In 2022, “Metaverse” has evolved from an innovative word into a “sweet pastry” that thousands of companies are competing for, all over the world. In February of this year, gaming giant EPIC Games applied for the “Megaverse” trademark; Premier League champion Manchester City began building the world’s first football stadium in the metaverse; more interestingly, Tencent’s squatting registration for the “metaverse trademark” was rejected; according to 2 On the 21st, the State Intellectual Property Office of China stated that as of now, there are more than 16,000 trademark applications related to “Metaverse” and “METAVERSE” in the trademark database. Although the “metaverse” is booming, its future development prospects are still quite controversial.
Multiple factors restricting the development of the metaverse
The controversy over the Metaverse is mainly due to the unbalanced value assessment, the difficulty of implementing the “Metaverse”, and there are many problems such as legal risks, technical limitations and insufficient basic service facilities. Therefore, people’s evaluation of its value is often prone to over-exaggeration or depreciation.
Legal Risk
From a legal angle , the current business activities of various market entities around the Metaverse are showing a relatively disorderly development as a whole, and the relevant measures taken may contain legal risks at different levels. For example: the ownership and circulation of virtual property rights；how to confirm the asset attributes of NFTs and the protection of NFT property rights；how to standardize the subject qualifications and operating regulations of the Metaverse operating platform；how to ensure data security, and how to formulate legal norms and specifics for personal information protection Operational guidelines；training risks in criminal risks, transaction risks, etc.
Tecnical issue
From a technical point of view, the technological composition of the metaverse is very complex, and some emerging technological fields are in urgent need of development.”Metaverse” applications need to use AR, VR, brain-computer interface and other interactive technologies to enhance the immersion of the virtual world; need to use 5G and cloud computing technology to support large-scale users online at the same time; need to use blockchain and AI technology to reduce content Create thresholds, increase user participation, and achieve a high degree of synchronization between the “metaverse” and the real society.However, some emerging technology fields are still in the early stage of development, such as AR, blockchain and other technologies.
basic service facilities
The metaverse constructs a virtual digital world. To be highly synchronized with the real society, it is necessary to concretize the scenes of the real world into the virtual world, such as in the form of data. First of all, the problem of data transmission needs to be solved, and this has already been solved in the blockchain system. The blockchain system completes the connection with the real world through the oracle machine, and successfully realizes the intercommunication of data between the two worlds; secondly, it is necessary to build a complete set of digital financial systems, such as the use of digital assets such as NFT to realize the construction of the economic system.
But the reality now is that “service-based infrastructure” such as oracles and NFTs are also in the early stages of development. Therefore, the blockchain systems and virtual economic systems based on them are in a period of urgent development. As a typical high-level fusion application, the Metaverse will easily fall into an ethereal state without the support of infrastructure. At this stage, the concept of “metaverse” is more illusory, and its value cannot be fully demonstrated. It is no wonder that some scholars think it is just a “entertainment product” of a new era.
Metaverse, NFT, and Oracle
The metaverse is the projection of the real world, objective things will be digitized, and the closed blockchain system cannot actively obtain data based on the real world, this step needs to be realized with the help of oracles. For example: the decentralized oracle represented by ADAMoracle, after aggregating data sources off-chain, transmits valid data to the chain to provide necessary triggering conditions for smart contracts, thereby constructing a virtual reality that is highly synchronized with the real world for the Metaverse thing.
The core things of the metaverse are virtual assets and virtual identities. The emergence of NFT can not only ensure the uniqueness of virtual identities in the metaverse, but also realize the assetization of virtual items in the metaverse, thereby realizing the value transfer of data content. Metaverse provides application scenarios for NFT, including games, art, music, video, cultural and creative fields, etc.; and the immersive experience of Metaverse makes the use of NFT closer to real life and increases its use value.
NFT represents the ownership of a unique item, which is essentially a digital representation of the scarcity of the asset, and this scarcity can be verified. For example: ADAMoracle can generate fair random numbers to ensure the scarcity of NFT assets; in addition, NFTs are token assets based on blockchain technology, and through oracles, dynamic NFTs that are highly synchronized with reality can be created. For example: ADAMoracle notifies the smart contract that a basketball player performed a 720-degree dunk during the game, then the smart contract can automatically create a limited-edition virtual card for the player.
All in all, the construction of the metaverse requires basic service facilities such as oracles and NFTs, and the metaverse provides them with broader application scenarios; at the same time, the oracles are the infrastructure that can be used to verify and create NFTs.
The metaverse is a future trend that cannot be underestimated
According to the development process, the oracle machine entered the practical stage earlier than NFT, and there are already projects with a valuation of tens of billions in the market. For example, ADAMoracle has developed well in recent years. The valuation of the economic system established with ADAM as the center has exceeded 800 million US dollars, and it has become the world’s leading oracle product; NFTs have become very popular in recent years, and major well-known companies have begun to issue exclusive NFTs Digital assets; the metaverse is still in its infancy, and it still needs to wait for the iteration of major technologies and the improvement of infrastructure.
We believe that the Metaverse is not only a future extension of the Internet, but also an all-round change in people’s work, social, entertainment and other lifestyles. According to the report, since the iPhone opened the mobile Internet in 2007, the current smartphone market has grown to an annual sales of 1.35 billion units, and the global Internet population is as high as 4.6 billion. Looking forward to the future, the next generation of intelligent terminals and the metaverse will further expand the digital capabilities of human beings, drive the vigorous development of industrial digitalization, and ultimately realize the digital survival of human beings. The metaverse is a future trend that cannot be underestimated, but there is still a long way to achieve industrialization. The early deployment of the Metaverse by major companies is conducive to promoting the development and technological progress of the Metaverse-related industries, but it should also be noted that the development of the Metaverse cannot deviate from the industry and prevent it from becoming a hyped “concept”.
