Over the past year, two trends have been forced into the cultural limelight: NFTs and The Metaverse. Recently exploding in popularity, the technology has been both backed and criticised by celebrities, including Avengers Endgame director Joe Russo.
Reported by IGN, the Avengers Endgame director blasted the new technologies in a recent speech. Talking with Epic Games CCO Donald Mustard at The DICE Summit 2022, Russo discussed the fallacies of both techno-buzzwords.
NFTs criticised by Avengers Endgame director
During his appearance at the DICE Summit, Russo was asked what he thinks of NFTs. An acronym for non-fungible tokens, NFTs are digital assets that are purchased with cryptocurrencies. For those who are into NFTs, the cryptoart is purchased with the belief that it grants full ownership of an asset; that's not quite the case.
Russo explained that he doesn't understand why people are so hyped up on NFTs. The MCU director explained that there's currently no cryptoart that justifies its price while remaining a digital asset, especially those damn Bored Apes.
“NFTs I have a harder time understanding only because I haven’t seen the quality of work yet that I go, ‘Oh if I buy that JPEG and the market crashes and I’m stuck with a $50,000 JPEG, I’m really happy about that you know?’” he said. “I don’t see the quality of work yet where the monkey with a cigar is really the thing I’m gonna talk to all my friends about.”
Additionally, there's still no real use for NFTs. While crypto enthusiasts claim that they'll be used across a multitude of games, game developers explain that doing that will not be sustainable for studios at all.
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The Metaverse is just a buzzword
As well as discussing NFTs, the Avengers Endgame director also discussed the concept of the Metaverse. With massive companies like Meta aiming to realise the concept of virtual worlds, the buzzword of Metaverse has quickly become polluted.
At the DICE Summit, Russo criticised companies like Facebook for the way in which the metaverse has been marketed. The director explained that the massive marketing push is simply manipulation into pushing users to towards already existing products.
Russo told listeners that Metaverse technology simply means virtual, and it isn't anything new. While Facebook does have the reach to do some truly sinister things with the metaverse, the concept isn't a new one.