I joined this space more than four years ago, long before the whole world became obsessed with NFTs.
Back then, I thought NFTs were going to transform the $120 billion-dollar games market. Now, gaming companies sell $175 billion of virtual products per year, NFT creators have sold $10.7 billion worth of tokens in the last few months, and every forward-thinking game company in the world is asking themselves whether they should have an NFT strategy.
We're still early.
It's become clear that NFTs are going to proliferate pervasively and bring enhancements to every single industry.
Three huge markets that need Efinity
Nearly every industry will benefit from strategically adopting NFTs, but I’ll just focus on three of them as an example.
NFT Real estate is going to bring efficiency and liquidity to the $228 trillion housing market. This is a market that would become much more accessible and valuable without the swamp of third parties slowing down trade and taking a significant cut of every sale. Tokenizing physical real estate and facilitating trades on the blockchain will create a fairer, more efficient, and more accurate market.
NFT-backed physical products are going to bring verifiable authenticity and ownership to a retail market that is expected to move $27 trillion of products in 2022. Authenticity NFTs will accompany many high-value products as they move through every step of the supply chain and manufacturing process. Parts providers and assembly-line supervisors will sign the NFT of every product they touch, to validate the authenticity of the parts and the successful outcome of the production steps they are overseeing. At the end of the production line, the NFT will hold a signature from every accountable party and any issue with the product can be traced back to the company or person responsible.
These retail NFTs will be distributed to customers at the point of sale, instantly boosting the value of the products purchased and providing each customer with verifiable proof of authenticity, quality, and ownership over the product purchased. As customers begin to expect a valid NFT with each purchase, counterfeit markets will likely cease to exist.
The $4.1 trillion dollar hospitality industry will use NFT-based memberships and loyalty programs to save massive amounts of money on advertising while boosting customer retention like never before. New customers will be given a free NFT with their first purchase, the NFT will grow in utility and value with every purchase that follows, and those NFTs will be usable in apps, games, and metaverses across the internet.
This is the future that MyMetaverse sees — and everything we do is driven by our mission to make this future a reality.
Ethereum’s 70 transactions per second isn’t enough, we need Efinity’s 20 million mints per second
It’s safe to say that NFTs will come to represent trillions of dollars worth of products and assets.
Ethereum 2.0 and many other layer 1 and layer 2 solutions will overflow with volume and become too expensive to use. The vast majority of transactions will be processed by networks that remain affordable, reliable, and secure, despite high volume.
Efinity's layer 1 blockchain is in testing and its developers have announced that they have been able to use it to mint 120 million NFTs per block with 6 second block times. That’s 20 million mints per second.
Ethereum only runs at 70 transactions per second with 30 second block times.
Let those numbers simmer:
- ETH: 70 transactions per second
- EFI: 20,000,000 mints per second
Efinity is performing far beyond anyone's wildest dreams, there is no blockchain in the world with comparable NFT scalability on its roadmap or horizon. Meanwhile, Efinity is already reaching these benchmarks.
Furthermore, Polkadot’s relay chain ensures complete decentralization. Anyone can create a node to participate in the network — and no one can wall off the garden.
Efinity is Scalable AND secure? How is that even possible?
Efinity and Polkadot are secured by over 1000 collators and validators. These nodes can be built and nominated by the public through proof of stake. This provides open decentralization and impenetrable security.
Explaining the magic behind the scalability of Efinity is a bit more nuanced.
On Ethereum, your NFTs are powered by smart contracts. Ethereum needs the Ethereum Virtual Machine (EVM) to run all of the smart contracts, which means Ethereum’s core blockchain isn’t processing your NFTs, it’s running the EVM that handles your NFTs. When Ethereum mints an NFT for you, there is a monolithic virtual machine codebase it needs to operate first.
Well, on Efinity, NFTs don't need smart contracts and a virtual machine— they move on the base layer of the blockchain. It’s kind of like flying a jet, instead of parking your jet on an aircraft carrier. Ethereum will always rely on its EVM to mint and move your NFTs, there is no future where your NFT Jet isn’t being ferried around by its EVM aircraft carrier. Efinity will always be more efficient and scalable.
Furthermore, EVM is also supporting far more complex and expensive smart contracts than your NFTs, like DeFi and governance smart contracts. When yield farmers bid $1000 in gas fees to get their transaction moving faster on Ethereum, your transactions move slower unless you match their bids.
On Efinity, NFTs are given huge priority, this means you don't need to outbid yield farmers to get your transactions moving.
On top of all that, NFTs have been hyper-optimized and chunked down into far smaller data packets on Efinity, which is like turning your Jet into a bullet. Not to mention the fact that Efinity's blockchain itself runs on a newer, more efficient codebase and has 6 second block times, 5-times faster than Ethereum’s.
If this explanation is too confusing, don’t worry. Here’s the only thing you need to understand:
- ETH: 70 transactions per second
- EFI: 20,000,000 mints per second
MyMetaverse will integrate every game and app with Efinity and Polkadot
It’s clear that the NFT market will not reach its full potential without Efinity and that’s why MyMetaverse will do everything it can to support it.
As of today, I’m happy to announce that we will be integrating our website, API, backend microservices, Minecraft network (Meta Minecraft), GTA 5 server (Meta GTA), metaverse MMO (MyMeta), and all other games and apps we build with Efinity and Polkadot.
Furthermore, MyMetaverse is a gaming network. It’s our goal to become the real-life version of Ready Player One’s Oasis by partnering up with thousands of mainstream game studios and app developers to give them an easy way to adopt Efinity.
Players want interoperable digital products. They want to purchase virtual items that can be used in multiple games. We have specifically designed our technology stack to make these persistent cross-game experiences easy for game developers to create.
When you earn NFTs by playing our games they will land in your MyMetaverse account and you will be able to choose which blockchain you’d like to move them to. From there, you can withdraw them straight to your wallet with the click of a button.
No matter which blockchain you move your NFTs to, any game studio will be able to query our API and validate whether or not you still own them. If you own them, you can use them. If multiple games support them, you can use them across a multiverse of metaverses.
Efinity also provides a few other features that will allow us to provide a user experience beyond what traditional, centralized markets have ever seen.
Efinity’s marketplace has an incentivized bidding system that rewards buyers for placing bids on your NFTs. If this initiative is successful, all of your NFTs will have a real-time valuation based on the bids that have been placed on them.
Imagine being able to open up your NFT wallet to see the current value of all of the products and assets you own. Your NFT portfolio's value will rise and fall in real-time, just like your cryptocurrency portfolio does.
Why would you purchase any product or asset that’s not backed by an NFT, when you could experience this instead?
In time, this will represent most of the virtual and physical products and assets you own.
Instant Sales and Fulfillment
Imagine the kind of trouble you would have to go through to sell everything you own to buy a house. Well, Efinity is designed to ensure that everything you own is already priced accurately and can be sold at a moment’s notice.
All you have to do is accept all of the bids on your NFTs and the funds will land in your wallet within 6 seconds.
I ask again, why would you purchase any product or asset that’s not backed by an NFT, when you could experience this instead?
Supports NFTs from Any Blockchain
You will be able to move any NFT from any blockchain onto Efinity and instantly enjoy all of these aforementioned benefits.
NFT volume is going to flow organically onto Efinity as the fastest, most affordable, and feature-rich layer 1 NFT network — and MyMetaverse will be there to build great games and apps for all NFT creators and collectors to enjoy.
Future Proof and Upgradable
The last piece of Efinity's feature-set that makes us confident enough to go all-in, is its forkless upgradability managed by decentralized governance. When new features need to be added to Efinity, they will be put to a vote and every EFI holder will be able to weigh in on the decision.
This will ensure upgrades and new features will be decided upon fast and there will never be a risk of hard forks and clone chains popping up to dilute the community.
With all of these measures in place, Efinity isn't just the perfect NFT chain, it will always be the perfect NFT chain.
What’s Next for MyMetaverse?
Now that we’ve launched our new website, API, and backend microservices, we can start building the tools that will make our platform truly unique.
Our creator hub is going to enable visual artists to mint art NFTs that collectors can hang on their walls in Minecraft, GTA, and any other game that joins the MyMetaverse Network.
We will also be creating support for NFT music, which will make it easy to play your favorite NFT tunes as you move through the metaverse.
And last but definitely not least, you will soon be able to place NFT stores on your NFT land plots in our upcoming Metaverse MMO called MyMeta.
All of these NFT experiences will be bolstered by our adoption of Efinity.
There’s an exciting road ahead and we are working tirelessly to create a future where NFTs are everything.
Please join us on Discord, if you would like to discuss what the future holds for MyMetaverse and NFTs in general.