The concept of the metaverse continues to captivate global audiences, transitioning from niche tech speculation into mainstream discourse. Often described as Web 3.0, the metaverse represents a digital parallel universe where virtual and physical realities converge—powered by technologies like blockchain, artificial intelligence (AI), augmented reality (AR), and virtual reality (VR).
While still in its formative stages, the metaverse ecosystem is rapidly expanding across industries such as gaming, art, finance, and social interaction. Alongside it, NFTs (Non-Fungible Tokens) have emerged as a foundational element, enabling true digital ownership and fueling innovation in decentralized economies. But where do we stand today? Is the NFT boom sustainable, or just a passing trend? And how can the metaverse and NFTs evolve together to unlock real-world value?
On October 24, 2021, the “Meeting the Metaverse: The New Wave of NFT” summit took place at the Cloud Art Museum in Shanghai’s iconic World Financial Center. Hosted by Cointelegraph Chinese and NOVA CLUB, with co-organization from MetaEstate, ICA, and APENFT, the event brought together over 30 industry leaders to explore the future of blockchain-powered virtual worlds.
This article captures key insights from four keynote speeches and four expert panel discussions that shaped the dialogue around metaverse development, NFT utility, GameFi innovation, and digital transformation.
Keynote 1: The Avatar Revolution – Building Real Value in Virtual Worlds
Jackey Jiang, Co-Founder of MetaEstate, opened with a vision titled “Absolute Meta Becoming Avatar.” He emphasized that the metaverse isn’t purely fictional—it’s an extension of reality where every user, represented by their digital avatar, becomes a creator and contributor.
“The metaverse is not fake; it's a fusion of real and virtual life,” said Jiang.
One of the most promising applications he highlighted was virtual art galleries. Artists are increasingly building immersive NFT exhibition spaces within the metaverse, eliminating concerns about physical damage or theft while expanding global access to digital art.
These virtual venues aren’t just showrooms—they’re dynamic economic zones where artists monetize work directly through NFT sales, auctions, and royalties. As infrastructure improves, Jiang believes these experiences will become indistinguishable from real-world cultural events.
👉 Discover how digital ownership is transforming creative industries today.
Keynote 2: GameFi & NFTs – Where Play Meets Profit
Sean Yu, Co-Founder of Prometheus, positioned gaming as the gateway drug to mass metaverse adoption. “Games give meaning to virtual economies,” he argued. Unlike speculative investments, games introduce purposeful consumption—players spend resources for enjoyment, progression, and status.
Yu outlined four critical success factors for metaverse games:
- Gameplay quality
- Marketing and community engagement
- Sustainable economic models
- First-mover advantage
He warned against short-term thinking: “A game economy only becomes viable when players pay for content—not just speculation.” Inflation control is crucial; poorly designed token burn mechanisms can raise entry barriers and hurt new user acquisition.
As GameFi evolves, Yu predicts a shift from yield-driven play-to-earn models toward immersive experiences where fun precedes finance—a necessary step for long-term sustainability.
Keynote 3: Blockchain as a Paradigm Shift for Investors
Yilin Yang, Managing Partner at Dfund, framed blockchain not merely as a financial tool but as an operating system-level revolution—comparable to the internet’s rise in the 1990s.
“We’re witnessing humanity’s migration into a digitally interconnected world,” Yang stated.
For investors, this shift demands unlearning old assumptions. Past success patterns may hinder innovation if they prevent openness to radical new ideas. Blockchain enables technological democratization, breaking down monopolies held by tech giants. In this new environment, startups can thrive by redefining rules on decentralized platforms.
Yang urged investors to focus on macro-level variables: digital identity, asset tokenization, and decentralized governance. These are not trends—they’re structural changes shaping the next decade of value creation.
Keynote 4: The Three Stages of Digital Migration
Jeffrey Chu, Co-Founder of Dewave Venture, proposed a framework for humanity’s digital evolution:
- Digital Twinning – Mirroring real-world assets in virtual environments
- Digital Natives – Creating assets born entirely in digital form
- Reality-Virtual Integration – Seamless interaction between both realms
This progression will birth a new economic system within the metaverse—complete with its own capital markets (driven by tokens) and commodity markets (dominated by NFTs).
Chu stressed that the metaverse solves more than entertainment—it enhances quality of life. An elderly person unable to travel physically could explore ancient ruins via VR. Someone with mobility challenges might dance in a virtual concert. The metaverse isn’t escape; it’s empowerment.
Hardware like VR headsets and haptic suits forms the physical layer enabling this transformation.
Panel Discussion: The Future Utility of NFTs
Experts agreed that NFTs are more than JPEGs—they’re tools for solving digital scarcity and ownership.
Qin Jianxin, Co-Founder of CryptoArt.Ai, sees massive potential in digital copyright. With the global copyright market already valued in trillions, NFTs offer creators transparent royalty systems and direct monetization—bypassing intermediaries.
Steve from Waves noted a shift from yield-focused NFTs to utility-driven ones. As user experience improves, demand will grow for NFTs that unlock access, identity, or functionality within platforms.
Rain Qing from Conflux described NFTs as bridges between blockchain and traditional sectors. By tokenizing real-world data—from music rights to property deeds—NFTs enable secure, verifiable exchange in virtual economies.
Vivi Lin, contributor at FT Chinese, emphasized inclusivity: less than 5% of the world uses crypto. For NFTs to go mainstream, they must attract users outside the crypto bubble.
Cong Zhang from KAKA NFT added that while NFT issuance is popular, blockchain games offer lower barriers to entry and stronger engagement—though their economic models need refinement.
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Investing in the Metaverse – What Matters Now?
Martin Tang of Cypher Ventures advised investors to evaluate projects across multiple dimensions: team expertise, community traction, cross-chain compatibility, and international reach.
“Two years ago, we looked at technical backgrounds,” Tang said. “Today, we prioritize teams with strong global marketing and operational capabilities.”
Yujun Ying of Yishuli highlighted brand rejuvenation through NFTs. Legacy companies face aging audiences; embracing metaverse innovations helps them connect with younger demographics.
Xu Chaoyi from Bitlysium Ventures noted that NFT adoption remains early-stage. Most activity centers on Ethereum and 2D collectibles. True breakout potential lies ahead—with 3D assets, cross-platform interoperability, and deeper integration into daily life.
Enterprise Adoption: Can Big Tech Lead the Way?
John Wang from Neo believes NFTs are the backbone of metaverse assets. As institutional capital flows in, public understanding will grow—and so will foundational infrastructure like cross-chain bridges.
Junjia He from QuarkChain cautioned that while tech giants can build metaverses, their profit motives may conflict with decentralization. Their platforms might still rely on ads and data harvesting.
In contrast, native crypto projects—though resource-limited—embody true decentralized ethos, offering fairer economies and open participation.
Blair Z from X Protocol pointed out that NFTs have already achieved public visibility even under strict regulations—citing examples like Alipay’s legal NFT marketplace using fiat currency.
“NFTs bring capital and users into the crypto space,” Z said. “Together with the metaverse, they drive real-world adoption.”
GameFi: A Pathway to Mass Adoption?
Alex Hui of PolkaFantasy noted that many GameFi projects are built by blockchain engineers—not game designers—leading to gameplay gaps. To attract mainstream users, fun must come first.
Sergey Medvedev from Cryptomeria Labs likened Ethereum itself to a primitive metaverse—a value-creating layer beneath flashy interfaces.
Astrid Dang from My Defi Pet compared GameFi’s trajectory to ICOs: rapid growth followed by regulatory scrutiny. But unlike traditional games dominated by elite players, GameFi offers inclusive earning opportunities for all participants.
Dima from Treasureland painted today’s landscape as a collection of isolated “meta-villages”—disconnected worlds with siloed economies. The future lies in a central hub linking diverse metaverses for seamless asset trading and identity portability.
Only when major traditional game studios embrace NFT integration will we see true convergence.
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Frequently Asked Questions (FAQ)
Q: What is the difference between the metaverse and NFTs?
A: The metaverse refers to a shared virtual space combining augmented reality, VR, and digital environments. NFTs are unique digital tokens representing ownership of specific assets—like avatars, land plots, or artwork—within the metaverse.
Q: Are NFTs only useful for art?
A: No. While digital art popularized NFTs, their applications extend to gaming items, virtual real estate, identity verification, ticketing, intellectual property rights, and more.
Q: Can anyone build in the metaverse?
A: Yes. Thanks to open-source tools and decentralized platforms, creators—from developers to artists—can design experiences, launch assets, and participate in governance without centralized approval.
Q: Is the metaverse dependent on blockchain?
A: Not necessarily. However, blockchain enables trustless ownership, transparency, and interoperability—key features for a fair and scalable metaverse economy.
Q: Will traditional companies adopt NFTs?
A: Many already are—from luxury brands releasing digital fashion to sports leagues selling collectible moments. As consumer demand grows, enterprise adoption will accelerate.
Q: How do I get started with NFTs or the metaverse?
A: Begin by exploring NFT marketplaces or virtual worlds using a digital wallet. Learn about security practices, gas fees, and ecosystem standards before investing time or funds.
The convergence of metaverse, NFTs, blockchain, and GameFi marks a pivotal moment in digital evolution. While challenges remain—from scalability to regulation—the foundational pieces are being laid for a more inclusive, creative, and economically vibrant internet.
As speakers at the Shanghai summit made clear: we’re not just watching the future unfold—we’re building it avatar by avatar.