Huobi Global: NFT for the Metaverse is the same as a key for a lock
The concepts of "Metaverse" and "Avatar" were first mentioned 20 years ago, in the 1992 sci-fi thriller "Avalanche". In 1993, Hal Finney, a cryptocurrency pioneer and blockchain enthusiast, put forward the idea of cryptocurrency trading cards, which included elements of the concept that is now known as NFT.
The next twenty years were a time of rapid development of the information technology space, along with other technologies such as 5G, augmented reality (AR) and virtual reality (VR). The blockchain economy has been developing, the concept of the Metaverse has again become the subject of active discussion, and Facebook has changed its name to Meta in anticipation of the upcoming Metaverse.
Meanwhile, the ERC-721 NFT standard is constantly being improved, and tens of thousands of NFT products are already traded on the chain. NFT trading platforms such as OpenSea, Super Rare, along with NFT aggregators, are becoming more numerous. The rapid growth of GameFi applications such as Axie Infinity has also reinforced ideas about how NFT can integrate with the Metaverse, GameFi, and other concepts.
From a technical and ideological point of view, the concept of the Metaverse is still at the initial stages of development, however, it is already showing the first signs of its own idiosyncrasies in the form of creative play, open research and connection with reality. In particular, the development of NFT technology has allowed people to enter the Metaverse, which combines the virtual world and the real world.
Completing Network Identification using NFT
Society consists of a set of relationships between people. Having a decentralized identifier (DID) is the first step into the Metaverse. And the presence of a complete network identification of the user suggests that the NFT will play an important role in this process. Huobi NFT has embarked on the path of decentralized identification and launched user DID registration in early 2022. Huobi NFT uses industry-leading NFT certificates to pay rewards and to store user credentials. To date, 950,000 users have successfully registered their DID via Huobi NFT and completed DID registration on the network. At the same time, Huobi, as one of the key shareholders, leads the development of the NFT product, which is successfully implemented at Huobi Global. The NFT series of products has been effectively integrated into the exchange platform, making the NFT product a symbol not only of on-chain status, but also of the user's position in Huobi Metaverse. This highlights the unique value of the entire NFT series.
Benefits for NFT Creators
Authors are a source of growth for any art market, but in the past they could only profit from the first transaction, without a subsequent percentage of further sales of the art object. This is not only unfair, but can also have a negative impact on the ecosystem of art as a whole. NFT allows you to solve this issue by tracking all the movements of a work of digital art and distributing part of the subsequent income to the creators' accounts using smart contracts. This practice ensures reliable compliance with the rights of creators.
Opensea, the largest marketplace in the NFT market, charges 2.5% of the transaction value for its services, including the first or second sale. The royalties that buyers pay to the creators of NFT are set by the creators themselves, but do not exceed 10%. OpenSea will transfer royalties every two years to the address of the NFT creator. On the other hand, Huobi NFT charges creators less for its services and empowers creators in its chain thanks to powerful environmental resources.
Unique communities
Unique collectibles occupy a special place in the digital world and in cultural circles and are essentially a continuation of the culture of consumption. The nature of NFT technology allows such works of art to carry more information than classical works of art.
During the ups and downs of the NFT industry last year, the industry saw beauty and uniqueness in collections such as "EVERYDAYS: THE FIRST 5000 DAYS", others recalled the innocence of the past in various superstar NFT series, and still others got the "Bored Monkey Yacht Club" series in their collections. NFT, as the best external form of copyright, has consolidated the identity of people. Huobi NFT has successfully launched a series of NFT products from such stars as Hanazawa Kana and other celebrities, and is currently exploring the possibility of partnering with other key opinion leaders.
In a word, the advent of NFT has made it possible to make virtual goods trading units. These virtual assets can be displayed on the network thus realizing the value stream of the data content. At the same time, NFT has changed the traditional model of art trade. NFT can become the embodiment of Metaverse, if the physical key matches, the program can confirm the user's rights by identifying the NFT, and in the future it can serve as a token for credentials in the virtual world. NFT provides a solution to the problem of virtual property rights without the need for a third-party registrar. In fact, NFT provides a digitized key to facilitate the transfer and enforcement of rights, and a number of relevant rights may exist outside of centralized services or centralized databases, which significantly increases the efficiency of operations with data assets and the fact that the transfer process does not require the participation of third-party programs.
The year 2022 is truly the year of the Metaverse, and the continuous activity of blockchain companies led by Huobi gives us an idea of what the Metaverse will look like in the near future. Pioneer companies are paving the way to the Metaverse and will open the way for the development of this exciting direction.
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