Fortnite founder says NFT technology “will go a long way” but is currently “speculative chaos”.

Tim Sweeney, the co-founder of the studio behind titles like Hitman, War equipment and very popular Fourteen days, In a tweet today, it was stated that NFT (Non-Fungible Token) technology and the “metaverse” that could one day enable it are “coming to fruition”.Given factors such as transaction costs and the “uncontrolled and speculative chaos” that characterize so many cryptocurrencies these days, the dream of a “living and persistent digital universe” may still 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 Piers Kicks, partner at the blockchain investment, research and advisory firm Delphi Digital, “Into The Void” is a lengthy essay that explores the history of digital connectivity and the economics of gaming, ultimately arguing that blockchain-based metaverses are not a simple improvement on previous virtual experiences, but instead will usher in a new human age::

“A new era of virtual existence will begin in the coming decades, marking our next major milestone as a networked species.”

In a short thread of tweets, Sweeney praised and confirmed the blog post Blockchain technology and NFTs are the “most plausible route” to a fully evolving metaverseBut he also noted that these developments may still be a long way off and investors should be careful with their money:

Warning!

1) The state of the art is a long way from the 60 Hz transactional medium required for 100 million concurrent users in a real-time 3D simulation.

2) Do not read this as an endorsement for investing in cryptocurrencies. This is uncontrolled and speculative chaos

But the technology will go far.

Fortnite founder says NFT technology “will go a long way” but is currently “speculative chaos”.
Fortnite founder says NFT technology “will go a long way” but is currently “speculative chaos”.

“It is immensely exciting to see Tim, who is undoubtedly the leading pioneer of change in the games industry and beyond, realizes the potential of these technologies,” Kicks said in a statement to Cointelegraph. “”[…] Almost nothing currently on the market is ready to handle widespread consumer acceptance. It’s not just scalability that is the bottleneck, there is still significant friction around the overall user experience. “

“It may be largely speculative at this point, however For those ready to participate, it is a very exciting time as the market looks for viable and scalable business models and incentives. When it comes to the perception of cryptocurrencies by the general population, things seem to be starting to change, “he added.

Speculative overflows

Sweeney isn’t the only big-name entrepreneur looking into NFTs in the past few weeks. Monday, Mark Cuban released a series of 10 limited edition NFT animations in which he dances. Everything sold out within a few hoursand chain detectives identified two Cuban-linked wallets containing dozens of small cryptocurrencies, as well as significant stakes in DeFi projects such as Aave and Sushiswap, all of which believed Kuban’s earlier statement that he would “want to try these things.”

However, shortly after the episode, the Cuban said in a television interview that NFT prices are “excessive” due to low interest rateswhich indicates that your interest in NFTs may be purely exploratory.

Both Cuban and Sweeney have good reasons to question the skyrocketing valuations in the sector. Last weekend a rare CryptoPunk was sold for 605 ETH, or over $ 750,000 at the time of sale, and prominent collectors are quoted on the evening news.

As is so often the case with cryptocurrencies, however, the development is proceeding rapidly, regardless of whether there is a bubble or not A blockchain-based metaverse can be closer than even these founders and investors believe.

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