Considering the potential use cases for blockchain technology in business and finance, a good place to look for the future road map is game and entertainment, a model that has been around for a long time.
Venly (formerly known as Arkane Network) is a company well positioned to develop such solutions. Venly allows platforms to load users with digital wallets and store, create and sell NFTs.
Venly co-founder and CEO Tim Dierckxsens said when he read the Ethereum whitepaper in 2014, he immediately saw how smart contracts can help build better businesses in the future.
At the time, he was a business analyst working on music licensing and rights. Applications for digital contracts and e-commerce platforms are important.
“It’s the only way to get business referral deals in the 21st century,” Dierckxsens said. “And if you understand that, and you see that the cost of having commercial contracts available at a technical layer can really change the way we do business, and we can really start driving a machine-on. -machine economy. “
I saw the promise from the beginning
It takes a few years for companies to start working on proofs of concept. Dierckxsens and his team quickly realized that while there is promise, there is no core technology that developers can use to realize that potential.
They began developing solutions on top of the blockchain so that developers using more traditional methods could work with existing technologies and blockchain. Venly will make the link between the two.
“We are a provider of blockchain technology. We focus on three main aspects: wallet technology, NFT technology and marketplace technology. These are the basic pillars you need to interact or facilitate transactions in networks like the blockchain, ”Dierckxsens said.
And that has led to a keen interest in the gaming industry’s go-to-market strategy, he said. Consider the history of technology adoption, and the game is still ahead, starting with free systems that entice players to spend money once they commit to the site. . Think of a metaverse like Fortnite.
If your vision is limited to creating a free product that will attract users to (hopefully) spend money once they fall in love with you, that’s limited, and like most free games, fail in failure. A better bet is to create an environment that produces valuable ecosystem players.
“That’s why you don’t monetize the player. You’re activating the digital economy among everyone associated with the metaverse, ”Dierckxsens explains.
No barrier to entry is the key
Why has the game become fertile ground for technological advances that have affected other sectors of the economy?
As a hobby, there are no regulations or other barriers to entry, according to Dierckxsens.
This makes it a good incubator for testing different value -based transactions. Maybe a player wants to buy a virtual token that can improve their strength, speed, or other aspects of their performance. Its underlying design is very similar to how a financial asset can be structured.
Of course, blockchain technology can enable these transactions, Dierckxsens said. Using the more limited example above, a platform designer might just want people to buy properties from him and not be able to sell them to each other.
As above, this is a myopic point of view. You want participants to interact and transact with each other. In doing so, they strengthen their brand connection.
“With the concept of the game and a digital in-game commercial economy, we want players to be able to speed up each other and interact with each other,” Dierckxsens explains.
“Then it creates a digital economy of the game. And overall it can be more interesting from a game standpoint, from a design standpoint, because then you’re interacting with your peers while you’re develops a more enjoyable pastime, while at the same time you add value for yourself.
Venly launched MetaRing
Venly recently launched MetaRing, an NFT that represents a utility-centric inter-metaverse access pass. Its owners will be able to use the digital wearable to unlock special in-game utilities and enjoy unique benefits, including access to exclusive lands, events, discounts, and thefts.
The company sees the Internet in the future as one with large, interactive and interoperable platforms in interconnected virtual worlds.
This is contrary to our current situation, where many metaverses operate independently of each other. MetaRing puts its owners at the center of the entire metaverse ecosystem, connecting access to all experiences. Only 1,000 MetaRing NFTs can be made.
“MetaRing is one of the few projects on the market that integrates all of the metaverse, providing the most versatile interoperability,” said Stefan Colin, Director of Metaverse Partnerships at Venly.
“By marrying interoperability across different utility layers, we provide additional value to NFT owners. We have a team at Venly that will focus on closing deals on new metaverses and developers. advanced players, which means that the benefits and value of MetaRing will only grow in the coming years.
“Interoperability is the next frontier for the entire blockchain industry, and the metaverse is a user-enabled platform,” added Sandeep Nailwal, co-founder of Polygon. “Venly’s MetaRing has entered the market with a unique value proposition: connecting users to the most advanced projects in the Web3 space.”
The builders of the bridge are valuable
Because there are so many metaverses, those who build bridges between them can be valuable space players.
Dierckxsens sees the value coming to different stakeholders. They unite users with their peers. Next is the construction of different virtual worlds, where developers collaborate with other brands to build the intellectual property used in games. Sandbox has proven to be more adept at signing deals with brands such as Snoop Dogg, Atari, Sim City, The Walking Dead and The Smurfs.
Often, companies like Sandbox have an agreement with a brand or celebrity to use their intellectual property in exchange for a share of the revenue. Going forward, Dierckxsens finds a more attractive proposition where the brand or personality has its own NFT contract.
“You can own the digital assets you create. You can do id or mapping so that your resource has a true visual representation of the game (or metaverse), ”he explains.“ And then what you can do is say okay, that’s an NFT contract from of a brand, which can really be for one or more of the games. It can even go as far as you say. An introducer to this contract can provide a sword in a fight game against a car in a racing game against a variety of game assets.
Virtual Brand Interactions
So, if a brand like Nike is in the metaverse, people can visit a Nike store and wear their avatar or even buy things for themselves. You can click a QR code on the globe and make an NFT of a digital version of this sneaker.
Linking metaverses means establishing a truly public blockchain that records all transactions between them, Dierckxsens said. In most transactions, a type of NFT is performed, so the task becomes to create a token contract that can be available across multiple metaverses.
“Because the token contract is in blockchain technology and is available to the public, this contract can be available in many games,” Dierckxsens said.
“So you have to get into the concept of having a game that’s really open and willing to accept a lot of token contracts from different parties to apply that to their own specific game.”
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Tony Zerucha is a long-time contributor to fintech and alt-fi spaces. Twice nominated for LendIt Journalism of the Year and winner of 2018, Tony has written more than 2,000 original articles on blockchain, peer-to-peer lending, crowdfunding and new technologies over the past seven years. year. He has moderated panels at LendIt, the CfPA Summit, and DECENT’s Unchained, a blockchain expo in Hong Kong.