The exponential rise in the popularity of NFTs, combined with the introduction of their various real-world use cases has clearly demonstrated the true potential of NFTs and metaverse ecosystems. The rising adoption of both concepts by leading market players and brands from across industry segments, as well as the emergence of new projects servicing different domains showcase an increasing demand and impending growth of these sectors. These developments on the ground are backed by statistics that indicate that the NFT market is expected to boom in the next few years.
However, the existing NFT and metaverse infrastructure is still in its nascent stages and not in a position to cater to such forecasted demands while preserving the ethos of decentralization and transparency championed by bitcoin and blockchain technology.
In the current scenario, the ecosystem is dominated by whales who have effectively reduced the level of decentralization while limiting the opportunities for regular individuals. When observed closely, it is evident that only a handful of artists dominate the leading NFT marketplaces. Meanwhile, the interaction on these marketplaces is limited to transactions between a buyer and a seller with no social aspect to it. It also doesn’t offer any clarity on a fair valuation or pricing dynamics necessary to create a leveled playing field.
While the metaverse ecosystem is expected to solve the aspect of social interaction, there are no indications or attempts being made to create a standard mechanism to gauge, perceive, and justify the actual value of any artwork or NFT. As a result, the system is skewed towards sellers while offering limited benefits to other participants.
“'The future is already here – it's just not evenly distributed” - William Gibson
7Pixels is created to address the lack of accessibility and the uneven distribution of rewards and stakeholder participation in the NFT and metaverse ecosystems. The project introduces a democratized NFT-metaverse landscape that serves to bring freedom and value creation for all participants involved.