The Magic Carpets of the Metaverse

TL;DR every NFT project was promising the Metaverse, GameFi and the moon. Now as the bear market bites we are left holding the cheap promises and expensive jpgs.

I love technology, Metaverse, GameFi and Crypto. But I don't like being ripped off. And that is what is happening in the bear market. Many NFT projects are falling to pieces. Oh I understand it as everyone needs money.

All those big promises, virtual lands and big dreams, falling apart. How much money did these projects run with? Anyway, it is good to see that some are still working away to deliver the promises.

Below are some of my current concerns and thoughts.

GameFi

If the project is promising GameFi you had better hope they are experienced game developers or, better yet, have an existing game.

It seemed like a good idea at the time but it comes down to this, even if the project can make the game without running out of money, what is the chance that the game will be successful and fun to play? And how will it get the critical mass of users?

The game industry is very competitive with only a small number of games being successful. It is hard to do, so why do you think a group of crypto degen’s can make a world class game?

Also, does the crypto integration make the game better or is it like modern slavery as you do mundane tasks to earn small amounts of coin?

IMO. any game needs to be catchy and free to play as priority one, the NFT integration is a secondary concern.

MetaVerse

You had better hope your meta project is chosen for integration.

This one is way too tricky. The big boys like Epic Games are yet to play their hands. And seriously, who will be able to compete with the MetaHuman and Unreal Engine combination? I am hoping the MetaVerse projects I backed can cut a good deal and get folded into the market leaders metaworld.

I guess there could be one longterm meta success per blockchain. But that is another issue, so many chains and so much land. This will be a mess until we get cross chain (X-Chain) NFT’s. X-Chain NFT’s will allow for an NFT to be unique across all supported blockchains. This will give better ownership as at the moment NFT’s are only unique to the block chain they are minted upon. That is, a different person could own exactly the same NFT on another blockchain.

Avatars

We need standards. Let’s hope they are not dictated by a market leading company.

Anyone who plays Fortnight knows the pull of having a cool avatar skin. It is how Fortnight makes its money.

Tech like ReadyPlayerMe is doing great things with avatars and designer clothing brands. And MetaHumans produces avatars that are so real they are being used in movie production.

Also, many NFT projects are creating avatar skins, but it is unclear if they will work in multiple worlds and they will need to be rigged. This is not easy as there is not a standard as yet.

Let me know your thoughts.

DM me on twitter @_metalPig.