NFTzie, PolkaCipher & the Metaverse — an intertwined ecosystem of endless possibilities
Who would have thought a tech behemoth like Facebook would seek refuge in a buzzing word like “Metaverse” after being in the news again for the wrong reason — Facebook, WhatsApp & Instagram outage. Whether it was just a way to deflect attention from the outage, Facebook announced rolling out a $10 new million fund for creators building games in its new metaverse project. Yes, that word, Metaverse! And we at PolkaCipher are laser-focused to ensure we don’t just feed off the hype but help knit the blanket that supports its continued growth through NFTzie.
But beyond Facebook throwing its weight around Metaverse and creators, heavyweight funds and reputable angel investors are also backing this new phase of the Internet. Funding for blockchain gaming projects incorporating NFTs into their design and functionalities in the first half of 2021 edged the entire record of 2020 by over 100%. A Beincrypto report showed that between January 1 and July 31, 2021, cryptocurrency gaming companies closed a total of 24 deals, doubling the 12 deals confirmed for the entire 2020 fiscal year.
In addition, the seeming unstoppable NFT boom has continued to fuel interest in this sector. A DappRadar industry report showed that NFTs sales in Q3, 2021 alone surged above $10.67, dwarfing Q2’s record by 704%.
But, what is this thing called the Metaverse?
David Hoffman from Bankless and a known supporter of Ethereum argues that ‘The metaverse’ will orchestrate many different layers and technologies. Still, it will ultimately collapse upon a single shared source of truth that all components of the Metaverse will abide by. In his definition, he roots for Ethereum as that ultimate source of truth for all things Metaverse. A plausible quest, especially as Ethereum was the bastion of the DeFi and NFT innovation in the early days. Solana, Avalanche, Binance Smart Chain, Polkadot are all pushing the boundaries of tokenization and NFTs to the next level
And here, we said the Metaverse is a collective virtual shared space, created by the convergence of virtually enhanced physical reality and physically persistent virtual space, including the sum of all virtual worlds, augmented reality, and the Internet.
Although it looks like just about anything that presents itself as a digital alternative can pass off as a component of the Metaverse so much so that startups and tech articles now throw the word around so loosely.
CryptoArt and just any other random Jpegs isn’t all there is about NFTs, fashion, entertainment, gaming, sports, real estate are other sectors getting revolutionized. It is not surprising that after the rise of Crypto Kitties back in 2017 allowing users to breed and sell digital cats, the NFTs boom resurfaced three years later and has continued unabated. As is natural, the metaverse craze kicked off with the highly-valued speculative art pieces and then is maturing into a more functional ecosystem that is highly interconnected with each individual unique piece trying to fit in and provide utility to one another just like we have in the physical universe.
NFTzie — connector for the Metaverse
No doubt, Ethereum, Polkadot, Avalanche may position themselves as the single shared source of truth for the online realities within the Metaverse. But the next generation of these online realities will span across many metaverses that all have different characteristics and communities. And all of them will strive to make sense among themselves by working towards a unified whole.
Imagine a virtual world by Astra where players compete in-game to win real-life luxury fashion prizes from Balenciaga, Saint Laurent, Off White, Gucci, Bottega Veneta, Fendi, Dior, Prada & more. In the demo, a simply-clad heroine walks into a store where she cycles through a variety of looks that she can buy after competing in combat sequences with other players outside the “store.”
But before winning these luxury prizes, you need to combat and defeat your foes. What if you could use any of the superpowers acquired from any of the Play-2-earn games on BSC, Ethereum, or Avalanche and port them to Astra to boost the fighting abilities of your character in Astra’s RPG game? Think of it like Fortnite skins ported and functioning in Call of Duty or Valorant. Boils down to one point — Interoperability! That’s right. And in Astra’s case, it is quickly morphing into a method of using technology to broaden the customer base or audience of industry or niche. Think about it, Astra’s target is the young folks who are fascinated by playing games and also love to keep up with trendy fashion.
PolkaCipher was conceived exactly for this purpose — aggregating all the siloed farms of dapps and any other decentralised technology employing protocol through our proprietary privacy-focused cross-chain oracle network. NFTzie, the world’s first NFT bridge for the Metaverse enablement with tools such as a Multichain NFT scan and other data pointers functions as the bridge between PolkaCipher and other networks seeking to tap into a multi-chain ecosystem.
Through NFTzie, an ecosystem like Open World Games currently layered on Unity or Unreal Engine in their bid to introduce Blockchain technologies can mix their gaming environments with others creating a truly Borderless Metaverse.
What can you currently do with NFTzie?
- See all your NFTs in one place from all supported chains with a click.
Hence, no need to try to switch platforms, NFTzie bridge already supports the most active DeFi chains — Ethereum, BSC, Polygon. We are working on adding Solana, Avalanche, OKEx chain, and other chains.
2. Easy to track all your NFT transactions from various chains in one tab!
3. Easily keep abreast of the most trending NFTs in the industry with direct links to their collections on Opensea using NFTzie.
4. Access a multi-chain NFT marketplace with both retail and business in mind. Beyond your regular NFTs, NFTzie Marketplace facilitates the trade and transfer of proprietary NFT forms such as bNFT (business-focused NFTs), Encrypted NFTs (privacy), Interactive NFTs, On-chain royalties, Teams, Metaverse events, and much more.
The global gaming market is expected to reach $256.97 billion by 2025 and the likes of Axie Infinity, a blockchain game, is already smashing past the $2 billion mark in Ethereum NFT sales. On the other hand, experts have tipped DeFi to cross $500 billion if cross-chain liquidity bridges play their crucial role. And with the recent romance between blockchain games promoting NFTs based in-game assets and DeFi — GameFi, the race to own a piece and develop one’s space of the Metaverse can only get more fierce. PolkaCipher is right at the epicenter of this movement with NFTzie to bring about seamless transfer and use of NFTs with its multi-chain bridge.
PolkaCipher is a privacy-preserving oracle network on the Polkadot Blockchain focused on bringing the use case of private NFTs to off-chain businesses and be a bridge for seamless integration to on-chain Defi apps.
PolkaCipher’s unique offerings help push the use-cases of the NFTs in real-world scenarios while still being connected to a cross-chain network that is fair and accurate. PolkaCipher intends to achieve business goals by helping users transact privately and securely using NFTs as a mode of access to different decentralized apps (Dapps) and real-world business rewards.