NFTs to Explore, Contribute to Web3 Economy

Demond Cureton
Senior Journalist

Three executivers from the NFT community shared their insights for the XR Summit 2022

Industry Events
NFTs to Explore, Contribute to Web3 Economy

The rise of NFTs in the global tech industry has remained in the domain of free market economics, but growing interest in integrating digital assets on trading platforms and businesses has fuelled a surge in their use across brands, markets, and the Metaverse – the rising global spatial communications platform.

  • The XR Summit is set to take place 20-22 September and will unite some of the world’s top companies for numerous round table discussions, panel talks, and additional conversations on the rise of Web3, the Metaverse, spatial computing, and other emerging technologies set to reshape the future of the tech industry

The session joined Billy Huang, Co-Founder and Chief Executive of Insomnia Labs, Leila Ismailova, Head of Curated Drops for ARTISANT, and Arsen Aharonyan, Chief Marketing Officer for Spheroid Universe to discuss the future of NFTs in the Metaverse.

NFTs as Metrics for Consumer Behaviour

When asked about the numerous systems and integrations used for NFT platforms, Huang stated that his company Insonmia Labs, formerly Luna Market, had worked with major multinational companies such as L’Oreal and Under Armour and later, developed a white label solution called NFT Check.

  • Billy Huang, Leila Ismailova, and Arsen Aharonyan will speak at the inaugural XR Summit on 21 September to discuss the role of NFTs in the Metaverse and digital economy.

The solution allows companies to develop NFTs and integrate them on any website, he explained, adding, “You can kind of think about it like Stripe checkout.”

He also discussed the difference between pricing NFTs and creating use cases for the technology, adding that platforms can monitor consumer behaviour on the ongoing use of digital assets in the market.

He explained,

“Consumer behaviour will be extremely beneficial for the space [to] weed out who is in here for the money and who was in here for the actual usage of digital assets in general”

NFTs for the People, Not Just Profits

Speaking further, Ismailova added that there were many discussions on NFTs and their use, with many people seeking novel ways to integrate content and digital fashion rather than simply collecting items.

She said,

“I’ve been pushing for integrating OnePay into ARTISANT because I believe that we are at a very early stage in our innovation curve where only early adopters use it”

She added that wider adoption of platforms such as MetaMask and MoonPay would increase usage of cryptocurrencies and NFTs, with the latter providing purchases with fiat currencies.

Speaking further on the need for integrating payment systems, she said,

“We are pretty much the first generation of people who work in this industry, so it’s also very important to think how we can onboard more people and spread this information, not just generate wealth for [ourselves], but also how we can give this opportunities to other people”

A New (Decentralised) Generation of NFTs?

When asked how NFTs could generate wealth for individuals and the global economy, Aharonyan explained how decentralised generations (DeGen) buy, sell, and trade digital assets regularly.

The Spheroid Universe exec explained,

“What’s interesting is how fast-evolving NFT collections are now aiming for sustainable revenue streams from Web2, opening their own gambling platforms, or making their staking mechanism for creating mining operations for Bitcoin, to harness creative ways to generate profit and then to share these with NFT owners”

Aharonyan added that NFTs could also encourage people to invest in crowdsourcing projects to benefit from their use. Startups and entrepreneurs could also directly launch collections, rather than seeking venture capital and investors, to passionately pursue their projects.

  • Billy Huang, Leila Ismailova, and Arsen Aharonyan will speak at the inaugural XR Summit on 21 September to discuss the role of NFTs in the Metaverse and digital economy.

The XR Summit is set to take place 20-22 September and will unite some of the world’s top companies for numerous round table discussions, panel talks, and additional conversations on the rise of Web3, the Metaverse, spatial computing, and other emerging technologies set to reshape the future of the tech industry.

 


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