NFTs, blockchain and the metaverse threaten to turn our world into the Matrix

Iconic sci-fi saga, Matrix is more than ever a topical film. Indeed, it raises the problem of the increasing influence of machines and technology on our daily lives. The world also seems to be heading for the dystopia described there with the emergence of three technologies, namely: NFTs, blockchain and the metaverse. Interest in these risks leads people to choose between the comfort of virtual reality and the difficulties of the real world. In the meantime, it is important to keep the following elements in mind.

NFTs

Due to the immutable nature of NFTs, artists gradually regain control of the economics of their activities. Technology adoption can also: eradicate the counterfeit market in several areas† More than just a means of digitally verifying property ownership, NFTs can also drive consumer engagement around a variety of projects.

Despite all these advantages, the adoption of this technology also has a downside, as there is currently no direct regulation. Since NFTs are only worth what investors are willing to pay, the level of volatility in this market is quite high. Highly speculative, NFTs represent a risky asset class in which it is easy to lose money

Blockchain

Blockchain, a technology that underpins the cryptocurrency market, has unique potential that can be useful in various fields outside of finance. By advocating complete decentralization of data, the blockchain has: has fostered the emergence of the largest unregulated market in the world† Like NFTs, cryptocurrencies are quite lucrative assets that are governed by significant volatility.

They have eventually become a tool conducive to crime as they are not controlled by central banks and offer a certain anonymity to their users. The decentralization of the blockchain that prevents control of a jurisdiction or entity represents the technology a ticking time bomb in case of mainstream adoption of cryptocurrencies

The Metaverse

Thanks to a virtual reality headset, the metaverse immerses us in a universe where our avatar can perform all our real tasks† This takes into account our favorite hobbies as well as our professional life. The economy of this virtual world will be centered on using NFTs to equip our avatars and those of cryptocurrencies. In particular, this set is based on the blockchain and is one of the key elements of the Web 3.0 concept.

While appealing, the idea of ​​spending time in the metaverse surrounded by virtual assets carries several risks. In addition to identity theft and security issues, the metaverse can develop an unhealthy human addiction to virtual reality. Continued immersion in this universe can lead to a sedentary lifestyle, depression, withdrawal from society, even a confusion between what is real and what is not.

All these elements should lead us to ask ourselves what we really expect from technology, and the line we don’t cross by using it. For all their benefits, NFTs, blockchain and the metaverse should not have any adverse effects on our finances, well-being and long-term health. We must therefore keep in mind that technology is there to improve our lives, not to dominate it as in Matrix

Source: TechRadar

Get an overview of news in the world of cryptocurrencies by subscribing to our new daily and weekly newsletter service, so you don’t miss out on the essential Coinstand!

Get an overview of news in the world of cryptocurrencies by subscribing to our new daily and weekly newsletter service, so you don’t miss out on the essential Coinstand!

User Image

Luc Jose Adjinacou

Far from dampening my enthusiasm, a failed cryptocurrency investment in 2017 has only heightened my enthusiasm. I therefore decided to study and understand the blockchain and its many applications and to pass on information about this ecosystem with my pen.

Leave a Comment