• Jack Tao Discussed the Metaverse’s Growing Potential

  • On October 13-14, more than 1,500 experts attended the World Blockchain Summit in Dubai, UAE. One of them was a Phemex representative, Jack Tao, who delivered a moving speech.

    Participants were able to meet with other like-minded individuals, establish contacts with large corporations, and begin fruitful collaborations at this event.

    As Jack mentioned in his presentation, identifying trends in the ever-changing world of cryptocurrencies is critical for any company. Jack launched the Phemex platform in 2019.

    It distinguishes itself from its competitors due to its security, user-friendly interface, and transaction speed. Phemex, as a highly convenient exchange, is one of the largest platforms for trading cryptocurrencies.

    Phemex in the Metaverse

    “The Metaverse represents a new way for us to interact with the digital world, even more exciting and disruptive than our current Internet,” Jack said of the Metaverse’s potential. Nobody knows what it will look like, but that’s exactly how it should be. The Metaverse, you see, is intended to be created by each participant rather than by a centralized authority. Nobody knows what the Metaverse is because it exists independently in the minds of millions of people. That is why, with the rise of cryptocurrencies, this term has grown in popularity in recent years – blockchains provide the decentralization required for the development of the Metaverse.”

    Jack has a wealth of knowledge in this field. He believes that NFTs play an important role in the development of the Metaverse: “NFT is one of the main building blocks.” The NFT market has seen massive growth, decline, and a new rise this year. Not that several NFTs have been sold for millions of dollars, but that tens of thousands of NFTs have been sold for small sums, is an eloquent sign that NFTs will be around forever. This demonstrates that digital collectibles are more than just a playground for crypto-hales; they are spreading to a wider audience.”

    The future is NFT.

    “NFTs give us the opportunity to express our identity in the digital space, which cannot be imitated because it is fixed in the blockchain,” Jack added. NFT allows us to be unique in the digital realm in the same way that it allows us to be unique in the physical world.”

    It is worth noting that Phemex even hosted an event dedicated to NFTs. More than 1000 platform users took part, and they collaborated to create an NFT that featured a composite mural with the Phemex QR codes of all participants. Phemex distributed profits to all event participants after listing and selling the NFT.

    The GameFi model is also supported by the platform. At the summit, Jack said the following about this model: “Within cryptocurrency, “GameFi” is a notable new trend that incorporates gaming into decentralized finance. Traditional gaming platforms currently generate billions of dollars in revenue from the sale of virtual in-game items. They’ve demonstrated that digital status and utility have real-world value. However, their “pay-to-win” gaming model may soon be surpassed by the “play-to-earn” model enabled by blockchains.

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