The transformative power of the metaverse, blockchain, and NFTs are revolutionising product authenticity, digital ownership, and the convergence between real-world and digital assets.
This is the word from Evan Luthra, tech maestro, non-fungible token (NFT) enthusiast and investor, speaking at the sixth annual SingularityU South Africa Summit 2024.
Luthra says that, if you go back a few decades 100% of the world’s attention was focused on the physical world. But then came TVs, computers, the Internet, smartphones – and now the metaverse.
The latter will reshape how we live, work and play, he believes. “In the near future, I believe that 80% to 90% of our attention is going to be in the digital world.”
Luthra was 13 years old when he became one of the first 100 people globally to build smartphone applications for iPhones. Before turning 17, he had created more than 30 smartphone applications and had sold his first business. He is also responsible for fuelling more than 500 Web3 companies, which landed him on Forbes’ “30 Under 30” list.
He featured in a conversation with Mic Mann, co-CEO of SingularityU South Africa, on the topic of “The Metaverse, NFTs, and the New World Order” at the summit, which was held in collaboration with Old Mutual.
“We had 13 500 hours of watch time in the metaverse at the summit yesterday,” states Mann in a show of how hybrid events are on the rise globally.
The metaverse is revolutionising how we interact with brands and products. “The metaverse is this moment in time when our digital lives matter more to us than our physical lives,” Luthra says, emphasising the growing importance of the digital realm.
This shift has significant implications for product authenticity as brands explore ways to leverage NFTs and blockchain technology to combat counterfeiting.
Luthra explains how NFTs enable true digital ownership: “You can prove that ownership on the blockchain, it’s verifiable and secure.”
This notion of verifiable digital ownership is already being embraced by industry giants, as evidenced by Rolex’s latest move to embed NFT chips into its new watches. This underscores the immutability of blockchain records. The technology not only provides consumers with irrefutable proof of authenticity, but also enhances supply chain transparency.
The rise of NFTs has also ushered in a new era of digital ownership allowing individuals to own and verify unique digital assets. “The biggest bull run in the future will be the tokenising of real-world assets – where trillions of US dollars of liquidity is locked up that’s not tradable, but will become tradable thanks to NFTs,” Luthra says.
The ability to fractionalise ownership through NFTs is another game-changer. This opens up opportunities for a wider range of individuals to invest in high-value assets such as fine art, real estate, or luxury goods.
The convergence of physical and digital ownership is another powerful application of NFT technology.
Luthra believes that “our land records, driving licences, passports, everything is going to become an NFT”. He envisions a future where real estate transactions are conducted seamlessly through NFTs using smart, online contracts and eliminate the need for intermediaries – all of which will streamline the process.
This also extends to the realm of gaming, where NFTs are transforming how players interact with in-game assets.
Luthra explains: “If you spend a few hours playing a game and earned a weapon which is in the form of an NFT, you can sell that to somebody else before you leave the game.”
He also gives the example of how about 5% to 10% of the population in the Philippines and Vietnam play online games where they could earn $20 a day – which is more than what they would have earned for an average day’s work.
“You can always delay technical adoption, but you can’t stop it,” Luthra says.