The question is when will crypto go mainstream is often asked. When will cryptocurrency be adopted by the masses?
When we try to figure out this answer, we have to ignore the monetary aspect and look at the technology. There is no way crypto gets adopted before the technology is ready. This means infrastructure that provides avenues for people to utilize.
It is evident that most people do not grasp how complex our systems are. This is true for not only money but most of what we deal with. Take the food supply as an example. Consider all the layers of activity that is required to get it from planting to the dinner table. There are a lot of players, many completely unknown to most of us.
What this means is that, to transform it, requires replacing, in some manner, much of what exists. This is why we are dealing with complex systems.
When it comes to adoption, history repeatedly shows that enough building is required to bring the products or services to the masses.
Therefore, Web3 is no different.
Sony To Help Kick Off Web3
Tokenization is going to take over the world.
Of course, this is not a new concept. We have seen tokens used in a few different industries for decades. Gaming is one example where tokens and digital assets were commonplace. The same is true for the computer industry.
Many want to look at cryptocurrency as a form of money. While it can serve that purpose, it is much bigger. When it comes to the monetary component, the question is "what can I buy with it". This is the least utilized aspect to money. Finance dwarfs commerce.
That said, with Web3, we are looking at a complete overhaul. This means a ton of players are going to provide basic infrastructure for the masses to use. Some of these will be decentralized while others will be part of the present system branching out.
When it comes to gaming, Sony is one of the biggest names there is.
Is it about to kick off Web3?
Entry Into Crypto?
Based upon a patent filing, it appears that Sony is seeking to delve into tokenization on a much larger scale. It seeks to create "super fungible" tokens.
Here is what the goal is:
Sony's latest patent application shows how PlayStation could use blockchain gaming tech to let players own their unique assets. Source
The tokens would be stored on a distributed ledger while allowing the transfer between players.
Does this sound familiar to anyone?
At this point, it is not clear whether Sony would utilize a public blockchain or set up a private one. Naturally, most Web3 proponents would prefer it utilize a smart contract and exchange system on public networks. In the long run, this might be the best move for the company.
It is hard to argue with the success of the Playstation. This is one of the largest gaming consoles. Having Sony create compatibility could mean a major step forward for the blockchain gaming industry.
Obviously, a lot more is required. Patents that are never used are commonplace so we cannot take this as a guaranteed direction the company is heading.
It does, however, alert us to the fact that Sony is taking this very seriously. We can conclude they are not the only ones.
Web3 = Ownership
At the core of Web3 is a new ownership structure.
Here is where I think non-fungible tokens (NFTs) have their place. It is something that Sony is considering also.
By allowing players to own their assets, Sony is taking a step forward in embracing the new model. Presently, players spend money on in-game assets they cannot sell. Making them transferrable to others is the key to the concept of Web3.
Of course, if it is a system that is controlled by Sony, we are only making marginal progress. That said, it is a stepping-stone process: one battle at a time.
In my view, this would be huge simply because it would further validate the concept of NFTs. After the bubble nonsense, we see how that sector is battered. This is unfortunate since the technology holds enormous potential. In fact, when it comes to Web3, NFTs might be even more important than its fungible counterpart.
Due to the history with digital assets, even in the early days, the logical place for NFTs to show up was gaming. While the sector did produce them, we saw a lot of headwinds. The Play2Earn concept, while valid in concept, did not play out, mostly due to Ponzi design of the tokenomics and games that were not really interesting to users.
To step back for a moment, this is the problem with all of Web3. It seems the main idea is to throw something together, add a token, and believe that is what creates value. The focus is overwhelmingly on the tokenomics instead of building products and services that people actually want to use.
Here is where we see value created.
Sony could do this. The record with building games is there. Introducing tokenomics that includes to transfer "ownership" is big. This provides people with some degree of flexibility.
We cannot conclude this is a new model until we see we are dealing with a private network. If that is the case, there is no true ownership since all is still with Sony's permission.
Either way, having Sony involved will help the entire industry. We can be assured that Sony will design something that is easy for players to use and a simple system. That will help to introduce large numbers of people to tokenization, at least a new version of the traditional model.
Of course, Sony might do this on a public network which would them radically alter the conversation completely. That would really help to kick off Web3.
Posted Using InLeo Alpha
