NFTs and Blockchain Gaming Could Redefine The Public Perception of Crypto, Says Terra CEO
Terra NFTs: Terra CEO Do Kwon is forecasting massive innovation coming to blockchain gaming and NFTs that could redefine how people interact with crypto.
Covered:
- The Potential Behind NFTs
- Where is Blockchain Gaming Headed?
- Terra (LUNA) Ecosystem At A Glance
Non-fungible tokens (NFTs) and blockchain games have quickly become one of the hottest conversations in crypto. At Delphi Digital’s Burning Man On Mars conference, Terra (LUNA) CEO Do Kwon shared some of his insights on the major innovations being developed in the space.
Terra NFTs: The Potential Behind NFTs
One of the key innovations of the modern-day internet (Web2) is that for the first time in history, we were able to create infinite copies of data. Digital abundance was a breakthrough discovery.
However, today’s internet also lacks the crucial other half of this equation: digital scarcity. The issue with Web2 is that we have no system in place for identifying and taking ownership of digital property.
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The Terra CEO thinks that NFTs are going to lay the foundation for the digital economy to develop as the technology behind NFTs introduces the concept of property to the digital realm.
“What’s exciting about NFTs is that they are a system to enforce scarcity on the internet. And I think that’s what NFTs will eventually transition to. What I mean is, for example, in Web2, regardless of whether you’re a billionaire or whether you’re a high school student, there’s not a concept of property, which is why all the monetization schemes devolve to fighting for user attention and advertisements.
But what NFTs allow you to do is that it allows you to own unique and scarce stuff. So it allows you to construct economies on top of Web3 in a way that even DeFi isn’t quite able to do just on its own.”
Where Is Blockchain Gaming Headed?
Kwon thinks that while the current state of blockchain games serves as a valid proof of concept, the real innovation in blockchain gaming will be made when the large, established entertainment companies get involved.
“Right now, I think a lot of the games that use blockchain in some way are interesting proofs of concepts, but, I think I would struggle to see a version of the world where they could have parity in terms of entertainment value with some of the leading IP (intellectual property) that’s out there.”
Once mainstream gaming incorporates a crypto token mechanism, he says the public’s perception of cryptocurrency will change drastically.
“I think that’s gonna change, though. I think some of the flagship entertainment IP is going to come with a token component very, very soon, and I think that’s just going to change the perception of the public entirely. And it’s a good educational tool, right? Getting the kids, and getting the masses to engage with crypto in a way that they’ll never actually do with DeFi (decentralized finance).”
Terra (LUNA) Ecosystem At A Glance
If you’re unfamiliar with the Terra ecosystem, Terra is a layer-1 (L1) smart contract platform seeking to bring decentralized applications and financial services to its users. In September, the platform launched its highly-anticipated Columbus-5 upgrade, which adds a burn mechanism to its native LUNA tokens.
Terra's ecosystem sprint into the end of the year is gonna be a sight to behold.
Bonus — IBC and Wormhole go live next week pic.twitter.com/YWBXja46p4
— Terra (UST) Powered by LUNA (@terra_money) October 14, 2021
Today, LUNA has been a standout performer against its L1 competition. The token is climbing back towards its $54.77 all-time high, currently up 5.5% and trading at $54.07.
It will be interesting to see how Terra will carve out its own niche in the NFT and gaming sector. With over 160 projects set to launch on the ecosystem by early 2022, LUNA and other crypto network competitors could flourish as NFTs and blockchain gaming introduces users to crypto.
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Text source: CryptosRus
