RECAP – LIVE PANEL “NFTization of the real-world assets: The story of the metaverse.”
A quick recap on all the exciting things shared in The Quoc Khanh Show about the Metaverse!
Currently, most NFT projects aim to build a metaverse, especially in game projects. Why is the NFT Game heading for this new concept? What are the benefits in the real world? What experiences do we have in the virtual world? Many exciting things were shared through the Livestream on “NFTization of the real-world assets: the story of metaverse” between Ronald Le, CEO of Bholdus, and Lynn Hoang, Country Director of Binance Vietnam, on The Quoc Khanh Show. Watch the live stream now on Youtube.
If you've ever seen the movie Ready Player One by the famous director Stephen Spielberg, you can imagine what a metaverse world is. It is a virtual space created from the Internet and augmented reality tools (such as VR glasses) that help us get the most realistic experiences. Metaverse is a concept that implies "beyond the existing universe".
With the development of blockchain technology, the Metaverse comes closer to us. Imagine the world in a game powered by NFT technology, allowing players to collect and exchange tokenised assets in the form of non-fungible tokens. Metaverse is a virtual economy where players own assets and make final decisions.
NFT trends and the reception of the Vietnamese community
About this topic, Lynn said that Vietnam was currently at the top of the NFT trend, which was a surprise in the blockchain community. In 2017, the blockchain trend took place in the US and EU first, but now Vietnam is leading the NFT trend, especially in the GameFi segment. Typically, the Axie Infinity project developed by a Vietnamese co-founder created a big hit in the GameFi world with more than 1 million active users every day. AXS, the native token of Axie Infinity, was listed on Binance at 10 cents last year, but the price is now over $70, which increased 700 times.
Vietnam is a pioneer of the trend, and there will be many GameFi projects soon. Individual investors and funds also focus on the Vietnam market with many leading game builders.
In Lynn's opinion, users have high expectations of GameFi NFT because of its play-to-earn model. Players can play games and earn money in the game world. She believed this would become a new development tier.
Bholdus and NFT
Answering MC Quoc Khanh's question about Bholdus's mission and relationship with NFT, Ronald mentioned the book “Internet of Value” that inspired him to Blockchain and the world of Crypto since 2014, as well as his early experiences in building a decentralised exchange in the world as one of his first projects. After seven years working in the field, he has noticed the maturity of the crypto market with many new technologies, a deeply developed platform, faster processing speed, and easier cross-platform run. Then, Ronald and his team launched Bholdus in 2021. The core team has had a lot of experience in the blockchain field to build products for decentralised finance and tokenisation.
Bholdus is a blockchain like Binance Smart Chain, Ethereum, or Solana. However, the difference of Bholdus is to build a platform for qualified businesses related to NFT with clear legality, operating in many different jurisdictions. Bholdus focuses on projects like GameFi, Music, Movie. GameFi is a very hot segment and is considered the cradle of profits for most companies like Axie, VNG. Bholdus helps businesses tokenise quickly, access funding for project developments, connect with users to build the community at a global scale.
Bholdus has raised more than $3 million in a short time through Private Sales, Early birds, and IMO rounds. Ronald believed that Bholdus would help projects and businesses connect with financial opportunities from crypto investors and develop on the Bholdus platform. That's how Bholdus dedicates to startups in the long run.
Metaverse exists parallel to the real world.
Lynn believes that if this trend succeeds in the next 5 to 10 years, it will be a big hit for the future Internet generation. Metaverse is the combination of many technologies, and Blockchain is the dominant technology. Metaverse is a virtual world with actual economic values. For example, in Metaverse, people can use cryptocurrencies for transactions to buy digital assets yet receive them in the real world, and so on. Blockchain will help transactions in the virtual world take place quickly, safely, and securely. Blockchain will connect different Metaverse virtual worlds as well. And it also requires the development of VR and AR, even AI.
Blockchain will connect different Metaverse virtual worlds as well. And it also requires the development of VR and AR, even AI.
Metaverse's impact on the real world and how it changes the economy.
Lynn shared that some famous brands such as McDonald's, LV, or others have tested the NFT concepts in advertisements. They find that the millennials, the target audiences, spend a lot of time in the virtual world, and brands can leverage that to sell more products. Besides, the impacts of COVID have changed people's lifestyles, making them spend more time at home. It is also why more people interact with the virtual world to find new experiences in parallel with the real world. For example, in the virtual world, you can order an LV bag, and one week later, you will receive the bag in the real world.
Applications of Blockchain in traditional business models.
Ronald said this would be a B2B direction that Bholdus aimed for. All industries can take advantage of Blockchain.
The first characteristic of Blockchain is immutability. The second one is smart contracts, helping businesses easily join the ecosystem by removing the need for trust. The third one is transparency. Blockchain can be applied in agriculture, medicine production, traceability. Unlike the traditional form, data information is only stored internally if there is no audit. Many other industries are also applicable, such as real estate, manufacturing, etc.
Tips to help investors evaluate projects on Binance?
Lynn advised that if you did not own Crypto, you should not be rushed to buy NFT because NFT was a new cryptocurrency area. You should own Crypto first, then find out if NFT projects are suitable for your interest or not.
From a personal perspective, Lynn shared investment types, including traders, holders, or a combination of the two. The famous trader is George Soros, and the renowned holder is Warren Buffett. They have different strategies in investment, but the standard features are capital preservation by diversified investment portfolio, no loans for investment, and knowing when to exit.
According to Binance statistics, the percentage of holders is higher than traders. Most crypto investors will have 5 to 10% invested in bitcoin or sustainable coins, among which bitcoin was more tolerable than others.
Lynn also suggested that if you already own Crypto, you would probably buy some cheap NFTs to experience the new crypto trend.
The Q&A part of the program was exciting, with questions from the audience.
An audience was concerned whether people destroyed the environment so much, so they had to enter the virtual world to experience what was lost in the real world.
Ronald shared that the positive side of the COVID pandemic was to help make the environment better since people had less impact on nature. In the fintech industry, creating green finance is also a trend together with Blockchain. Green finance will support solar energy industries to apply cryptocurrency in transactions.
And Lynn affirmed that Metaverse is an evolution of society due to the growing digital lifestyle. The virtual world makes our life more perfect. Every company, every business can become a metaverse and interact with each other.
Quoc Khanh shared the same opinion that the virtual world would happen with the development of technology. Since people digitalise everything, besides the traditional model, if there is a more exciting form of experience, why shouldn't there be? He believed that Metaverse was the next step of the scientific and technological revolution.
Another audience wondered if the Metaverse was virtual, but the economy was real, and the money invested in NFT was from the real world, so in the long run, what would the natural world look like if more people were immersed in the Metaverse.
Lynn believed that the two worlds would exist in parallel, providing convenience for people's needs to transact in both worlds. Besides, many people who enjoy travelling around do not live permanently in one place; thus, storing digital assets makes it easy for them when moving.
On whether NFT is a bubble and what causes a project to fail, Lynn said that 98% of NFT projects would probably fail, only 2% would succeed, but certainly, NFT would continue to grow. Like the dot com internet revolution, most projects failed, only a few brilliant projects have successfully achieved it like Amazon and Google. Those projects are because they have a passionate community with them, they create what people want, and the team looks to develop that product in 5-10 years, not just in a short-term vision.
How to find potential projects?
Lynn revealed that if you search for information or interact more on community blockchain/crypto channels or blockchain/crypto KOLs, you can find potential projects.
Ronald shared that one factor in identifying a potential project was getting to know the project's core team. The second one is whether the roadmap and vision of the project are big enough or not.
In the last question about the conflict between Bholdus and traditional banks, Ronald affirmed that Bholdus did not go into the conventional banking segment but supported and cooperated with fiat money-related activities. Bholdus will delve into GameFi, Metaverse, areas that traditional banks do not focus on. Bholdus will be the bridge to help businesses and projects access financial opportunities in the DeFi space.
Read here for more information on BHOLDUS.