In the last story we published on The Converge II virtual event, we commenced with Chuta Chimezie’s opening speech where he gave a breakdown of the role of blockchain in the web3 application.
In today’s article, we would explore the applications of blockchain to the web3 technology as stated by Chuta.
Distributed Financial Services
According to Chuta, Web3 frameworks can be used to decentralize finance applications. This means that you can build financial tools and services that won’t be dependent on central services, or any other services that encourage the use of a middleman.
“Again, that’s another huge opportunity doesn’t have a huge space for every one of us to easily find the opportunity to experiment in.”
“Playing games, never used to be as profitable, as those who play those games would have expected it to be, but today, we have this new industry being unveiled called gamefi, which is gamified kinds of applications where you play games to gain.”
As stated by Chuta, the gaming industry has taken new turns as some people only just have to wake up in the morning, resume playing games and start making money, all in the comfort of their rooms.
“I know people who just wake up in the morning, they just start playing games, and start making money. That’s another huge opportunity out there.
“So if you’re seeing these opportunities, or you are thinking, how do I get involved? Then the entry point is actually immersing yourself in understanding the web3 technology and how you could utilize them to be like that.”
“Non-fungible tokens are also a huge revolution because never before in the world, has there been an opportunity for us to create an artistic element that will retain its originality, while continuously having the opportunity to reward its creators irrespective of who changes the ownership.”
As further explained by Chuta, NFTs on their own has so many applications and ways that anyone can build something.
“Either if you are an artist or not, even if you are a programmer or a developer, you can actually leverage it to make a lot of money because there are also what you call generative NFT’s that doesn’t require you to actually know how to sing or know how to paint or how to use brushes.”
Chuta further explained that you could actually use software codes like python to create art and those arts to be original, and those arts will be able to be sold for huge amounts of money in different NFT platforms like open sea and variable.
Facebook recently announced that their company is now transitioning into the metaverse world.
“Metaverse is, is nothing fundamentally new, so to speak, but the fact that in the metaverse now you can actually transact, change ownership of what you have in something, right in a virtual world and this makes it also revolutionary on its own.”
Accordng to Chuta, when the era of virtual reality, it didn’t gain much traction, however, right now, people are creating real estate and selling them for a huge amount in the virtual world.
Chuta also learnt his voice to the Central Bank Digital Currency (CBDC), accoridng to him, CBDCs are nothing other than the response to the encroachment of crypto assets into the governmnet’s jurisdictions.
“So with time, we are going to have to reappraise how governments work, how they distribute their finances as taxation will be redefined, because we now have alternative finance. And that’s a huge aspect of what we want to do.
“So we need to remain focused, very objective and completely determined to make the best out of the blockchain technology, because the world is getting redefined. Whether you like it or not, governance and the economy is getting redefined.”, Chuta concludes.
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