Home » This week in the metaverse: NFTs, Microsoft, and Meta

This week in the metaverse: NFTs, Microsoft, and Meta

by admin

Welcome to This Week in the Metaverse, where Fortune curates the most interesting news in the world of NFTs, culture, and the metaverse. e-mail marco.quiroz-gutierrez@fortune.com with hints.

Carlos Topo Maceda began to panic last November while attending a friend’s wedding in Puerto Escondido, Mexico.

A flurry of tweets claimed that Hic & Nunc, the NFT marketplace where he had spent most of the past year creating and buying non-fungible tokens was abruptly shut down.project website returned an errorthis is twitter The account was suspended and Topo Maseda was unable to access any of his NFTs.

“From one day to another, they disappeared,” he said.

Topo Maseda eventually restored the NFT from a clone website that copied Hic Et Nunc’s open source code, especially since other NFT marketplaces were shut down or acquired during the cryptocurrency bear market. , not everyone is so lucky. Platform “ClubNFT” that backs up NFT.

Many collectors believe that NFTs are forever safe because they live on the blockchain, but this is not always true, Bailey said. luckSome elements of NFTs exist on the blockchain, but only about 10% are fully on-chain. Instead, about 40% of all NFTs are hosted on private servers and can be lost at any time.

“People are confused when they hear about blockchain and how things are and will last forever,” continued Bailey. It’s the art and metadata that they actually see when they go to , and the things they fall in love with are mostly not on blockchain.

Carlos Topo Maseda lost almost all of his NFTs last November when marketplace Hic Et Nunc suddenly went down.

Courtesy of Carlos Topo Maceda

NFTs typically have three to seven components, Bailey said, which could include a main image, rarity-defining metadata, or an artist’s name. But these elements are often stored on private his servers that can be shut down at a whim, similar to what happened with Hic Et Nunc. This can leave collectors with shells of his NFTs pointing to old images, eventually becoming worthless.

To solve this problem, some NFT marketplaces are turning to IPFS (InterPlanetary File System). It is universally compatible and uses a unique hash to ensure that the elements of the NFT are still there somewhere online or can be retrieved as long as they are available. you.

Metaplex Studios CEO Stephen Hess said: luck His company offers IPFS to its users because IPFS is one of the best systems for securing immutable NFTs.

“We see collectors looking for permanence.” Hess Said. “They want to know that they are buying this piece of art and that it will be around for generations.”

But IPFS means nothing if the marketplace shuts down and the “pinning” payouts, which pretty much happened with Hic Et Nunc, stop. Pinning is essentially a recurring fee for hosting an NFT. It’s like paying to store your files in a cloud storage service like DropBox.

To avoid the marketplace pitfalls of storing NFTs on private servers or stopping payments that render IPFS useless, ClubNFT allows collectors to download free local backups of NFTs and their elements. Even if the marketplace he bought the NFT from shuts down and stops paying for pinning, with a local backup he can restore using IPFS and start paying for pinning himself.

After Topo Maseda’s experience with Hic Et Nunc, the first thing he did was back up the NFT he was able to recover. He now stores it on his two separate hard drives.

“For me, that was the moment I understood what it meant to own data,” he said.

In other news:

microsoft blew the lead in the metaverse, according to of wall street journalAlthough the tech company has released an augmented reality headset hololens The company faced a technology setback in 2016 and is its biggest potential customer, according to a former employee U.S. Army.

Celebrate again this year Day of the Dead experience in the Metaverse Spatial When Ezel.Life with government participation Mexico CityThe Día de los Muertos experience includes activities, holiday-themed avatars, and murals by Mexican artist Diego Rivera. A virtual parade mirroring the physical parade in the Mexican capital will also be held on October 29 in Decentraland.

metaverse day of the dead
Experience Day of the Dead in the Metaverse this year with an experience joined by the Government of Mexico City.

courtesy of space

metaz Virtual and Augmented Reality Division reality lab You probably won’t be profitable anytime soonThe company said in its third-quarter earnings call that Reality Labs’ operating loss will increase “significantly” in 2023 year-over-year. $9.4 billion in 2022but the CEO Mark Zuckerberg In the company’s earnings report, the development of the Metaverse “Some of the most historic work we do”

twitter Users may soon be able to buy and trade NFTs directly through Tweets Feature in testing called NFT Tweet Tilesin collaboration with rare When magic edenSports NFT Marketplace jump trade, creator with NBA top shot and the flow blockchain dapper lab, Twitter plans to allow users to buy, sell and trade NFTs across multiple blockchains.

sign up for Features of Fortune Subscribe to our mailing list and never miss our biggest features, exclusive interviews and surveys.

Related Posts

Leave a Comment