PULSE STUDIO is preparing for how the Metaverse and NFTs will change
Virtual Events forever
To say that we are excited about the future and the metaverse is an understatement. The metaverse is coming and we are preparing for that future.
WHAT IS THE METAVERSE
Before we dive in, what is the metaverse? The metaverse is a persistent online 3D-virtual world. In this world people come together to connect, play games, learn, and interact with each other. There are currently several metaverses, with more to come in the future. A true metaverse would allow users to move freely from one metaverse world to another but that reality is still years away.
DECENTRALIZED VIRTUAL WORLD
The metaverse is a decentralized virtual world, living on blockchain technology. In these metaverses, users purchase and own virtual land. Owners can then build on, develop, program, create games, and even rent out the land for metaverse experiences. Additionally in a decentralized metaverse, land owners and users govern the platform, vote on how the platform will develop and evolve over time. This is typically set up in a DAO (Decentralized Autonomous Organization) where proposals can be submitted and voted on based on your percentage of ownership.
We cannot talk about the metaverse without talking about NFTs and how they are integral to one another. NFTs (Non-Fungible Tokens) are proof of certified ownership of a digital object that is tracked in a public digital ledger. When you first hear about NFTs you may hear about a project like CryptoPunks, the OG of the NFT world. These are JPEGs images with code embedded in them which makes the original NFT trackable and certifiable through a blockchain ledger. With this embedded code, the original NFT is verifiable of who the true owner is at any given time. This is akin to how there can be millions of copies of the Mona Lisa in the world, but we know that original painting resides in the Louvre. With NFTs, we can now verify and track every NFT recorded on a digital public ledger. A JPEG NFT is the simplest form of an NFT. The real power and value of any NFT is in the underlying code and utility that embedded within the digital file.
NFTs + METAVERSE
Let us connect the dots now between NFTs and the metaverse. In the metaverse, you can own digital assets such as virtual land, avatar skins, profile pics, avatar swag, even a concert or event ticket. These assets can provide utility such as giving you the holder access to a virtual event. NFTs become collectibles, tradeable and sellable because they are a unique one-of-a-kind digital asset that cannot be copied.
How will NFTs, the metaverse and virtual events work in the real-world? Pulse Studio has been pioneering the path to integrating these new virtual experiences. Let us explore one of the many real-world examples.
NFTs TICKETS HERE
Pulse is having an event, it could be a corporate event, concert, tradeshow, a party celebration, the sky is the limit. Like all events we start with a simple invite or signup to join the virtual event. This is where it gets fun! Instead of sending users a confirmation code you send a NFT “ticket” to the attendee’s digital wallet. This unique NFT provides access to your event while keeping others out. Remember that the NFT “ticket” is one-of-a-kind and impossible to copy. You must hold this ticket in your digital wallet to gain access. To take that ticket a step further, the virtual event with your favorite band sold only 1000 NFT “tickets.” Now that NFT “ticket” you own is 1 of 1000 tickets that will ever exist in the world. That NFT has value purely as a collectible. Now, imagine the band is on a virtual tour of 10 shows. As the super fan that you are, you go to all 10 shows. The band can now do a promotion to give back to those super fans by sending them a gift. For example, if you hold all 10 show tickets, they will send you an exclusive NFT to a private show. Now people are reselling and buying those ticket NFT to get a collection of all 10. This adds value to those NFT’s. By tickets having value, more people will want to go to that band’s virtual concert and your community around these events will grow.
Virtual Events + NFTs
ENTER THE METAVERSE
You now have your NFT “ticket,” lets step into the metaverse. As I mentioned earlier there are many metaverses but I will use Decentraland as an example being the only metaverse that you can visit today. I will also preface this with we are still incredibly early so this is more of a vision than reality right now. When you enter Decentraland you are entering a persistent 3d virtual world comprised of thousands of virtual plots of land that are owned, bought, and sold. In fact, land parcels are NFTs that are your certificate of ownership, or virtual deed. On virtual land you can build any experience you would like from concert venues to sales center to gaming arenas. As in the real world, everyone will join this event for a shared experience. Attendees can view content, play games, chat with others and much more. You can even visit the band’s swag store to pick up a shirt NFT for your online avatar (this could also serve as a voguer for the bands shirt in the real world). This is just scratching the surface of what is and will be possible in the future.