Autor Cointelegraph By Ezra Reguerra

Cointelegraph’s managing editor Alex Cohen interviewed Figment’s staking marketing director Robert Ellison at the European Blockchain Convention (EBC) 2022. The duo discussed topics like educating regulators on blockchain and crypto, how businesses navigate uncertain regulatory landscapes and regulating staking. According to Ellision, it’s very important to educate regulators in the space to mitigate the risks of them going overboard without understanding the basics. The Figment executive mentioned that clear understanding is very important because of the complicated nature of the space. He explained that: “This is the battle we’re fighting, and it’s interesting to see that balance geopolitically to some countries versus others, and we hope that they just really listen and learn.”Apart from educating regulators, the duo also spoke about how businesses navigate the space amid regulatory uncertainty. Some companies opt to go ahead with their projects and would rather ask for forgiveness later rather than permission in advance. Ellison said that: “I think that’s a business sentiment where you ask for forgiveness. You’re not going to wait. You can’t wait. You got to move forward. Some of that is more risky.”Ellison also commented that some regions provide more certainty for businesses than others. Citing wrapped assets as an example, the Figment executive explained that if you’re in America, getting into wrapped assets is a “riskier move” because you’re not sure if it may get regulated soon. Related: Catalonia is building its own metaverse, says innovation ministerWhen asked if a regulatory framework is necessary for staking to go mainstream, Ellison noted that a framework for staking is very achievable. However, the staking marketing director said that regulations for staking are not a priority for regulators. He highlighted that: “It is achievable because staking itself is quite easy to understand in some regards of what you’re actually doing. But to answer your second question, I actually don’t think it’s a priority at all.”According to Ellison, lending platforms and stablecoins are currently on the list of priorities for regulators. He noted that currently, staking is not on that priority list as regulators put “what is the most risk to the public” on their focus first before they move on to the less risky aspects of crypto.

As metaverse land assets become more expensive, ownership becomes harder for normal users. Because of this, Ralf Kubli, Board Member at the Casper Association, argues that fractional ownership, similar to property loans in the real world, may gain traction within the virtual space through nonfungible tokens (NFTs). Kubli told Cointelegraph that understanding fractional ownership within the metaverse is very similar to the legacy property system. As prices soar, many cannot afford to buy and own properties. This leads to people renting or leasing property, giving a form of fractional ownership. He explained that: “Instead of the typical renter-buyer relationship and processes inherent to the legacy system, smart contracts and virtual assets such as NFTs are what powers this fractional ownership system.”The Casper exec adds that this also applies to “leasing advertising space or issuing debt to fund new projects.” According to Kubli, smart contracts enable a “fractionalization agreement” that divides a plot of metaverse land into “sub-units” and leased out individually. Kubli noted that: “In theory, this can be applied to any digital asset, providing that the smart contracts and associated technologies are designed for this purpose.”Kubli also highlighted that while there are many bigger developments within the metaverse, there will also be “countless smaller operations.” These may come in the form of art galleries and social media hubs. According to Kubli, these operators will need access to virtual real estate to begin building. Related: Can Metaverse technology enhance human-AI efficiency?Apart from these, the Casper executive predicts that leasing metaverse land will become common. Kubli mentioned that this will “open the door” for broader adoption, allowing anybody to get involved. The executive believes this may lead to an “explosion of unique content” similar to the start of Web1 and Web2. Meanwhile, as the crypto winter shakes the markets, investor interest in GameFi and metaverse projects continue to grow, according to a DappRadar report. In 2022, $4.9 billion worth of investments have come into metaverse-related projects to support further developments.