Digital Collections: The Key to the Metaverse and Reality

Recently, terms and concepts such as "digital collection" and "metaverse" have entered the global mainstream view. These concepts are likely to be game changers in virtual worlds.

In fact, in the past few years, the popularity of the digital collection market has been weakening, but in 2021, with the development of the concept of the entire metaverse, digital collections, as a very basic element in the metaverse, have developed rapidly.

What are Digital Collections and the Metaverse?

As a unique form of collection in the metaverse, digital collections have gradually expanded from the initial artwork to games, sports and other fields, with continuously enriched content and more diverse ecology.

In this regard, MYEG China partner Flora said at the "Linking the World" event organized by the Zhongguancun Blockchain Industry Alliance and Cointelegraph Chinese that digital collections are a new economic digital commodity. The value of digital collections will be gradually magnified.

In the future we will spend more time in the metaverse world. Flora also believes that digital collections will have more practical application scenarios, combining with our lives and some industries.

The Metaverse is a virtual space, a bridge connecting the real world and the virtual world. The Metaverse is used to portray the reality of the real world, allowing users to work, play, have fun, and even build homes.

Even, many experts predict that one day, the metaverse will replace reality.

Facebook announced that it will change its name to "Meta", plans to transform into a metaverse company, and launched the "Horizon Worlds" metaverse social platform.

Not only Facebook, but Nvidia, Microsoft, and Apple have also announced their entry into the metaverse.

Amber, head of Flow China, said at the event that the metaverse is a product of human beings expanding the dimension of the new world. It was born out of the real world, parallel to the real world and interacting with reality.

Metaverse and Digital Collections Prosper Together

Digital collection is a blockchain-native scenario for C-end users, and users are willing to pay directly.

In 2021, digital collections will be the first to explode overseas, and everyone also calls last year "the first year of digital collections".

At present, the entire digital collection industry is on the rise, and many developers and platforms are exploring innovative models. Chen Chang, CEO of Zhigui Technology, said: "In the short term, the demand for digital collections is obvious, and the model is also very clear. Many platforms and well-known IPs are contending." He also added:

"Next, the platform, content and quality of collections will become more important, because consumers will no longer be curious about all collections. High-quality IP and content will definitely become the object of competition for some platforms."

In the Metaverse, users can digitize assets through the casting protocol to realize this value transfer. Digital collections can solve the scarcity, uniqueness, digital property rights and transaction needs of digital assets.

In the future, the development of Metaverse will undoubtedly gradually strengthen, which will also promote the development of digital collections. Li Zhiping, the global technical director of Xinghuo Chain Network, believes that:

"Digital collections are an inevitable element of the Metaverse. The Metaverse has also facilitated the rapid development of digital collections."

Challenges of Chinese and foreign digital collections

With the popularity of digital collections all over the world, the domestic digital collection market has also become restless. Digital collections, an art carrier and form of expression, provide creators with more imagination to expand the boundaries of human creativity.

Foreign digital collections are flourishing in various fields, and are currently mainly used for collections, artworks, games, applications, sports, sports, etc., while domestic digital collections are actually still in the initial stage of exploration.

At present, domestic digital collections have not yet fully utilized advanced features, such as interactivity, composability, and programmability. Amber, head of Flow China, said that there are still few innovative cases in China, and the typical community value has not been brought into play.

Due to the different positioning and supervision of digital collections at home and abroad, as well as cultural differences, digital collections will inevitably embark on different paths of value capture at home and abroad.

The development path of digital collections in China is different from that in overseas markets. Chinese companies are more likely to cut in from the perspective of copyright protection to play the proof function of digital asset certificates. Foreign platforms are more inclined to the attributes of the virtual world and applications.

Whether it is the overseas market or the domestic market, the development of digital collections has bottlenecks that need to be overcome. Li Zhiping, the global technical director of Xinghuo.com, summed up three challenges: first, the entire ecology is not yet sound, and a huge developer community needs to be established; second, supervision is immature. For any new thing to develop healthily, it must comply with the regulatory governance rules of various countries. Third, it is necessary to build a reliable, stable, and credible platform for digital collections to improve the credibility of digital collections in the circulation process.

Digital collections should not only be limited to the virtual world, but also need to be connected with the real world, so that digital collection technology can return to its essence, which is more conducive to long-term development.

epilogue

In the near future, human civilization will eventually migrate to the metaverse world, and digital collections are actually an indispensable atomic-level thing in the process of constructing the metaverse.

In the operation process of the metaverse, digital collections will always play a pivotal role, playing the role of the cornerstone of civilization in it.