What you need to know about Web3, NFTs, and the Metaverse

"It's a future worth getting excited about," said NFT3 founder Dylan Dewdney.

According to a new report, cryptocurrency developments are well-positioned to shape the future of media and entertainment.

Kristina Cornèr, editor-in-chief of Cointelegraph, acknowledged that "It's been a hectic year" while discussing the rise of crypto innovations among media firms at the BlockDown event.

For example, Cornèr cited examples of independent artists and journalists using the NFT to collect cash and address real-world issues, including climate change. With Dylan Dewdney, inventor of NFT3, an identity network, Cornèr addressed issues about the blending of virtual and real worlds in the Metaverse.

According to Dewdney, there is a strong likelihood that real-world issues will find their way into the Metaverse despite their union. It was proposed that users may be authenticated yet remain anonymous to the rest of the Metaverse by using a pseudonymous system.

With a gradual move towards the Metaverse, Dewdney expects "the actual world to grow better." However, it will need the adoption of aspects of the crypto ethos, particularly in terms of fairness and personal accountability:

In my opinion, it's time for the world to change, and we've already begun to create the groundwork for a lot of that. 

It's up to us to ensure that the word gets out there in the most effective way possible.

Cointelegraph's flagship event, BlockShow, has been relaunched as a decentralized autonomous organization (DAO) that enables spectators to hold a share in the show and participate in arranging events, demonstrating an in-house effort to establish the largest fully community-owned Web3 festival.

It's the mission of BlockShow DAO CEO Addy Crezee "to attract more people to Web3 and let individuals enjoy the advantages of the ownership economy," she says.

As Dewdney and Cornèr continued their discussion on Metaverse sociopolitics, Dewdney said:

"If we continue to be boring people who do the same old petty things and amazing things, then we'll still have the same issues.
A future worth getting excited about" can be achieved if the crypto community can effectively decentralize the internet."

Dewdney's goal with NFT3 is to give the Metaverse ecosystem a decentralized identification service. Associating diverse data with a pseudonymous yet real-life identity is possible with the service.

When it comes to the "human use case" of the blockchain, Dewdney thinks it's time to go beyond financial applications.