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Blockchain, Gaming and MetaVerse by Jorge Sebastiao
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Nov 6, 2023
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0:00
Yes, good morning. My name is George Sebastiao. I'm Portuguese Canadian. I've been in the IT space for 35 years. I've been in many elements of IT, including cybersecurity for 22, about 12 for AI in telecom, and about seven years in blockchain. And as you know, the old space of IT is moving at extremely rapid pace
0:29
specifically as it moves into, I guess, this gaming and metaverse. Since the blockchain has joined us in the last seven years plus
0:42
I mean, originally 12 plus years, you can say it's Bitcoin. So it was quite limited on the kind of functionality that could have been done in this space
0:53
But with seven years, it was the birth of euryum and kind of a programmable exchange of
0:59
value and this enabled a whole new ecosystem to actually be built
1:05
If you remember almost four or five years ago, we had the birth of the first NFTs
1:11
which at the time were known as Cryptokides and actually ended up crashing the Iterium network
1:17
because there was just too much demand and not enough capacity in the network to actually do that
1:24
And this is not the first time the network has crashed. more recently, we have the board apes that also, when they released their Metaverse
1:34
and the Iterium network, it also ended up crashing that network as well, because just too many
1:39
transactions per second. So you can say that this programmable space has given the born a whole new
1:45
economy, a whole new circle economy. Of course, gaming has been with IT since the early days
1:52
It was gaming that actually developed most of the research that was done on Intel Chish
1:57
and graphic acceleration cards and, you know, GPUs. So not only they're used for mining
2:04
but they're also used for gaming. Actually, gamers are not too happy
2:08
that their cards became so expensive as a result of the launch of Ethereum platforms
2:15
Therefore you know this new economy is basically being born So there many elements that are important to it One is NFT which allows you the exchange of value
2:27
but programmable exchange of value. So NFT are kind of unique characters or unique assets that can exist outside a game
2:36
but primarily today are being developed within the game space. And this could be shields, this could be the characters themselves
2:45
this could be assets that you actually win in the game. So gaming is actually creating a whole new economy that was not there before
2:54
So the concept today known as Play to Earn is new to this space
3:01
Now alongside all this blockchain, NFT, programmable transfer of value, we also have the, you can say the birth of the Metaverse
3:12
I actually don't like too much the term Metaverse. I prefer the word digital twin rather than Metaverse
3:19
3D worlds have actually also been with us for the last 15 plus years
3:24
I mean, in the original browsers like Netscape and others, something known as VRML or 3D objects were able to be displayed and interacted with
3:35
However, of course, the kind of interaction that you could do with this
3:39
is limited to actually being able to view, rotate or navigate, inside these 3D objects. Today, all these three worlds are colliding together
3:52
So on one side, we have the gaming world. On the other side, we have the blockchain in the
3:56
NFT world. And on the other side, we have the metaverse, which enable us to combine these
4:04
three elements in a virtual digital twin world. Now, I also don't like the term just metaverse
4:12
I like multiverse, because in the end, first, there is not just one metaverse, but there is a
4:19
multitude of them. It is important to actually build interoperability. Today, we have too many
4:25
silos in our technology. We have silos in the NFT world. We have silos in the blockchain world
4:34
So in the blockchain world NFT we have to have the concept of integration between the various network assets So multi capability is extremely important The same is to be said also for the metaverse
4:52
and that's why the importance of multiverse and the capability of integrating these verses together
4:58
so that you can go from one to the other or you can go from one game to the other
5:04
And assets that you may win in another game could easily be transferred to other games
5:09
or they could be convertible into other coins and eventually even used as financial assets
5:16
that you could integrate into traditional payment systems that today are primarily driven by Visa and MasterCard
5:24
We have places like, for example, Philippines where people today are earning something like $50 a week
5:31
or more playing games, which enables this play turn to actually end up
5:37
you know, feeding an intent. entire family, which is quite important. The same can obviously be set for India and other parts of the world. So obviously, we have very large communities in India. We have a billion people. We have a billion people in China. We have a billion people in Africa. Of course, other elements need to come together for these things to actually be able to operate. So one of the important elements that I do not touch base, but it's definitely the availability of
6:09
low-cost broadband telecommunications. Now, whether these are provided by mobile, by satellite
6:18
like the new and upcoming Starlink, which enables us to put broadband anywhere on the planet
6:25
those are all key elements to enable these technologies to actually have success for them to be able to grow and to flourish
6:35
Are we there yet? No, I think it's a, it's a, it's a real
6:39
You know, if you look at blockchain as a technology, it's probably in its early teenager years
6:46
We have probably somewhere around 50% of the planet actually has digital wallets
6:53
So a lot of work needs or remains ahead to capture a much larger part of you can say sometimes we even talk this as the unbanked or the unconnected part of the world So it is important to address both from a point of blockchain perspective but also from a connectivity
7:15
and high availability of broadband to be able to change the lives of the people that are
7:21
impacted by this technology. Now, the same thing is happening in the metaverse as well
7:31
Well, we still have some challenges. One of the challenges definitely that I always like to mention is that in the past
7:39
people have used primarily desktops as a way to actually interface into the internet
7:45
and to the virtual worlds of the internet. But today, the primary device of choice is actually the mobile device or the smartphone
7:53
So that means we need to be able to have these blockchain environments
8:01
these Metaverse, these NFTs integrate very well into the new device of choice, which is the mobile phone
8:10
Now, there's obviously many ways to do that. We have used technologies like cloud gaming
8:16
and others to be able to do that because in the world of 3D
8:20
a lot of computing power is actually required to be able to integrate that
8:27
And I think as this all evolves, it's not just about, the virtual worlds. It's about the integration of these virtual worlds into the real world
8:36
So in this new generation of metaverses, what we will have is we will have a combination of
8:43
extended reality as well as mixed reality. So the games that are actually able to combine
8:49
these technologies together will be able to achieve much more productive distribution channel
8:57
and e-commerce capabilities. One has to look at this as a new way or a new channel for existing businesses to explore. So most of the large
9:08
organization and vendor organizations and brands are actually investing in this as their
9:15
distribution channel
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