A Key to Connecting the Metaverse and Reality

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Recently, terms and concepts such as “digital collectibles” and “the metaverse” have entered the global mainstream. These concepts are likely to change the rules of the virtual world.

In fact, in the early years, the popularity of the digital collectibles market continued to decline. However, with the development of the whole concept of metaverse, digital collectibles have grown rapidly in 2021, serving as a fundamental part of the metaverse.

What are Digital Collectibles and the Metaverse?

As a unique form of collectibles in the metaverse world, digital collectibles have gradually expanded from initial works of art to diverse areas such as games and sports, with increasingly rich content and a larger ecosystem. diversified.

In this regard, at the international webinar Blockchain Connecting to the World, jointly organized by Alliance of Blockchain Industry, Z-Park and Cointelegraph Chinese, Fei Li, partner of MYEG China, said that digital collectibles are a new digital commodity. economy whose value will be gradually amplified.

In the future, people will spend more time in the metaverse world. Li also believes that there will be more practical application scenarios for digital collectibles, embedded in life and some industries.

The metaverse is a virtual space that serves as a bridge between the real world and the virtual world. It is used to depict real-world realities, allowing users to work, play, play, and even build their homes.

Even many experts predict that the metaverse will one day replace the real world.

Facebook has changed its name to Meta, planning to turn into a metaverse company. He launched the metaverse social platform Horizon Worlds.

Meta, Nvidia, Microsoft, and Apple have announced their forays into the metaverse business.

Amber Lu, head of Flow China, said at the event that the metaverse is a product of human beings expanding the dimension of a new world, which is born from the real world and parallels the real world while interacting with him.

The metaverse thrives on digital collectibles

Digital collection is a native blockchain scenario for C end users, where users are willing to pay for it.

In 2021, digital collectibles exploded overseas for the first time, and people also called 2021 the year of digital collectibles.

At present, the entire digital collectibles industry is on an upward path, and many developers and platforms are exploring innovative models. Chang Chen, CEO of Zhigui Technology, said, “In the short term, the demand for digital collectibles is obvious, and the pattern is clear, with many well-known platforms and IPs. Then, the quality of the platforms and the content of collectibles will become more important, as consumers will no longer be curious about all collectibles. IP addresses and quality content will certainly become the object that some platforms compete for.

In the metaverse, users can digitize assets through keystroke protocols to enable the flow of value. Digital collectibles can meet the needs of rarity, uniqueness, digital property rights, and commerce.

In the future, the development of the metaverse will undoubtedly gradually accelerate, which will also facilitate the development of digital collectibles. Zhiping Li, Global Technical Lead of Blockchain Infrastructure and Facility, said, “Digital collectibles are an inevitable part of the metaverse. The metaverse also promotes the rapid development of digital collectibles.

The Challenges of Digital Collectibles in China and Abroad

As digital collectibles prevail across the globe, the domestic digital collectibles market is also making waves. Digital collectibles as an art medium and form of presentation provide creators with more imagination to push the boundaries of human creativity.

Overseas digital collectibles are flourishing in various fields, currently mainly for artworks, games, apps, sports and others, while domestic digital collectibles are still in an initial stage of development. ‘exploration.

At the moment, national digital collectibles have not fully exploited advanced features, such as interactivity, composability, and programmability. Lu says there are still relatively few innovative use cases in China and typical community value has yet to come into play.

Due to different positions and regulations on digital collectibles at home and abroad, as well as cultural differences, digital collectibles are bound to adopt different methods of capturing value.

The development path of domestic digital collectibles is different from that of foreign markets. Chinese companies are more from the perspective of copyright protection to play the role of proving the credentials of digital assets. Foreign platforms are more inclined towards the attributes of the virtual world and its applications.

Regardless of the foreign market or the domestic market, the development of digital collectibles must cross a plateau.

Li summarized three challenges saying, “First, the whole ecosystem is not yet robust; we need to establish a huge community of developers. Second, regulation is immature; for any new thing to develop healthily, it must comply with the regulatory governance rules of the countries. Third, a reliable, stable and credible digital collectibles platform should be built to enhance the credibility of digital collectibles in the circulation process.

Digital collectibles don’t have to be confined to the virtual world; they must also be connected to the real world. Thus, the digital collection technology can return to its essence and receive long-term development.

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