The tools for a truly decentralized future

The tools for a truly decentralized future

festival goers BlockDown Croatia 2022 witnessed Cointelegraph debates around the sociopolitics of the Web 3.0 ecosystem, non-fungible tokens (NFTs), and the metaverse. It turns out that the ongoing innovations in the cryptocurrency ecosystem are well positioned to dictate the future of media and entertainment.

As cryptocurrencies continue to blur the lines between the virtual and physical worlds, Cointelegraph Editor-in-Chief Kristina Cornèr agreed that “it’s been a crazy year” when discussing the growing impact of crypto innovations on media companies over the past few years. the blockdown fest.

Cornèr highlighted use cases within the NFT space that offer independent artists and journalists a platform to raise funds and counter real-world challenges such as climate change. In another discussion with Dylan Dewdney, founder of NFT3, a unified identity network, Cornèr raised issues related to the merging of the virtual and physical worlds in the metaverse.

According to Dewdney, real-world problems have a very good chance of leaking into the metaverse despite the merging of the two worlds. However, she suggested developing a psuodenomic system in which users are verified but can choose not to reveal their identity to other members of the metaverse.

As the world slowly drifts toward its new home, the metaverse, Dewdney believes “the real world will be better.” However, it will require people to instill some of the values ​​of the crypto space, especially in relation to fairness and personal responsibility:

“I think the time has come for the world to evolve and we’re starting to lay the technical groundwork for it. You have to be careful how this plays out and really take individual responsibility for spreading that message.”

Showcasing an internal attempt to create the largest truly community-owned Web3 festival, Cornèr also revealed the relaunch of BlockShow – Cointelegraph’s flagship event – as a decentralized autonomous organization (DAO) that allows attendees to own a stake in the show and participate in organizing events. According to BlockShow CEO Addy Crezee, BlockShow DAO’s goal is to “bring more people into Web 3.0 and help people feel the benefits of the ownership economy.”

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Entering into a discussion of the sociopolitics of living in the metaverse, Dewdney told Cornèr:

“We’re going to continue to have the same problems because we’re still the same old boring humans who do the same little things, and also big things.”

If the cryptocurrency community succeeds in decentralizing the internet, “it’s a really worthwhile future,” both individually and societally.

With NFT3, Dewdney intends to offer a decentralized identity service for the metaverse ecosystem. The service may associate various information with a pseudonymous but real identity. Ultimately, Dewdney believes the cryptocurrency ecosystem needs to evolve beyond the financial use case to the “human use case” of blockchain.

The venture capital firm Andreessen Horowitz (a16z) has just launched its $600 million Games Fund One dedicated to game startups with a focus on Web 3.0. The fund aims to support game studios, consumer apps and game infrastructure providers.

As Cointelegraph previously reported, metaverse projects are also attracting investment from gaming industry titans. In April, Epic Games, creator of the popular Fortnite title, raised $2 billion to create a metaverse with funding from Sony and Lego.

Clarification: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information set forth herein should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.

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