Waterdrip space panel No.3- Bear market Metaverse& NFT development discussion recap

Waterdrip space panel NO.3 Recap

Topic: Bear market metaverse & nft discussion (3D PFP/LAND/virtual human nft/metaverse as a service)

Date :2022/5/14

Speakers we invited:

Andrew Fai -Chief Visionary Officer of Xtingles

Igor Samaradziski -CSO of TRUE Ecosystem

Elijah-EN Community Ambassador of HALO official

Jademont-Managing Partner of Waterdrip Capital

Hemdaller -Founder of C.A.T

Bamboobee -CatcherVC Researcher

Cohost：

Elaine — Investment manager of Waterdrip capital

Vivi Lin -Partner of Octopus Network

Sponsorship :

20 free BronzeTrue Status Card

3 NFT“HALO OFFICIAL ”WL

1 NFT”Untitled” WL

Q1: As we know since last year, facebook has changed to the name meta. Metaverse already become a hot topic. We have seen many mainstream metaverses, such as Sandbox, Decentraland, Crypo voxel, world of web3. Can any speaker here share your opinion about how you understand the metaverse?

Vivi:

I think Metaverse is really a very interesting topic. It is very close to the concept of Web 3, which in my understanding is about ownership sovereignty and freedom. We all heard about the concept from the book Snowcrash By Neal Stephenson. Everybody was talking about it. That was back in 1992, so for many years. The Metaverse seems like just another name of the evolution of the Internet. We could be more social, but actually more immersive. A16Z recently published a report that I think really makes a lot of sense. It says that broadly speaking, there are 2 competing versions of the Metaverse. One is a decentralized Metaverse with Property rights and new boundaries that interoperable open and owned by the community that builds and maintains it. That is more close to the web3 as I see it. Another Version is a centralized and closed Metaverse basically an extended version of Web 2 like elaine mentioned. Facebook changed its name to Meta. This is still like the same idea with all the platforms take most of the profit. So now which version do you support right? The open decentralized version is owners owning our own data and property right. But obviously, it’s like Shakespeare. so everybody has their own version of the Metaverse, but I think the the Metaverse combined with web 3, should give us open sources, decentralization and let us users owning our own data. We have the data ownership and sovereignty.

Jademont:

I think Metaverse is a combination of multiple technologies, such as AI, Blockchain, cloud computing and big data. It attracted so much attention because everyone actually can jump in and find their own position in Metaverse no matter you are an investor, a programmer or an artist. I’m expecting not only a virtual word that people can spend their time and play, but also a new lifestyle that is in parallel with the current world where there’s no race, no country and everyone is his own Avater. One can only leave less than 100 year in real life, but can actually live forever in networks.

Q2: As we all know Metaverse is not unique to web3. Traditional web3 Internet giants such as Facebook ,Baidu are also deploying the web2 Metaverse. What’s the difference between these different Metaverse products? Which one is more promising in the future?

Andrew Fai：

I have been increasingly worried about Facebook stands on Metaverse. I have a feeling that Facebook may hijack the definition. There is a lack of transparency happening with how Facebook uses users’ data. Nowadays, a lot of these hyper targeted ads are digging into your WhatsApp text messages, your Facebook Messenger, and digging into all your browsing history. I think this level of privacy is not really addressed on Facebook. This just makes me increasingly worried about how much they would know about me as I participate in their Mark Zuckerberg’s version of Metaverse. So I think there will be a competing narrative across like the Giants or Facebook, creating their own version of Metaverse.

Elijah:

I think people will eventually realize the importance of their own data. Musk purchased Twitter and he says that he will be open sourcing the news feed algorithm. How user data will be collected overtime. That is a really big important moment in history, where for the first time people start understanding how much data these big web2 companies are collecting from them and they need to do something about it. And when that awareness start to arise, I think people are starting to leave. They will start to migrate from Facebooks, Instagrams or other web2 companies that are just stealing users’ data. They will embrace the new web 3 Metaverse that we’re seeing today. I believe it is mainstream.

Vivi:

We have faith that open and decentralized version of Metaverse will eventually take over. But it does take time for everything. To be honest, it’s really difficult to or it takes time to educate people, for example, to open a wallet and to really embrace that decentralized app. You know the applications that still struggling to catch up with the web 2 style kind of user experience. It takes time for infrastructure in web3 to develop and mature.

Q3: Under the background of the current bear market, how do you think the future floor price trend of these metaverse land and nft projects will develop?

Elijah:

I choose to treat the MFT market as a consumer. So I’ve purchased rather than do a kind of speculative investment and I can relate to that that position. It’s essentially taking something that has no intrinsic value and creating its value through the network social capital. In the old Gallery system, this was essentially which group show you a part of which kind of creator put on your show. Which level of gallery represented you. Each gatekeeper came with a certain level of social capital and that created the value via consensus mechanism for the object in this case. The painting the photograph the sculpture, etc. And and I see the same thing unfolding with NFTS and that’s not necessarily a bad thing at all. Institutions and Instinctive organizations of society are based around.

Elaine：

As we know that nowadays there are many so many Metaverse Products. Users cannot enter into different Metaverse easily. so I think it is it possible that a future infrastructure can provide solution to build a Metaverse Bridge between different networks.

Jademont:

I think Crosschain Metaverse is very necessary in the future. We can just imagine actually every Metaverse in future is just like a planet in the universe. There are isolated when the technology is not very developed, but one day they will communicate with each other by spaceship or other kind of technology. However, It’s a double edged sword. The traffic and wealth of one Metaverse will migrate from one to the other one which is more popular. I think for each Metaverse, you have to increase your own competitive power before you really make the crosschain Metaverse work. This is what we want to remind all of those founders of different networks.

CAT:

One thing I really concern is about the underlying engine. We see the Sandbox or the decentraland and or other new Metaverse. Every Metaverse was used different engine to develop. Even we use some bridge, as the underlying code so differential, people can not easily switch. So we need to develop some new infrastructure like the developer engine because there are so many underlying software.

Q4: Yugalabs provides sdk for other NFT projects, and are there any solutions which can help these 2d pfp nft projects change into 3d NFT and enter the metaverse?

CAT:

So the basically the first thing Yugalabs needs to do is to build the model. of the 2D-NfT. 2D-NFT projects need to cooperate with other brands to help them to turn 2D NFT into the 3D model and actually. We’re working on this value feature right now my project. Actually,we’re working on this feature right now. My project CAT is developing an avatar like platform. We made a 3D models for some corporative 2D projects so the NFT holders can directly use this kind of model to experience Yugalabs or something else.

Q5:Many web2 brands such as LV,NIKE ,ADIDAS are rapidly entering the web3 metaverse to build their own digital brands. What kind of services as an infrastructure can we provide for brands?

Igor Samaradziski :

It really does come to the utility. It boils down to the liquidity of viewership and popularity. So some of the really nice user cases we had recently were exposure of the designers that quite literally working from home. They map their clothes in 3D styles and create virtual fashion words, virtual fashion shows, which allow bigger brands to pick up and utilize those designs. Similarly, if you take a look at Adidas release in the early days. Who are releasing sneaker designs? How popular a certain design of NFT is depends on how many times it has been traded before the designer decide whether they want to actually produce that sneaker in life. It’s usually the product that is delivered to consumers that enjoy using it. As that liquidity builds up, we’ll see more and more brands utilizing this digital space to bridge their real real world applications.

Q6: in web3 world, DID become very popular, it’s kind of onchain social identity, what do you think about DID paradigm or new business model?

Jademont:

I think it is a very promising technology for the Metaverse implementation. Instead of using a wallet address that is very long and hard to remember, people tend to use our short name like ENS, image avatar to represent their identities in Web3. This is one simple understanding for DID. A key point of DID is how people organize or even devices can be identified and located without centralized system of Identifiers. Metaverse is still evolving. It’s just the very beginning. At the first step, DID is designed for people like you and me. This is what most of the entrepreneurs that the founders are aiming for. In the future, I think DID is for everything, not only for Human being, but also devices like a machine or even cars. We have invested one project. They gives the electricity charger and DID to represent one robot. This device has a wallet , a Ethereum or pocket wallet. They can gain money from what they have done to the people. This is very interesting and I’m very excited to see what will happen. In this area, I think DID in Metaverse is a very interesting combination.

CAT：

I just open my mind about the DID and another things because he mentioned that we also can just put the ID on other product or cars or something else. I believe it will be a hugedevelopment of the IOT industry because now we see the application of the web3 is just the customer application. Till now we don’t see any of the application on the factory and some other to B model so. I believe it will be a very bright future.

Jademont:

Indeed, the idea is unnecessary factor for IOT plus blockchain or plus metaverse. The Technology development for the final metaverse is that there’s no difference between human being and the devices. That’s the ideal world for cyber punk. In the world you cannot tell the difference between a human being or robot because all behind is the DID.

Q7: from investors’ view, what are the new trends in Metaverse NFTs? what do you see the market go from here?

Jademont:

Actually we are looking for 2 kinds of projects. The first one is infrastructure, so that will make the blockchain adoption cheaper, faster and easier. For example, the NFT oriented public chains. The second kind of project. We are looking for is for products who are able to bring traffic to their applications.

Elaine:

first trend i think is that metaverse and nft market will combine with socialfi, so this year, we have seen like like StepN，create a new model like X to earn ,it combined with a good socialfi , which turned out to be a successful Web3 product , nowadays metaverse are very single and individual, we would like to see a multi chain Bridge to link different metaverses together. So we would like to see more infrastructure to provide this kind of solution, They will bring their traffic to different and second trend i think is second time creation, nowadays we have seen some product combined with VR and AR echnique, so they can help artist to do the second time creation, so which would help the users to Show off their own NFTS, for example, if I am byc Holder. So I can use your product to do our second creation, and to share with my like social media, which is cool. And third trend I think is incubation platform like IDO platform for example, we have seen Outland JRLAND ,incubated and onboard many famous artists, such as fanglijun, their nft price perform very well ,so I would like to see more like this kind of incubation platform onboard with many a good artist.

Q8:Can you give some good advice on how to survive in the bear market?

Jademont:

Well, I’m familiar with this question because I have gone three recycles since 2013. I’m an optimist. I think current situation is much better than 2018, the last bear market. At that time product teams were doing the fund raising Ethereum and then the bear market came. They cannot afford the salary of their team members. That was horrible. and wait for the next bull market. But for now, we’re doing fundraising using USDT, the stable coin. It doesn’t affect their stability of the team at least. So they have enough patience to develop their products and wait for the next bull market. So I think for developers and founders of the team members of one project, you just need to ignore all the noises in bear market and make your product get launched as soon as possible and build your community.

Andrew：

I think that our first of all you need to budget yourself in terms of your available resources and exposure to risk to this market and second of all like. Need to have a very fine line between investing and gambling . These 2 are very different. Testing requires you to do very deep earth research. I will also consult experts to reach a well thought out decision entering the market, while gambling is just gathering enough data and just just. Just taking a bet, you know, so it got all you make a very big distinction between the 2 what I would say is like if you if you’re currently under the water or really suffering right now.

C.A.T:

For startup, we’re trying to do our best to go through the bear market.There are 2 things we try our best to serve. We will use the time to develop my product,add some more utility and to do some more color collaboration with it, too, just to build a great good product.