Tim Sweeney, the co-founder of the studio behind titles like Hitman, Gears of War and the popular Fortnite, said in a tweet today that it is the non-fungible token (NFT) technology and the “metaverse” that could one day make it possible “Going places” but due to factors like transaction costs and the “wild, speculative mess” that makes up a large part of crypto today, the dream of a “persistent, living digital universe” may be a long way off.
Sweeney made his comments in response to a blog titled “Into The Void: Where Crypto Meets The Metaverse”. Written by blockchain consulting, research, and investment firm Piers Kicks, Blockchain consulting, research, and investment firm Into The Void is a comprehensive essay delving into the history of digital connectivity and the economy in the game, ultimately arguing that Blockchain -based metaverses will not simply be an improvement over previous virtual experiences, but instead marks the beginning of a new human era:
“A new era of virtual existence will usher in the coming decades to mark our next major milestone as a networked species.”
In a short tweet thread, Sweeney praised the blog post, admitting that blockchain technology and NFTs are the “most plausible route” to a fully emerging metaverse, but also indicated that these developments may be far away and that investors should be careful with their money:
1) The state of the art is a long way from the 60 Hz transactional medium required for 100 million simultaneous users in a real-time 3D simulation
2) Do not read this as endorsement for cryptocurrency investments. This is a wild, speculative mess
But the technology goes to places.
– Tim Sweeney (@TimSweeneyEpic) January 30, 2021
“It is incredibly exciting to see Tim, who is undoubtedly the leading pioneer of change in the gaming industry and beyond, realizes the potential of these technologies,” Kicks said in a statement to Cointelegraph. “[…] Almost everything out there is currently not ready to face the mainstream of consumers. It’s not just scalability that is the bottleneck, there is still a lot of UX friction across the board. “
“Right now it may be largely speculative, but for those willing to get involved, it’s a very exciting time as the market looks for viable, scalable business and incentive models. When it comes to mainstream perceptions of crypto, the tides seem to be starting to change, ”he added.
Swirl of speculation
Sweeney isn’t the only big-name entrepreneur who has dipped his toes in NFTs in the past few weeks. On Monday, Mark Cuban released a series of 10 limited edition NFT animations in which he dances himself. All sold out in a matter of hours, and those in charge in the chain identified two Cuban-linked wallets containing dozens of small cryptocurrencies, as well as significant stakes in DeFi projects like Aave and Sushiswap, all of which believed Kuban’s earlier testimony he likes to “try this stuff out”.
However, shortly after the decline, the Cuban said in a television interview that NFT prices were “inflated” due to low interest rates, suggesting that his interest in NFTs may only be exploratory.
Both Cubans and Sweeney have good reason to question the sky-high ratings that are currently overtaking the space. Last weekend, a rare CryptoPunk sold for 605 ETH, or over $ 750,000 at the time of sale, and prominent collectors are quoted on the evening news.
However, as is often the case in crypto development, regardless of whether there is a bubble or not, it is moving rapidly, and a blockchain-enabled metaverse may be closer than even these founders and investors realize.