How will entertainment change when next-generation technologies such as the Metaverse and NFTs merge with the latest technologies that are beginning to be used in the entertainment industry?
Let us consider the future of entertainment, which is changing with the emergence of new technologies.
Web 3.0 is a generic term for the next-generation internet and its concepts
In recent years, services and products combining entertainment with the concept of Web 3.0 have emerged one after another. Before considering why the fusion of entertainment and Web 3.0 is progressing and what value will be created by it, let us first explain the concept of Web 3.0, which is difficult to grasp in reality.
Web 3.0 is a generic term for the next generation internet and a concept based on blockchain technology that enables decentralised management of personal data without depending on specific companies or administrators.
What is NFT?
Non-Fungible Token (NFT) is a generic term for irreplaceable digital data that utilises blockchain technology: by using NFT, it is possible to determine that the digital data in question is not copied data or tampered with.
This explanation is not clear enough, so let me give you an example. For example, if you issue a digital membership card NFT for an idol, it will be clear to everyone that the membership card NFT is ‘duly issued’, whose property it is and when it was issued.
In addition, NFTs can in most cases be bought and sold on online sites called marketplaces. NFTs are a technology that makes digital data provable for ownership and authenticity (just like real objects) and can also be traded online.
What are tokens?
Next, let's discuss tokens. Tokens are, simply put, cryptographic assets such as Bitcoin. Strictly speaking, there is a difference between the terms crypto-asset and token, but they should be understood as the same ‘digital money-like thing’.
Tokens, like NFTs, can be issued and sold by anyone, so they can be used, for example, by companies to raise funds by issuing money themselves and selling it to their fans and investors. For example, a company could issue a token called ‘◯◯46Coin’ and sell it to their fans.
What is the metaverse?
Next is the ‘metaverse’, which has been a hot topic since last year. Although the definition of a metaverse has not yet been established, it refers to a three-dimensional space constructed on the Internet, where people can use avatars as their alter egos to carry out activities.
This alone may seem unrelated to Web 3.0, but by making real estate, land and items in the metaverse NFT, it becomes possible to buy and sell them. ‘ to digital objects in digital space.
Also, tokens are used to trade them (digital money is much more convenient than real money when trading NFTs). In other words, the relationship is that next-generation technologies such as NFTs and tokens are used to expand the range of things that can be done in the metaverse and make it more realistic.
