANA), a Metaverse where all people can interact with each other, buy and sell land and participate in global events. Recently we have seen how the trigger that has strengthened the fame of Metaverses was the announcement by Facebook (current Meta with the image wash) that detailed plans to develop its own Metaverse, which catapulted the price of all projects related to that theme (Axie Infinity, Decentraland, Sandbox, Atlas, Outer Ring…). Currently the Metaverse market enjoys a market capitalization of 54 billion USDT, and with all the boom we have witnessed recently it has all the numbers to explode and literally break the market and revolutionize the use of video games completely.
How is Outer Ring different from the others?
Outer Ring is a MMO video game (Massively Multiplayer Online Videogame) currently being developed by Windex Technologies OÜ in collaboration with Nexxyo Labs, jointly developing a brand under the name Maniac Panda Games. The concept of this video game is a mix between science fiction and fantasy based on the homonymous novel Outer Ring Saga written by its CEO Daniel Valdés. It is based on a Play to Earn and Play Driven Economy model, with its own real economy both inside and outside the game, where we can perform any activity that we would do in our day to day; go shopping at the supermarket, meet friends at a bar, attend a concert, check the OKEx academy watching the latest news. Endless options and with an exciting story. The launch of the video game will be sequential, that is, it will be progressively releasing constant updates to make the immersive experience attractive and exciting. Within its official page we can visualize both the history of the video game, the development roadmap, the characters of the game and everything we need. In addition, we can access the Spanish Telegram community to keep up to date with all the news and have support from the CMs of the community to be part of this great movement.
It is clear that both the NFT and Metaverse worlds have completely revolutionized the way we perceive art and video games, so let’s not miss this opportunity and keep enjoying everything that this ecosystem can provide us with.
Article originally written by Jordi Guillamón in NFT y Metaversos; presente y futura tendencia del espacio cripto | Análisis de la Industria| Academia OKEx | OKEx
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