“A blockchain is actually run by a decentralized technological system so your computer, my computer, the president’s computer, a student’s computer half across the world — all can verify the code, the transaction, the decision, decentrally via an encryption process,” he said.

Instead of a software being controlled by a computer, Lacche said “it is truly decentralized across endless computers.”

“When the governor of Oregon ordered a lockdown due to the Covid-19 pandemic. Lacche said, “every restaurant, every school, every non-digital company was facing bankruptcy and the cycle we saw in the United States was multiple professional sports leagues going bankrupt because they had no alternative revenue stream.”

‘Everyday People Need to be a Part of It’
In a blockchain based world, known in the industry as the Metaverse or Web3, he said “you can create athletes and hold meaningful competitions with advanced graphics.”

“And because it’s decentralized, it can’t be hacked because there’s nothing centrally to hack,” he said. “You can also have digital art called NFTs and have an entire ecosystem that mirrors your real-world sports model.”

Lacche said sports teams have the option of selling real world items, such as t-shirts and posters, or NFTs, with some selling much higher than real-world rookie cards.

“Web3 has been getting lots of buzz lately, and understandably so,” said Aaron Barbieri-Aghib, co-founder of Dime, an NFT marketplace. “It promises a world where users won’t rely on massive centralized companies and instead will maintain control over their personal data.”

But in order for this vision to come to fruition, Barbieri-Aghib said, “everyday people need to be a part of it.”

“No matter how cool the idea of Web3 is, if it’s not easy and intuitive to use, people won’t adopt it,” he said.

Pavel Bains, CEO of Bluzelle and executive producer with MixMob is a play-to-earn game powered by the Solana blockchain, said “we sell NFTs that can be used within the game.”

“These are masks and MixBots,” he said. “They can be entry into the game, upgrades, and more. We will run an in-game marketplace which generates revenue on sales.”

‘Great Leaps in Creativity’
Mixmob recently secured $7 million in funding. DeFinance Capital, a DeFi-focused crypto-asset fund, led this round of funding, along with such firms as Ascensive Assets, Not3lau Capital, IOSG.

Bains noted the importance of connecting with younger people.

“It’s easier to teach them finance through a video game than telling them the history of money,” he said.

Lou Leporace, the chief marketing officer with Zakeke, a global software company specializing in 2D, 3D and AR customization, said that, at least at the beginning, the new paradigm business models may not be all that different from today.”

Leporace said that NFT marketplaces have delivered nearly $1.5 billion in royalties to artists in just the last three months “indicating a significant level of traction for just this one business.”

“At one level this model is not much different than the way that business is conducted today and that should be no surprise,” he said. “There are also tens of thousands of developers building new tools and services with blockchain.”

As these technologies mature and become easier to adopt, he said, “we will begin to see more significant changes to business models.”

“In the beginning of any technology,” he said, “everyone is trying to figure it out. If you look at the internet in the mid-90s, it was slow and limited due to dial up access and other technology limits.”

As people experiment, learn and adapt Leporace said, “we will see great leaps in creativity in the three to five year range.”

Source https://www.thestreet.com/investing/cryptocurrency/can-businesses-really-make-money-in-the-metaverse

By block head

Block Head is a blockchain journalist.