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Value Creation In The Metaverse: A Utility Framework For NFTs

NFTs should provide value and utility. getty

Whenever something new comes along, a few early adopters experiment without expectation, while the large majority questions the usefulness and viability of the endeavor. The gap between these two groups of people can stay rather vast for quite a long time. One one hand, those experimenting are having fun, making mistakes and feeding the emergent nature of collective invention. At the same time, the other group holds firm with their original assessment looking for permission to reconsider from a trusted, cultural oracle. The Metaverse is unique in that it will emerge over time through experimentation, failure, learning lessons, pivots and open minds who want to push the boundaries of the human experience. Many of those powering this emergence are providing thoughtful concepts for the large majority to digest and determine value. 

A Framework As A North Star NFTs should have utility. getty

Like a jazz ensemble in full flow state blurs the border of brilliance and cacophony, the process of designing and building the Metaverse will oscillate between similar states. It needs some clear and present waypoints to align contributors and facilitate collaboration. Nothing too prescriptive or constrained, but enough to ensure a common language for improvisation. Frameworks for creativity are all around us. While composing, a musician uses a tonal center, a rhythmic construct, and a song form. The Internet as we know it may not have come together without the Open Systems Interconnection (OSI) Model, which showed how a piece of data moves from one computer to another through a series of seven steps. Every storyteller is intimately familiar with Joseph Campbell and The Hero’s Journey, where, in a proven series of steps, the characters and plot become intertwined creating a compelling story. These frameworks were not designed to limit output or stifle creativity. Th...

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ETH +3.22% · blog.ethereum.org · 5h

How The Merge Impacts Ethereum’s Application Layer

Ethereum’s transition to proof of stake – The Merge – is near: devnets are being stood up, specifications are being finalized and community outreach has begun in earnest. The Merge is designed to have...
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