By
Andy Watson
April 26th, 2024
The MetaZero Genesis Collection, the inaugural digital asset collection, has already kicked off, offering buyers numerous benefits alongside the off-chain game assets represented by the ONFT.
MetaZero, a trailblazing project, is pushing for the tokenization of gaming assets through Non-Fungible Token (NFT) ownership, aiming to dismantle the existing monopoly held by many game developers. This shift promises to give gamers genuine ownership of their in-game treasures, a departure from the current scenario where players merely hold licenses to their purchases.
The Monopoly of Game Developers
As it stands, game developers exercise tight control over the virtual goods within their games. This centralized control has enabled them to reap massive profits while leaving gamers in less profitable situations. Despite investing their hard-earned money in skins and in-game assets, players do not truly own these items. The risk of losing access to digital treasures looms, creating an inequitable dynamic between developers and gamers.
However, the emergence of NFTs has provided a ray of hope for gamers seeking genuine ownership of their digital assets. MetaZero, in particular, is spearheading this movement by developing a platform that not only tokenizes gaming assets but also empowers gamers to tokenize their assets independently. This initiative is set to redefine ownership and freedom in the gaming world, starting with CS2 assets valued at over $3.5 billion as of July 2023.
The tokenization trend, initially popularized in Real-World Assets (RWA), is now making substantial inroads into the gaming sector. While tokenizing real-world assets such as real estate, fine art, commodities, finance, and intellectual property has become increasingly common, the gaming industry presents a unique landscape for innovative projects like MetaZero.
Examining the MetaZero protocol reveals a commitment to breaking down barriers established by gaming industry titans. The Vortex feature within the MetaZero platform allows asset owners to tokenize their possessions. During this process, the original asset is securely locked in a designated vault post-authentication, and the owner receives an ONFT mirroring the original asset and its value. This innovative approach effectively eliminates the ownership barrier that has long constrained gamers.
The use of ONFT (LayerZero Omnichain Non-Fungible Token) adds another layer of sophistication to MetaZero’s ecosystem. Leveraging LayerZero’s omnichain technology, users can tokenize their assets onto the blockchain of their choice, thereby maximizing liquidity opportunities.
The MetaZero Genesis Collection, the inaugural digital asset collection, has already kicked off, offering buyers numerous benefits alongside the off-chain game assets represented by the ONFT.
The Gaming Market Potential
The gaming market, valued at a staggering $250 billion in 2022, is witnessing an increasing demand for a fairer and more transparent system. Virtual items, such as skins, contribute a substantial $50 billion to this market.
With single CS2 assets fetching six-figure sums, MetaZero’s foray into the digital asset market holds the promise of creating unprecedented value. As the world witnesses the tokenization trend across various industries, gaming emerges as a prime candidate, with pioneering projects like MetaZero leading the charge.