Hideo Nakamura Tony Tran, the CEO and chairman of Peer Inc, asserts that the reduced interest in non-fungible tokens (NFTs) and the metaverse, particularly from corporations and technology leaders like Meta, does not signal their demise. Instead, he claims that it represents the typical cycle of innovation. In a Q&A session with CryptokenTop.com News, Tran, whose company operates the 3D social networking application Peer, stressed that early adopters often experience such downturns with new technologies.
Public Misunderstanding Hinders Widespread Acceptance
Tran suggested that the general public’s seemingly lukewarm interest in NFTs stems from a lack of understanding and a perceived lack of tangible benefits. However, he proposed that these challenges can be addressed with better education about digital ownership’s value and the wide range of potential NFT applications.
On the topic of Bitcoin ordinals gaining popularity rapidly, Tran stated that his focus isn’t simply about a ‘yes or no’ stance towards Bitcoin NFTs. Instead, he is interested in how blockchain technology can provide value to people. He told CryptokenTop.com News that the metaverse could mark the start of a new era for digital interaction.
The following are Tran’s in-depth responses to the questions submitted to him through Telegram.
CryptokenTop.com News (BCN): What are the most significant obstacles to the widespread acceptance of NFTs, and what steps can be taken to increase their relevance in daily life?
Tony Tran (TT): The major issues are comprehension and utility. A considerable number of individuals still fail to understand what NFTs are and why they should be concerned. We need to improve our efforts in informing the public about the value of owning digital assets and the extensive potential applications for NFTs. Next, we have to build platforms and systems that provide NFTs with tangible utility—not just for digital collectibles and art. We envision a significant role for NFTs in fields such as content creation, gaming, and digital social interactions.
BCN: Your firm is creating an augmented reality-based Web3 social application that supposedly overlays a social network onto reality. How does it differ from current Web2 and Web3 social networks and how does it enhance user interaction to bring people and content into the metaverse?
TT: The objective of the Peer social app is to dissolve the boundaries separating the digital and physical domains. While existing Web2 networks largely function within traditional internet limits, many Web3 networks focus exclusively on the digital realm. Our app harmonizes these two domains, allowing users to interact with both physical and digital elements simultaneously. Consider being able to install a digital artwork in a physical location for others to find and engage with. Such user-generated content and experiences open up new possibilities in social networking.
BCN: In 2022, many traditional business organizations adopted NFTs and the metaverse, but fewer are doing so in 2023. Meta, an early major tech firm to adopt the metaverse, has effectively abandoned this project. What does this mean for platforms like Peer that are still under construction?
TT: The recent retreat by corporations and tech giants like Meta doesn’t signify the end of the metaverse or NFTs. Instead, it reflects the typical innovation cycle. It’s common for early adopters to encounter difficulties when experimenting with new technologies, leading to a temporary slowdown or change in direction.
That being said, at Peer, we perceive this as a chance. As a nimble and innovative organization, we are well-equipped to adapt to the shifting landscape and persist in our mission to bring NFTs and the metaverse to the mainstream. We maintain that these technologies hold immense, untapped potential.
BCN: Building a digital, gamified layer on top of the real world will likely require Geo-NFTs. Can you explain how Geo-NFTs function and whether it’s possible to prevent malicious actors from faking their location to access these NFTs?
TT: Geo-NFTs link real-world geographical locations with distinct digital assets. They serve as the connection between physical location and digital ownership. Obviously, location spoofing is a major concern. However, through sophisticated location verification methods combined with blockchain security procedures, we can largely prevent malicious behavior. Our main objective is to ensure a secure, fair, and enjoyable experience for all users.
BCN: The Bitcoin Ordinals NFTs have sparked interest among both NFT enthusiasts and skeptics. Some argue that it contradicts Satoshi’s original vision of Bitcoin as a peer-to-peer payment system. Others feel that Bitcoin should accept innovation to remain at the top of the crypto pyramid. What is your stance on this?
TT: Although I appreciate the debate, my emphasis is less on a simple ‘yes or no’ to Bitcoin NFTs, and more on how we can leverage blockchain technology to benefit people. Whether that’s through Bitcoin, Ethereum, or another platform, I believe it’s crucial that we keep pushing the boundaries and discovering what’s feasible.
BCN: Do you consider the metaverse the climax of our digital interactions or is it a precursor to something more sophisticated and immersive?
TT: I regard the metaverse as just the initial phase of a new digital interaction era. Picture a world where physical geography or conventional interfaces don’t restrict us, and we can interact, work, and play in a shared digital environment. A world where digital art is as valued as physical art, where virtual concerts draw as many people as physical ones, and where work and play seamlessly blend. I believe our future interactions will be much more dynamic, immersive, and personalized than we can currently imagine. And I am confident that NFTs will play a vital role in realizing this.
What are your views on this interview? Please share your thoughts in the comments section below.
Table Of Contents
Frequently Asked Questions (FAQs) about NFTs and Metaverse
What is the viewpoint of Peer Inc’s CEO, Tony Tran, on the declining interest in NFTs and the metaverse?
Tran believes that the reduced interest in NFTs and the metaverse, particularly among corporations and tech giants, is part of the natural cycle of innovation and not indicative of their end.
What does Tran attribute to the limited interest in NFTs from the public?
Tran suggests the limited interest in NFTs from the general public is due to a lack of understanding and a perceived absence of tangible utility. He believes that these barriers can be overcome with better public education on digital ownership and potential NFT applications.
What is the role of NFTs in the future according to Tony Tran?
Tran envisions NFTs playing a significant role in areas like content creation, gaming, and digital social interactions. He believes that NFTs have the potential to bring about a new era of digital interactions.
How does Peer Inc plan to tackle the challenge of location spoofing in relation to Geo-NFTs?
To combat location spoofing, Peer Inc plans to use advanced location verification techniques and blockchain security measures. Their primary objective is to ensure a safe, fair, and enjoyable experience for all users.
What is Tony Tran’s opinion on the debate around Bitcoin Ordinals NFTs?
Tran appreciates the debate around Bitcoin Ordinals NFTs but focuses more on how blockchain technology can provide value to people, regardless of the platform—Bitcoin, Ethereum, or others.
How does Tony Tran see the future of the metaverse?
Tran sees the metaverse as just the start of a new era of digital interactions. He imagines a world where digital and physical interactions seamlessly blend, and where NFTs will play a critical role in making this a reality.
More about NFTs and Metaverse
- Peer Inc
- What are Non-Fungible Tokens (NFTs)?
- Understanding the Metaverse
- Introduction to Bitcoin
- Exploring the Blockchain Technology
- What is Ethereum?
7 comments
Tony Tran seems like he really gets it! We all need more education on digital ownership – its the way forward.
Geo-NFTs, eh? Never thought I’d see the day where art and geography combine… what a time to be alive!
Peer inc’s ambition is impressive. tackling ignorance around NFTs is huge! Good luck to them.
wow, this is some heavy stuff. Still trying to wrap my head around NFTs and metaverse. theyre like the future right?
I like Tran’s vision for the metaverse, sounds like a world I want to be part of! No more physical constraints, just digital freedom!
Not too sure about this metaverse business… Sounds a bit too sci-fi for me. anyone else think the same?
Interesting take on Bitcoin NFTs. Agree we need to focus more on how blockchain can provide value to ppl, not just on the platform.