5 Things Blockchain You Need to Know for September 6, 2022

TLDR: Users may move assets, NFTs, and their user identities between realms for work, living, and leisure with a chainless but multichain experience.

Web3’s aim is to remove the middleman and allow customers to have control over their money and decisions. The current crypto infrastructure, on the other hand, is highly diversified with limited use cases and changing rules. Multiple chains and layer 2s have emerged to scale Web3, but there’s a lot of friction between them, resulting in lower network effects. Although bridges may be an unavoidable component, they also lead to complications. This is why interoperability cannot exist if the chains are still front and center in the user experience.

To increase Web3 adoption rates, we need to focus on simplifying and streamlining the cross-chain process. Do users need to see and understand every part of the bridging or transaction? The dapps and other projects that are built on-chain should be able to hide the nuts and bolts behind the scenes while remaining transparent and decentralized, exactly like how something you purchased on Amazon with a few clicks arrives at your home in days. That is the fundamental idea behind chainless — users should be able to use any dapp on any network like they would a Web2 app. The funds should be bridged, the dapp contract for another chain should be called, and so on.

Web3 has a lot of potential, but the user experience issues we face today are often seen as part of the price of admission. This mindset is not sustainable if we aim to make our blockchain technology inclusive and available to all. By having a chainless but multichain experience, users will be able to move across chains without a need to execute a ton of commands. They can quickly transfer assets, NFTs, and their user identities between worlds for work, living, and entertainment.

Ticketmaster Taps the Blockchain to Let Event Organizers Issue NFTs Tied to Tickets

TLDR: NFTs are being established to provide ticket-owning event attendees with more affluent experiences. The primary motivation of linked NFTs is to provide Ticketmaster event goers Web3 analogies to IRL events, where they acquire the NFTs.

Although there are many options for events produced by Ticketmaster to incorporate NFT-powered Web3 experiences, evidence indicates that this development will be most felt in the sports sector — an industry poised to make significant advances in fully embracing Web3. So, what’s the proof for this? Let’s look at some of the parties involved. The Flow blockchain was previously known as the home of NBA Top Shot when these forthcoming Ticketmaster event NFTs were being planned. Despite its recent drop in popularity, it remains the most popular NFT project on the Flow blockchain. Although, it’s significant to remember that Ticketmaster and Flow’s new comrodety does not have actual NFT tickets. Throughout the Web3 sector, we’ve already observed several examples of NFT tickets being utilized to provide unique in-event features. Even known Web2 events like music festivals have used NFTs as unquestionably real entrance passes.

So what is it, then? Ticketmaster and Flow’s collaboration appears to be an effort to bring attendance NFTs to a larger audience in terms of form and function. This should not be confused with proof of attendance protocols (POAP). But regardless, the attendance NFTs will be useful for tracking some of the world’s most high-volume IRL events.

Standardize Collector Rights With the NFT Licensing Framework

TLDR: NFTs are pushing the limits of the traditional legal system, as NFT licenses can offer open-source codified versions of intellectual property rights.

The licensing of non-fungible tokens (NFT) is an issue. With the growing number of no-rights-reserved projects, it’s critical to have a firm grasp on how NFT owners may utilize them and permit others to do so as well. At its core, a NFT is nothing more than software code. The actual picture or artwork is frequently kept on a remote server while only the metadata is on-chain. When an NFT is bought and transferred to a crypto address, the buyer only acquires the metadata for the image, not the actual content file.

To ensure that the buyers, creators, and sellers of NFTs (non-fungible tokens) have clarity about their rights to digital assets, Andreessen Horowitz’s crypto arm is seeking to set some industry standards for how NFTs can be employed by providing a free lawyer-vetted licensing options. This would allow for more widespread access to high quality licenses and standardization across the web3 industry. The six recently released NFT-specific copyright licensing frameworks are based on US law and only cover copyright omitting other forms of intellectual property, such as personality rights. The fact that a work is eligible for copyright does not necessarily give the buyer of both physical and digital assets the right to reproduce, adapt, or publicly exhibit the artwork without a license. Each of the six options provides creators with a different level of control over their intellectual property rights, particularly those that allow buyers to modify the original artwork or create new works based on it. While various forms of licensing have been attempted in the past, none have stuck, creating an ongoing legal uncertainty that affects users and investors.

Web3: The Future of Ownership

TLDR: What web3 can do for your business is to get the community involved in a way they feel like they own the product, and the brand.

Although NFTs have only become popular in the last couple years, they have actually been around for quite awhile. In the past, they mostly took the form of pieces of artwork, music, or videos that were great for collectors but didn’t serve much of a utility purpose. However, those who are passionate about the technology claim that their true value will be apparent once utilized beyond collectables and cosmetic.

Web3 combines the revolutionary ownership model of the decentralized autonomous organization (DAO) with true utility and value for its members.

In simple terms, a DAO is an organization that is managed in a decentralized manner using blockchain technology. Owners of private keys (in the form of NFTs) have voting rights that are recorded on the blockchain. This provides a transparent record of all decisions that are made and ensures no one party can override the collective governance of the stakeholders. Voting and transactional activity is carried out via smart contracts — executable code that also lives on the blockchain.

As people keep looking for novel ways to connect with each other and the products and services they love, we can expect this versatile and exciting industry to keep coming up with fresh experiences.

Why Interoperability Is the Key to Blockchain Technology’s Mass Adoption

TLDR: The beauty of blockchain technology is interoperability. By being decentralized and open-source, users, businesses and institutions can create products that are interconnected across chains.

Linking individuals who use different blockchains together through a single protocol is the key to unlocking the full potential of decentralization. This lowers friction for the user by allowing them to access multiple decentralized applications (DApps) without having to go between networks. Due to blockchains being independent of one another, users are unable to benefit from the features offered by each network. To do so, they must possess tokens that are supported by each blockchain in order to use the networks’ protocols. Interoperability may be able to fix this issue by allowing users to utilize one token across multiple blockchains. In addition, a user may access protocols on various blockchains more easily by allowing blockchains to communicate with each other. As a result, the industry’s value is more likely to increase.

Interoperability among blockchains will improve productivity across the entire crypto industry. Users may quickly transfer data and assets between blockchains, giving everyone more options. Smart contracts may operate on multiple networks and oracles might submit real-world data across various platforms, rather than being restricted to a single blockchain. Interoperability should provide the basis for broad blockchain adoption and use when coupled with the benefits of public decentralized blockchains. More importantly, interoperability allows users to post assets or NFTs as collateral for other assets. A Web3 world with interoperable technologies is a goal we are actively pursuing. Having a multi-chain ecosystem that is facilitated by seamless cross-chain bridges will help us achieve the vision.

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Sani Abdul-Jabbar

Sani is the Board chair at VezTek, a Los Angeles based provider of software development and on-demand tech. talent for Blockchain and Web3.0 initiatives.