🎮 Bloomberg's Top Finance Writer On NFTs and The Metaverse

GM. This is Crypto Player One, the daily newsletter on crypto gaming, NFTs, and the Metaverse.

We are the protein bars of crypto gaming - sweet and nutritious.

This Wednesday comes with:

• Daily Trivia.
• Bloomberg's top finance writer talks NFTs and the Metaverse.
• In Other News.
• Meme of the Day.

Daily Trivia

What's the name of the first interactive analog computer game?

Scroll down to find out the answer.

Bloomberg's Top Finance Writer Talks NFTs and The Metaverse

Matt Levine, one of the best finance writers in the world, wrote an entire 40,000-word issue of Bloomberg Businessweek covering all things crypto.

This is the second time in the history of Bloomberg that a writer has written a cover-to-cover issue of the magazine.

So, as fans of Matt, we had to read it.

While he talked about a bunch of stuff that's outside of the scope of this newsletter, he discussed NFTs, the Metaverse, and online communities.

Here are the best bits:

1. NFTs

Matt points out that most NFTs don't live on the blockchain.

How could that be?

Well, Matt refers to a blog post by the founder of Signal, Moxie Marlinspike.

In the piece, Moxie explains how NFTs contain an URL that points to the data storing your image, but that data doesn't live on-chain.

So the NFT links to a server that stores its image, title, and description.

And anyone with access to that server can change the NFT.

So what does that mean for the NFT space in general?

As we recently found out, intellectual property rights and royalties are not enforceable on the blockchain.

Many NFT companies sell their projects by offering image rights to the IP or promising to transfer those rights to the holders.

But all of that happens off-chain, and it's not legally enforceable.

So, in the end, when you buy an NFT, you get a pointer to a piece of digital art.

Matt puts it beautifully:

"These NFTs may not represent ownership in any particularly binding sense, but they represent a feeling of ownership. The technological and legal connections between blockchain and JPEG and ownership are a bit thin, but the connections are enforced culturally."

He gives an example with Bored Apes.

It's an online community with its own real-life events and social norms (using a monkey NFT as your Twitter profile pic.)

2. The Metaverse

Matt doesn't know what the Metaverse is.

Let us help you, Matt.

It's a term describing a potential future.

A future in which we all live, work and play digitally.

He does mention that if indeed that's the future, buying, monitoring, and distributing digital goods online will be important.

And we can make all of these goods scarce with NFTs.

3. Online Communities

Mark Zuckerberg built one of the most valuable companies in the world, Meta, by focusing on human connection.

And now, his pivot to the Metaverse goes to show that his vision is that most, if not all, parts of our lives will take place online.

And if crypto has taught us something is that the human social life going online has a sh*t ton of economic value.

People form communities online, making them valuable and getting some of that value for themselves.

Want to read the entire 40 000 word article?

Click here!

In Other News

The Web3 ticketing company, YellowHeart, launched a metaverse music venue.

Oasys, the blockchain focused on crypto gaming, launched its mainnet.

Seba Bank has started offering institutional-grade, certified, and audited hot and cold storage custody for blue-chip NFTs.

Meme of the Day

Answer

Tennis for Two

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