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Jack Tao Spoke About the Growing Potential of Metaverse

More than 1,500 experts took part in the World Blockchain Summit in Dubai, UAE onOctober 13-14. One of them was a representative of Phemex, Jack Tao, who gave a meaningful speech.

At this event, participants were able to meet with like-minded participants, establish contacts with large corporations and start fruitful collaborations.

As Jack noted in his talk, spotting trends in the ever-changing world of cryptocurrencies are crucial for every company. In 2019, Jack created the Phemex platform.

It stands out among its competitors for its security, user-friendly interface and transaction speed. As a highly convenient exchange, Phemex is among the biggest platforms for trading cryptocurrencies.

Phemex on Metaverse

Jack shared his thoughts about the potential hidden in the Metaverse: “The Metaverse represents a new way for us to interact with the digital world, even more exciting and disruptive than our current Internet. No one knows exactly what it will look like, but that’s how it’s meant to be. You see, the Metaverse is designed to be created by each participant, not by a central authority. No one has a clear idea of what the Metaverse is because it exists separately in the minds of millions of people. That is why this term has gained such great popularity in recent years with the growth of cryptocurrencies – because blockchains provide the decentralization necessary for the development of the Metaverse.”

Jack has impressive expertise in this sphere. He believes that NFTs heavily contribute to Metaverse development:

“NFT is one of the main building blocks. This year we have witnessed massive growth, decline and a new rise in the NFT market. An eloquent sign that NFTs will stay here forever is not that several NFTs have been sold for millions of dollars but that tens of thousands of NFTs have been sold for modest amounts. This demonstrates that digital collectables are not just a playground for crypto-hales.; they are spreading in the direction of mass distribution.”

NFT is the future

Jack also emphasized the importance of NFT: “NFTs give us the opportunity to express our identity in the digital space, which cannot be imitated because it is fixed in the blockchain. Just like showing that each of us is unique in the physical world, NFT allows us to be unique in the digital realm.”

It is important to note that Phemex even held an event dedicated to NFTs. More than 1000 users of the platform took part and together they created an NFT featuring a composite mural with the Phemex QR codes of all participants. After listing and selling the NFT, Phemex shared the profits for all participants of the event.

The platform also supports the GameFi model. Here’s what Jack said about this model at this summit: “Within crypto, “GameFi” is a salient new trend that injects gaming into decentralized finance. Traditional gaming platforms currently generate billions of dollars by selling virtual in-game items. They have proven that digital status and utility holds real-world value. But their “pay-to-win” gaming model may soon be overtaken by the “play-to-earn” model made possible by blockchains. “

By Paul Brabus

Paul Brabus is a crypto journalist and enthusiast. He loves reading and writing about all things crypto.