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BSV Global Blockchain Convention Highlights Growing Interest in Metaverse, NFTs and Blockchain

Metaverse, NFTs, and Web3 are buzzwords we often hear in the blockchain space. It can be difficult to assess between hype and usefulness from an investment perspective. Likewise, the retail industry and its customers find these terms equally confusing as brands and businesses navigate this new frontier of digital marketing, development and consumer connectivity. Both investors and companies need to understand the capabilities of these innovative and emerging markets in a simple and understandable way.

The first day of the BSV Global Blockchain Convention in Dubai featured a panel moderated by CNBC Arabia anchor Hussein Sayed. This panel addressed the growing interest in Web3 development, NFTs and blockchain among brands, retailers, institutional investors and consumers in general. Over time, these technological areas can no longer be ignored by many forward-thinking industries and companies.

The speakers of the panel were Rami Malouf, partner of the SNGLR group, a team of technological entrepreneurs specialized in strategic consulting towards exponential technologies; Phil Runyan, co-founder of NiftyCo, a think tank accelerator that boosts adoption of web 3; Lena Nussbaum, Founder and CEO of Yes My Love, a high-quality German fashion brand based solely in the online sphere; and Lou Yu, head of KuCoin Labs, which focuses on investing in innovative companies using the metaverse and Web 3 applications.

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Forward-thinking companies moving to Web 3

Many retail brands have developed succinct business models focused on social media interactivity and building online stores within the traditional Web 2 framework.

Nussbaum explains her fashion label Yes my love relies solely on the online digital space as the store is fully online with no physical outlets. Nussbaum sees the early interest in metaverse, web3 and NFT adoption as a logical step forward for its digital brand. Nussbaum envisions pop-ups of her store in metaverse environments, as well as digital clones of physical clothing designs. The simple adoption of time-stamped NFT authentication of its brand’s clothing on the blockchain is a big step in its field because Yes my love the clientele is made up of traditional consumers who have little understanding of games or Web3 technology.

Runyan, the co-founder of NiftyCo, comes from a background in the gaming industry and sees the Web 3 application in the online gaming sphere as a way for consumers to own digital assets, providing value and an additional agency to the end user. This is a stark comparison to the current status quo where companies own the assets that consumers have purchased within their platform. A company can easily revoke access or ownership of valuable user assets. Blockchain-based noncustodial ownership can combat centralized asset control and provide consumers with greater autonomy over their digital assets.

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Malouf, a partner at SNGLR Group, says many companies have approached him during the hype of NFT and metaverse interest over the past few years. Entertainment and retail companies have regularly approached consultants to ask how these new apps will affect their brand and how they can be used to better engage with their customers. Malouf says his clients learning about the new developing industry are looking to the future and likely preparing their business models for the next decade.

Likewise, forward-thinking governments such as the government of the United Arab Emirates are beginning to see the transformative nature of this technology. Such technology can shape the way public services are delivered to citizens, as well as enable public and private businesses to thrive in the virtual sphere.

“Some governments are trying to be ahead of the curve, in terms of building regulatory sandboxes, to get startups and innovators to scale in a safe way,” Malouf said.

Investor interest in the Metaverse app

KuCoin Labs was created as a metaverse fund and branch of the popular exchange. In addition, it was one of the first companies to work with NFT and metaverse projects from 2019. The growth of interest in institutional investments has only increased since then, with metaverse platforms and popular NFT collections at the forefront of investment considerations.

Yu, head of KuCoin Labs, explains the long-term vision of brave startups moving towards substantial metaverse projects.

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“We have a lot of proof of concepts at the moment. But we still need to dig down to the infrastructure… For example, we are looking at SDKs for metaverses because a lot of people couldn’t build everything from scratch. SDKs will make it easier developer work, game building, NFT projects, avatars, and item launches,” says Yu. These tools are paramount for metaverse adoption and investment analysis. where KuCoin Labs will focus its attention in hopes of supporting ambitious projects in the next three to five years.

For retail investors, Yu sees current NFT uses such as avatars and art collectibles as well as upcoming AR/VR metaverse projects as a relevant area to evaluate when reviewing the Web 3 space. wider.

Runyan sees companies looking to democratize access to the NFT space through accessibility for all as the future pioneers of the web3 sphere. The current state of Web 3 does not yet meet multiple demographic needs. Much of it is limited to the select few in the “crypto boys’ club.”

“It’s designed in a way that not everyone can stick to it… The more access we create to this industry, the more we’ll start to see more consistent numbers.” We won’t see those wild swings that make every project a speculative asset. said Runian.

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Malouf predicts that an array of new business models will appear in metaverse environments. Such models will, in turn, establish an autonomous economy within metaverse platforms. This is a longer-term investment consideration that will be easier to assess as we move forward to see developers and companies building directly on top of the metaverse layer.

“Virtual real estate developers, architects of the metaverse, businesses that provide financial services on the metaverse… A lot of these types of business models that see the metaverse as a new economy are also another kind of layer of how investors could watch the metaverse.” said Malouf.

Considerations on NFT Utility and Inter-Chain Bridging

Ignoring the huge hype and inflated prices surrounding sales and resales of NFT art over the past 12 months, we are left with the question of usefulness surrounding the true functionality of NFTs on a ledger. immutable. What real application can NFTs be used for? Malouf thinks applying NFTs in the real world is an alternative use case to the art collecting hype we’ve come to see in space.

“Imagine real estate title deeds eventually becoming NFTs and actual real estate transfers happening as easily as you can transfer NFTs,” Malouf said.

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However, an important consideration must be assessed, especially when integrating essential contracts such as real estate deeds into a blockchain. It’s about bridging digital assets across chains. We are currently at the embryonic stage of cross-chain bridging, with many solutions missing the mark by not directly solving the transition of digital assets or by posing security risks to sensitive data. It can be argued that the wider application of NFTs to real-world use cases is hampered by the volatility of multiple existing chains and the lack of transition solutions. The solution, therefore, may lie in a capable and powerful chain that can establish real-world adoption at a significant scale.

As institutional and retail investors, businesses and consumers become increasingly in tune with this exciting new space, new use cases and new opportunities are sure to arise. The growing Web 3 sphere calls for productive new discussions like the panel above to embrace positive business solutions, harness investment opportunities, and propel a new frontier in digital asset ownership.

Watch the BSV Global Blockchain Convention Dubai 2022 Day 1 here:

Watch the BSV Global Blockchain Convention Dubai 2022 Day 2 here:

Watch the BSV Global Blockchain Convention Dubai 2022 Day 3 here:

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