{"id":10869,"date":"2022-03-16T17:23:44","date_gmt":"2022-03-16T17:23:44","guid":{"rendered":"http:\/\/egrowonline.com\/?p=10869"},"modified":"2022-03-16T17:23:44","modified_gmt":"2022-03-16T17:23:44","slug":"sxsw-2022-nfts-metaverse-blockchain-explained","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=10869","title":{"rendered":"SXSW 2022: NFTs, metaverse, blockchain explained"},"content":{"rendered":"


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It feels like talk of NFTs and the metaverse is everywhere at South by Southwest. If you don’t know what those things are, we’re here to help.<\/p>\n

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AUSTIN, Texas \u2014 If you walk so much as a block in Downtown Austin during South by Southwest<\/a> (SXSW) 2022, you’ll probably hear or see something related to NFTs, blockchain or the metaverse. SXSW itself even has its own NFT profile picture<\/a>, or PFP, this year.<\/p>\n<\/p><\/div>\n

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But if these tech buzzwords have you feeling out of the loop, have no fear. We’ve created a guide to the basics of NFTs, blockchain and the metaverse.<\/p>\n<\/p><\/div>\n

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What is an NFT?<\/h2>\n<\/p>\n
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NFT stands for non-fungible token. Non-fungible means that it’s unique and can’t be replaced with something else. A bitcoin, for example, is fungible \u2013 you can trade one for another identical one.\u00a0<\/p>\n<\/p><\/div>\n

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The token part of NFT is the digitalization of something through an encrypted blockchain. According to The Verge<\/a>, most NFTs are part of the Ethereum blockchain. Ethereum is a cryptocurrency, like Bitcoin, but its blockchain also supports NFTs, which store extra information that makes them work differently.<\/p>\n<\/p><\/div>\n

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An NFT can technically be any digital asset, including music, social media posts or video clips. But right now, the buzz is focused on one-of-a-kind digital art. Creators, businesses and celebrities are buying and selling NFTs as ways to bid, explore and commercialize their brands while generating revenue. Forbes wrote in February<\/a> that $174 million has been spent on NFTs since November 2017.<\/p>\n<\/p><\/div>\n

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RELATED: At SXSW, Mark Zuckerberg says NFTs are coming to Instagram<\/a><\/strong><\/p>\n<\/p><\/div>\n

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The Verge<\/a> also notes that NFTs are designed to give purchasers something that can’t be copied: ownership of the work, though not necessarily the copyright and reproduction rights. “To put it in terms of physical art collecting: anyone can buy a Monet print. But only one person can own the original,” The Verge wrote.<\/p>\n<\/p><\/div>\n

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At a SXSW event on Tuesday, Facebook CEO Mark Zuckerberg said that NFTs are coming to Instagram<\/a> “in the near term,” but he didn’t specify exactly when.<\/p>\n<\/p><\/div>\n

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What is blockchain technology?<\/h2>\n<\/p>\n
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Cryptocurrencies like Bitcoin and NFTs operate on blockchain technology. But what does that mean?<\/p>\n<\/p><\/div>\n

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Blockchain technology is a digital system that allows users to record, store and manage information \u2013 similar to a digital ledger or a database. Multiple users can use the online system to collaborate, edit and input information at the same time.\u00a0<\/p>\n<\/p><\/div>\n

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The difference is that users can’t change information once it’s in the system. The system is also decentralized, and the stored information can be verified by multiple users.<\/p>\n<\/p><\/div>\n

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As its name suggests, blockchain is information that’s chained together like blocks. Once new data is entered into the system, it’s timestamped and connected to all previous transactions (“blocks”) before it.\u00a0<\/p>\n<\/p><\/div>\n

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What is the metaverse?<\/h2>\n<\/p>\n
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Mark Zuckerberg describes the metaverse as a “virtual environment” that you can go inside of instead of just looking at it on a screen. It’s like a world of interconnected virtual meetings, where people can interact using virtual reality headsets, smartphone apps and other technology.\u00a0<\/p>\n<\/p><\/div>\n

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Experts say it will also incorporate other aspects of online life, like shopping and social media. Metaverse users can attend a virtual concert, take a trip online or work in a virtual office, among other things.<\/p>\n<\/p><\/div>\n

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And the metaverse isn’t just a Facebook project<\/a>. Microsoft and Epic Games<\/a> (the company behind “Fortnite”) are just two of the major companies looking forward to how they’ll incorporate the metaverse into their products.<\/p>\n<\/p><\/div>\n

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KVUE on social media<\/strong>: Facebook<\/a> | Twitter<\/a> | Instagram<\/a> | YouTube<\/a><\/p>\n<\/p><\/div>\n

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Britny Eubank on social media<\/strong>: Twitter<\/a><\/p>\n<\/p><\/div>\n

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