GameFi, NFTs and The Metaverse: Day 2 of Binance Blockchain Week 2022

How to navigate the NFT and Metaverse world? What are these new technologies? How could they push the industry forward? And how can you participate in this digital future? Day 2 of Binance Blockchain Week was dedicated to a better understanding of the swiftly growing worlds of GameFi, NFTs and metaverses.

The annual Binance Blockchain Week involves the brightest and most influential minds in the blockchain ecosystem and beyond for three days of various panels, fireside chat sessions and thought-provoking keynotes available via live streaming.

Day 2 of Binance Blockchain Week 2022 was dedicated to a better understanding of the swiftly growing worlds of GameFi, NFTs and metaverses. The answers to these key questions were explored on the second day’s agenda by leading industry speakers.

The starting panel discussed the roles of decentralized projects and centralized companies that are building the Web3 infrastructure.

“Developers, developers, developers,” stressed Timothy Lewis, CSO of Tea, underlining a key element of Web3 building. With the countless applications and services that can exist in Web3, it’s no surprise that you need more developers.

William Quigley, Co-founder and CEO of Tether and WAX, suggested that indie developers, rather than centralized companies, will start to embrace and build Web3 sooner.

“Every industry in the world will ultimately embed NFTs in their business,” he resumed.

Three elements raised by the next panel, dedicated to the DeFi future, were user experience, a scalable environment, and liquidity.

“The one thing needed for DeFi mass adoption? Time,” noted Denko Mancheski, CEO & Founder of Reef.

Discussing how projects are trying to encourage DeFi adoption, the speakers agreed that in building this new generation of products, the needs of the user come first.

Developers building products are more open to receiving feedback from users, allowing them to optimize and improve products and software that can be used by anyone. Also, it was stressed the importance of creating a scalable environment for developers and traders who want to be involved in DeFi.

In addition, the panel touched upon the issue of fragmented liquidity due to the sheer number of stablecoins in the market. The speakers expressed their hope that they will soon converge to a few key stablecoins that can power the future of DeFi.

As a prominent example of the Metaverse, The Sandbox is one of the projects that’s building that virtual space for mass users.

Sebastien Borget, Co-Founder and COO of The Sandbox, held his keynote speech at the conference.

“The Metaverse will provide richer, more social, more immersive experiences for everyone,” he said.

Ever thought about running around the Sahara Desert as a tall blue alien? What about accessing an exclusive concert or being in the front row of your favorite sports event? In The Sandbox, these possibilities are endless, including creating our own avatars and using them to interact with buildings, communities, and events online.

Also, the Metaverse economy could reward users for spending time on the Internet and monetizing their gaming experiences, allowing them to work and play at the same time.

How the NFT hype is evolving from being mere speculation to a more integrated business was the topic of one of the last discussions this day.

“The concept around NFTs is no longer just speculative,” claimed Joshua Ho, Co-Founder of QCP Capital.

Founder of Hypebeast, Kevin added: “We like NFTs because it’s fascinating. We want to support emerging artists.”

He shared his joy of flexing and flipping limited-edition sneakers and likens it to NFTs.

Also, Natasha Damodaran shared how Vogue Singapore, launched in the middle of the global pandemic, cleverly used NFTs to transcend the traditional fashion industry.

Successful NFT use cases don’t stop at fashion. Any type of creator can bring their art to market with the readily-available tools that have emerged from the NFT space.

You can create artwork while ensuring full ownership with NFTs and blockchain. Contrary to traditional art, where ownership hands once the art has been sold, NFT changes the game and captures more of the work the artists have put out into the real world.

Blockchain Binance Week 2022 is taking place in Dubai from 28 to 30 March 2022.