NFT and Tech Literacy: Relevance and Opportunities By Jared T. Ross

Jared T. Ross, the Metaverse consultant at Ross Insights, shares his experience and insights about immersive technologies. In addition, he guides about the opportunities for artists and content creators and the significance of educating people about emerging technologies.

‘To The Verge’ had an informative & interesting interaction with Jared T Ross, a Metaverse consultant at Ross Insights. The entrepreneur shared his views about the opportunities offered by NFTs, Metaverse, Blockchain, etc., along with his course “NFT Equation” and his vision about the future of immersive technologies.

The consulting firm Ross insights enable people with proper education of immersive technologies to navigate and make a profit.

Different contexts of NFTs

Jared shares that the meaning of an NFT varies as per the nature of the business. NFTs can be termed as uniquely identifiable digital assets whose ownership can be proven on the Blockchain platform.

“Core values of the NFTs for diverse industries & businesses will be the proof of authenticity and proof of ownership. Everyone can get a benefit out of something like this.”

He advises that the trick would be to become more open and comprehend various ways of integrating NFTs in the businesses, such as creating memberships and selling products & services using NFTs.

People would need to start thinking that NFTs are beyond Artwork.

Wide Horizons of NFTs

Jared elucidates that there are multiple use cases of the integration of NFTs. One of the examples is to structure a DAO as a business entity and provide voting rights to the NFT holders. There will be a core leadership team, but the power has to be decentralized among the team members.

He talks about another use case about an NFT project in which funds can be utilized to build a physical cryptocurrency mining operation. The users would have an opportunity to receive the passive income in this case.

“Gaming is all set to explode in the NFT space, wherein users will be able to purchase in-game assets from the game developer and resell them to other players later on.”

NFTs- The best thing for the Artists

Jared expresses that the best part about the NFTs is that artists can earn royalties for their creations. This royalty is being paid on every future sale, such a powerful aspect for the Artists.

“Earlier, it was not a case- if someone created a piece of art, music, etc., and sold it to someone, and then the buyer could make an enormous profit if that piece became famous. The original Artist had to contend with the minimum amount that was paid at the time of sale.”

“Imagine if a global superstar like Michael Jackson had an NFT, then his family would have made a good fortune by collecting the royalty through buying & selling of his work. These royalties last forever and do not require anybody’s permission.”

Misuse of NFTs

Jared shares his concern about the numerous ways NFTs can be misused. One of the most common ways is to steal other peoples’ Intellectual property. People can curb these types of fraud with certain mechanisms. If the original creator finds out, they may sue the offender.

“Another risk is to get into this space without proper knowledge & skills; the creator can tarnish their image/name by putting up a bad project.”

He warns that there are various scams prevalent in the NFT space. One example is creating hype & excitement for a particular project, the launch, and eventually selling it for millions of dollars. Then, the project stumbles, and the founding team members delete the website, disk, social media channels and quickly abandon the community they formed. These types of scams pose a significant threat. 

Marketing strategies for the Blockchain & Cryptocurrencies

Jared explains that “The biggest thing in marketing for NFTs in the Blockchain space, I believe, is education. If you are a business that does not have experience in the Blockchain space and you start talking to the people about it, you may scare them away.”

He says that the Blockchain world is extremely confusing and can intimidate new people. He warns that if you start talking to your customers as a new business, they can feel uncomfortable and go away. This can be a big roadblock in growing your business.

“You may lose some of the audience in this process, but you will gain some as well. The key to gaining the trust of your audience would be to showcase a reliable source of education. You will have to be responsible to handle the education yourself or outsource it.”

He informs that he has developed some free videos on Blockchain & NFT, and these are useful for new businesses.

“The key to gaining the confidence of your audience and making them feel comfortable would be to help them, show them, and onboard them in the NFT world. Make them understand the benefits that they get by owning your specific NFT or getting into the Blockchain world.”

He highly recommends creating a special page or a section on the website to educate the audience about the same.

View on Metaverse

Jared says that Metaverse is extremely tricky because different people have different views about the same. He says that is an extremely vague concept right now.

“Metaverse is nothing but an interconnected web of various technologies like Blockchain as a whole, NFTs, VR/AR, Crypto Currencies, and Mixed Reality.”

He emphasizes that his current focus is on the NFTs space as of now. He is also learning about Crypto Currencies, Blockchain, and all other immersive technologies as well. 

Safety & security in Metaverse

Several scams are prevalent in the NFT/Metaverse space, as per Jared. He is on a mission to enlighten people about the same.

He informs that he has developed a free course, “NFT Equation.” It covers different types of scams prevalent in not only NFTs but Metaverse space as well. 

“I have actually taken that portion of the course and given that away for free. It’s a 30 to 40-minute long course, and I give the safety & security training for free”. 

He feels that people should not pay for feeling safe as they start to get into this space.

He elaborates further that he has written numerous books to expose the safety & security aspects in Metaverse space. He warns that it will be hazardous because this technology is new and confusing.

The NFT Equation Course

Jared points out that the NFT Equation is a course that he has developed. This course is continuously evolving and getting updated for the users. The benefit of enrolling in this course is that the candidate receives lifetime access and a lifetime update on the course material.

He differentiates between NFT Equation and other courses.

“My course is extremely structured because I have actually prepared the lesson plans. There are slides for every single section, and I have created video tutorials walking the candidates through this short, digestible piece of content.”

“On the flip side, other courses are developed by simply putting the video recordings of the Zoom call in a folder and then asking candidates to go and watch them.”

He continues, “NFT Equation is such a simple course that one of my candidates is teaching his 11 years old son about the same using my course”.

He says that this course is being taught at the university level, the same class where he dropped off. 7 months later, he is back to join as a guest lecturer, and he will be back again later this year.

Regulation in Metaverse

As per Jared, the Securities Exchange Commission (SEC) is going to regulate the NFTs and Metaverse space, particularly in the United States. Right now, people can have a great time because there is little or no regulation.

He warns, “There would be some projects that may get destroyed once the regulations come in place. It is important to look if the founding team members have a futuristic approach and if the project is compliant.”

He advises, “Regulation is going to come for sure, so the businesses should better start preparing for the same.”

Creative content creation in Metaverse

Jared denotes, “The crux behind the creative creation in Metaverse space would be to create an amazing immersive experience. And, the content creators will have to think about ways to form virtual environments for the people to visit and immerse themselves in.”

He shares an example “In Crypto Box; you can buy some land and actually Livestream from YouTube inside the virtual world so that people can watch on YouTube instead of Crypto box.”

He also recommends developing AR filters that can function on platforms like Instagram and Snapchat.

He continues that the key would be to build a team to create these immersive experiences and engage the audience accordingly. 

Future of Metaverse

Jared predicts that the gaming industry will loom larger and will be the most significant differentiator in the emerging tech space.

He elaborates that once people get used to gaming, they would buy virtual assets as an NFT in the metaverse spaces. According to him, gaming will lead this new culture, be it clothing, cars, or anything.

“Eventually, people are going to explore different business avenues inside the Metaverse space, so the future looks extremely bright.” 

He is on a mission to educate people about NFTs, metaverse, and immersive technology. He strives to encourage people to attain tech literacy for their own security and prosperity.

Conclusion

“Immersive tech space will get regulated in the future. It is important for the business to follow compliance and have a futuristic approach.”

Our conversation with Jared made us realize that NFTs have the potential to loom larger in the future for artists and the public, in general. It may also enable them to procure immense monetary benefits from these technologies. The opportunity to earn royalty from NFTs looks like a lucrative opportunity for creative people.

Indeed, people like Jared, who work for a noble cause to educate people about the correct and ethical use of future technologies, are needed. Education plays a pivotal role in understanding the functionality, loopholes, and other aspects of these technologies.