The Siren Calling of the Metaverse

An interesting trend, very similar to e-comm businesses opening up brick and mortar shops, NFT galleries starting to pop up across the world. Know of two so far, Open Space in Amsterdam and imnotArt in Chicago. Technically counterintuitive, as digital art lives in the Metaverse through virtual galleries and virtual shows enabled by platforms such as Oncyber, but I must say that I like the idea from the onboarding perspective. An NFT gallery can provide an educational ramp for people open to learning about NFTs and digital art in general. The revenue model seems a bit murky to me as there’s little incentive on the artist’s part to share revenue with the gallery since they can sell directly on the many marketplaces with an already built-in traffic pipeline. Even a fee-based model can be challenging given the full transparency of the Blockchain and the direct access that any prospective collector would have to the artwork in consideration. Regardless, this is definitely a space I’m rooting for that I’d like to see succeed.

Open Spaces Amsterdam

imnotArt Chicago Newsworthy is the recent announcement of Adidas entering the Metaverse through a collaboration with the famed franchise BAYC, PUNKS Comic and developer GFunkera86. Adidas has also bought virtual land in Sandbox. Though not yet clear as to the nature of the collaboration, wearables? clothing capsule? The announcement itself sends a strong signal to the community and the marketplace as to where things are headed, especially coming on the heel of Facebook Meta announcement.

The mainstreaming of the Metaverse is approaching fast and furious and in my opinion we’ll see a scrambling of sorts from brands trying to rush into the space. We can see signs of that from the skyrocketing of MANA, Decentraland native token, currently trading at $3.73. Given the finite amount of parcels available (Decentraland has 90,000) we’ll start to see a rush for the land. Decentraland is already organizing itself in districts. Currently I’ve seen a fashion and an arts district where recently Sotheby’s held a show. What this tells me is that with the rush to the Metaverse, the adaptation of Web 3.0 and the embracement of community, a crucial element of Web 3.0, brands are in for a rude awakening as they come to terms with the natural laws of digital communities where usage and support is rewarded with token airdrops and access, a scenario that I’m not sure traditional brands are ready for as it implies a fair amount of giving up control. In Web 3.0, the community is the brand, the community is the governance, the community is who votes on steps to take. Now imagine The North Face, a division of a legacy global corporation (VFC), dropping $1b worth of shares or even a VIP point drop in the accounts of their VIP customers. Good luck with that. And that’s the scenario that will unfold as more and more brands make their way into the Metaverse. The brand-customer relationship will be forever altered. Of that I’m certain. Just learned that Kickstarter has announced its intent to move its crowdfunding platform onto the Blockchain. Seems like the plan is to build a standalone interim blockchain solution and then eventually switch its website to the new entity. I would guess that the royalty structure opportunity that Blockchain offers was a major catalist for the decision. Just my opinion. It’s a 2022 project that will be built on the Celo Blockchain, a carbon neutral platform achieved through mostly offset programs. Random Stuff:

Alla Prossima Michele

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