[Key Takeaways] Asia Metaverse Conference
From May 24 to 26, 2022, three of our teammates (Shafiqa, Shafiq and Hong), had attended the Asia Metaverse Conference, delivering outstanding insight on the blockchain, game, NFT, DeFi, Web3.0, Technology and Investment behind Cryptocurrencies.
For those of you who also attended, Hi again! For those who didn’t, we’ve highlighted key takeaways which captured the attention of those who attended.
DAY 1. (24/05/2022)
How is the Metaverse Market Development in Asia?
Panel: Taka Suzuki (Meta Tokyo), Raj Kapoor (Indian Blockchain Alliance), Danny Cho (Marvrus, Korea) and Emin Vali (Metafluence).
From the discussions, panels agreed on the sentiments that Metaverse development in Asia, which in this scenario by the panels are Japan, Korea, India and UAE is getting cheaper by the day as adoption implementation with real case value and with the advancement of the internet. Plus, the quantities of resourceful technology under the blockchain umbrella also add to the underlying factors.
Mr Youngmin Danny Cho from Marvrus highlighted South Korea giving full support to the metaverse ecosystem. Together with the government as well as the netizens. The next generation of Korea’s blockchain users area getting more in-depth knowledge on the technology makes the adaptation easier.
Metaverse is not just limited to avatars but branches towards gaming, fashion and education sectors.
Metaverse had been the blockchain element that is highly anticipated but still less usage among other blockchain/cryptocurrencies.
After the pandemic, cryptocurrencies/metaverse had tackled education sentiments to disrupt, it creates more opportunities for children as well as provides creative space for real-life usage and online bridging.
Emin Vali further highlighted, blockchain open brands adoption and influencer marketing to be integrated into the Metaverse ecosystem.
Rise of the Metaverse: a Silicon Valley VC perspective
Panel: Miko Matsumura (General Partner of Gumi Cryptos Capital)
Metaverse is a concept – cyber space but it is non-spacious. The role of virtual reality is above creating a space and valuing the digital space.
Peg to the blockchain concept – live, hang out, socialise and be able to monetise from those activities.
Metaverse is applied like a new country – People allocate time, resources and knowledge to develop the ecosystem. DAOs – print their own money, and have their own rules. Plus, they apply implementation with consent.
Metaverse is across multiple experimental realities. The appetite for Metaverse comes because the universe is broken. It provides a new path to patch those broken universes. It gives chances to create better infrastructure, better money, and better government that provide a better system that is better than the current reality universe.
How Metaverse Can Play a Role in the Crypto Gaming?
Panel: Rommel Carlos (Arcus), Nicole Nguyen (Duelist King), Myrtle Anne Ramos (Block Tides & PlaceWar) and Mik Mironov (LOCGame).
Play-to-earn games – enhance the swift movement of the metaverse.
Implementation of the DAO into the games- not just as a player but as the escalator and collaborator that built the game together.
Bridging games with one another – Create limitless potential for games in the Metaverse.
Project utilities and values of NFTs along with the enjoyment of games – Nicole Nguyen highlighted an example of working with KPOPs and the communities. It is important to tap into fun and entertainment along with the implementation of the Gamefi ecosystem.
DAY 2. (25/05/2022)
How do blockchain games evolve in the Metaverse?
Panel: Loretta Chen (Smobler Studios), Mauvis Ledford (Aavegotchi), Carlo Moretti (Hexarchia),
Emmanuel Quezada (U-Topia metaverse) and Foo Wui Ngia (Ethlas).
From the discussion, the panel agrees that the focus should be on building a unified ecosystem where all gaming platforms merge into a singular entity instead of the current form where each party is running its own separate platform.
Get them connected. Players can jump from one platform to another.
Challenges. Interconnectivity will be a big challenge over years to come, especially on the technical level. Speaker Carlito (from Hexarchia) call upon all metaverse leaders to drop their ego and work together to achieve a united goal.
Money vs united goal. It was pointed out in the discussion that one of the hindrances in achieving a united goal is that all metaverse leaders are more focused on money generating rather than working together. Emmanuel shares that he sees the metaverse as a long-term game when it comes to the revenue model. He pointed out that the metaverse universe should be allowed to mature first before considering making money from it.
Next decade. The panel agrees that blockchain games will embrace the full utilization of decentralized finance (DeFi), where cryptocurrency will replace the importance of fiat money when it comes to in-game transactions. They predict crypto to hit the mass market in the coming decade instead of the current 1% adoption.
How NFTs are the building block of the Metaverse?
Panel: January Barnes (ParlayMe), Harrison Seletsky (NFTrade), Alun Evans (Freeverse), and Jordi van den Bussche (Kops Worldwide- Kwebbelkop).
How is NFT related to metaverse? The panel explained it this way. In the real world, what we own defines who we are, or how we want to be seen. NFT sit at the heart of it wherein the metaverse, NFT is what we own and it represents us. Unlike the current gaming environment, where the game developer ‘lease’ the intangible asset in the game to users, in the metaverse, the ownership stays with the users and NFT is the instrument and its value grow with the users over time.
Challenges. Accessibility of NFT to the mass market is the barrier to entry. People will have to download wallets and choose which metaverses etc. It’s a grandmother’s problem. The mass market finds it difficult to access it. The panel likens it to online payment. “Long ago everyone is afraid to do online transactions. Now online transactions just happen naturally like it’s part of everyday life. NFT should be like that.”
NFT’s next decade outlook. The discussion panel pointed out that 10 years ago online game is a privilege. Now almost every game has to be online. He sees the future where blockchain games will be the mainstream. They also see a world where we bring the digital world to our world. We may be able to see digital art pieces or any NFTs in the real world through special glasses or lenses.
DAY 3. (26/05/2022)
Trends of Metaverse in the Financial Industry and Investment Opportunities
Panel: Anastasia Drinevskaya (Cointelegraph), On Yavin (Cointelligence Fund), Mahmoud Ali (A’Z Angels) and Les Borsai (Wave Financial).
The biggest metaverse is in games. (On Yavin) Monetize and make real money. Play to earn.
Mahmoud; blockchain gaming, a common mistake by people, buying the hype. Instead, buying into track record. Look for old school game developers, who want to bring decentralization.
How does marketing change in the metaverse, and future projects? Innovations create marketing. Licensing and IP hold back old school games. Some games are divided into blockchain and play-to-earn. Every respected brand in the future should have a presence in the metaverse, future on advertising. Being thoughtful with organic engagement brings a lot of new markets and new players.
How will metaverse be integrated with the current situation? Current pc and mobile cannot support the metaverse. But in the future, we might see a more simple and doable system to support the metaverse. To go far as with contact lenses. We might see interesting devices/systems to immerse users into the metaverse. Gamification of banking. With the gig economy emerging in the metaverse, and more things to do and earn than in real life.
Most metaverse will let users be anonymous, increasing the rate of online crimes such as identity theft and other crimes etc. we see such as in Bitcoin and rug pulls in NFTs and crypto projects. It might take a long time for users to have a secure identity. Immersiveness might hike crime rates online.
Looking for security firms in the metaverse that could tackle security issues. Looking what future projects, help generate yield, ecosystem tokens and funds and help build the economy.
Roles of NFTs in Metaverse
Panel : Mike Mumola, James Basnett, Luli Sulichin and Alissa Alekseeva
NFT is being approved as a digital asset. Companies starting to play their part in NFTs.
How do companies collab NFTs with physical items?
Creating a space which houses NFTs in the metaverse. Avatar skins and accessories.
Developing new 3D assets etc. new characters, skins and collectables in gaming.
Foundation for the next wave of gaming, P2E uses real money in-game tokens to experience new gaming features.
Cross-change tech in development. To cater P2E. what you own can be transferred into other tokens or gaming accessories.
Gaming is the first iteration in the metaverse. Metaverse is to create consciousness in the future, opening doors.
It is selling the utility NFTs and not the artist.
Prospects; Crypto into the mainstream. To accept NFTs as a means of transaction across financial institutions instead of traditional paperwork.
Transact NFTs in physical real estate transactions depending on govt regulations, and financial institution tech advancements.
Customer service will be the final piece of the jigsaw in the NFTs space. To have someone who can respond.
Blockchain tech Is the most important aspect of the NFTs and metaverse in a whole.
Genuine value is going to be the “security” for the community to stay alive.
It comes down to the consistent value for a future project, startups.
Protection of NFTs. Finally, there’s transparency. Available on the blockchain. You can follow and track transactions. Searchable. The emergence of Web2; creators. Web 3; is creating ownership for the digital assets. Galleries are very transparent.
The shape of marketing would change to adapt to the metaverse.
The key-takeaways is a new series by AxeHedge, which serves as an initiative to bring compact and informative In/Visible Talks recaps/takeaways on investment events happening around the globe.
Do keep an eye out for our posts by subscribing to our channel and social media.
None of the material above or on our website is to be construed as a solicitation, recommendation or offer to buy or sell any security, financial product or instrument. Investors should carefully consider if the security and/or product is suitable for them in view of their entire investment portfolio. All investing involves risks, including the possible loss of money invested, and past performance does not guarantee future performance.