In an interview with CryptoTVplus on the Inside Blockchain Show at the Blockchain Nigeria User Group conference held on the 29th of September, Franklin Peters, CEO of Boundless Pay, identified the government as one of the setbacks to adopting Metaverse and NFTs. In the interview, he said, “If the government can take advantage of this, expand it, support the industry, more youths could gainfully employ themselves and avoid bad vices instead of clamping down on the Industry.”
Despite the solutions presented by blockchain, mainstream adoption has been slow. Among the factors contributing to the lack of adoption in the industry, Franklin Peters mentioned education, the government, and the rapid evolution of the technology as significant setbacks. He said that “the first setback is the knowledge gap; there are lots of people who are yet to understand the computer, and there is still a need for people to be brought up to speed education-wise.”
Moreso, the government, not wanting to understand that this is a future technology they should get involved with, might disperse the already organized set of people who have found a way to employ themselves gainfully with it. Franklin Peters said.
Use cases of the metaverse and NFTs (Blockchain)
The blockchain presents real-life use cases applicable in different sectors. These sectors include health, fashion, legal, and agriculture, among many others. Affirming the use cases presented by Metaverse and NFTs, Franklin Peters said that “what you can do with the metaverse and NFTs is massive within these sectors.”
Blockchain technology can be used to create a reward mechanism in any sector, create a tracking mechanism, and create a validation mechanism. Franklin Peters said.
He went on to give an analogy of the use cases of blockchain in that one can track agricultural products from the point of cultivation to shipping.
“You cultivate some crops and ship them; how do you track it and reward the NGO? All these things are possible Metaverse, NFTs and Blockchain.”
How to apply blockchain in agriculture
The metaverse, NFTs, and blockchain are instrumental in different sectors, especially in tracking assets. According to Franklin Peters, in agriculture, all you need to do is:
- Tokenize real-life assets.
- Have a digital representation of the assets on the Blockchain.
- Embed serial numbers and QR codes. When scanned, the user is redirected to where it is on the internet and can be tracked any day, any time.
- Put a notification on the pack that shows when it was created once scanned.
Read Also
Sega partners to develop the first blockchain game
UAE Ministry of Finance opens a metaverse office
SEC charges Kim Kardashian for promoting crypto securities
Why tokenization is the future of money – DG, European Investment Bank
What do you think of this article? Share your comments below.
