Coinbase just lists out their plan to enter Metaverse. Unlike, Meta (Facebook) which just throws Meta to you without any explanation, and its CEO just meta himself in the video to confuse everyone.
Here is a 1 min summary of the article if you want to skip the reading.
Facebook makes Metaverse about itself. They even change the name to Meta. It does not help to convince people of their view on Metaverse. Simply putting your virtual reality gaggle that your company invented and created the same virtual game to lure people into while continuing stealing other’s data and selling for profit is not about Metaverse. Facebook’s Metaverse lacks accountability, reliability, and vision. There is no concrete roadmap about the Metaverse they try to build but a promotion with blur view and CEO promotion using his own avatar to try to trick people into their database.
Coinbase took another route with a more specific roadmap. They create a pipeline to identify and ownership to payment with an earning potential to build a decentralized economy. They link everything together with their digital identity to the digital economy. They want to create a village with multiple apps link together: socialize, work, transact, play, and create.
Metaverse Is After Web3
Meta platform is more advance after Web3. It will connect every crypto product together. There are 3 worlds: virtual worlds, synchronous world, and scalable world.
The first world gives users identity and entitlements. They meant to give users a ground-rule to play and act in the virtual world. Identify will be verified by the wallet address. Entitlement likely will be provided through tokens or any voting mechanisms to help the world to develop consensus rules the communities will follow.
The second world is between objects, ownership, and payments. Similar to NFTs, users can create virtual features that link to their identity and entitlement while owning them and trading for currencies. #2 world is a marketplace that users can trade freely with each other.
The third world is for users to communicate with other users and with their history built to establish more reputation on the platform.
Check out my another article here: Defi Enters To Crypto Bond Phase
Each World Will Have Foundations
Protocol and blockchain will support first-world function with hardware and infrastructure built within. The second world will include tools and standards with real-world attestations to build more Dapps around the world. The third world will have a payment structure and voting frameworks built around.
Using Existing Development
Compared to Facebook which tries to build upon its own, Coinbase uses existing crypto and partnership with them to build a multi-verse together. The existing entities with their strength and further integrate into the Metaverse and provide a better solution to improve each other.
What is your view of the Metaverse? Do you like Facebook centralized Metaverse to ignore every but to build their own version of the world or Coinbase collaborate way to express the Metaverse in different aspects?
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How high leverage crypto lending market collapses
As the number of crypto lending projects increases, the demand for high-quality banks in this space has also increased. However, the current market is in a tailspin and not much can be done about it. Like other asset markets, such as stock and bond trading or real estate development, the crypto lending market faces multiple headwinds: low-interest rates, rising competition, and regulatory uncertainty. Traditional lenders are unwilling to offer crypto loans at competitive rates or as a package deal. Even if they did deliver it at competitive rates, many others would reject it out of hand. This leaves traditional financial institutions as the only alternative left. To avoid becoming an antiquated sector that cannot support itself, we need more than just more conventional lenders. There needs to be a higher level of leverage on offer so that creative digital assets can become its main attraction instead of simply being another commodity – another loan option. Lenders with leveraged portfolios are necessary even if they do not have the best business practices (e.g., investment vehicles). Weakening the competition will only make things harder for traditional players who have grown accustomed to buying their way into certain industries (e.g., oil) or using other conventional means to reach their goals (e.g., banking).
What is the current crypto lending market worth?
There are over 1,000 crypto lending projects in the market. Some of them have raised more money than others and it is not unusual for projects to generate more than the sum of their (usually smaller) parts. However, the total number of lenders in the market would not be significant without the adoption of blockchain and the payment network it creates. However, the market suddenly collapses in early 2022 due to the market downturn. It makes many people wonder why the market is so fragile.
The demand for high quality digital banks
New digital banks are opening their doors worldwide and offering loans to customers in various forms. Some common forms of lending include cash-out refinance, termite and mortgage loan, and money market funds. Other assets usually secure these loans rather than security-rated assets. They may offer higher interest payments but the risk of default is also very high.
How big of an impact will the current market have on business confidence?
The amount of money raised through these projects can greatly affect a lender’s business. If the number of lenders increases and the number of projects increases, then the number of do-it-your-self (DIY) loans will increase as well. However, the most significant impact will be on the confidence of the banks in the industry. This will have a dramatic and far-reaching impact on the entire commodities and financial services industry. There will be a loss of vendor relationships, reduced transparency, and a decline in investment confidence in banks. These will hurt all parties, from the lender company to the government. One example is the lending company Vauld. Unlike traditional lending services, crypto lending solely depends on the algorithm to determine the opportunities. It works when the market goes up but it does not work when the market goes down. When valuation goes up, the interest payments are worth less than the company holds. However, the interest payment is worth more than the company has when the market goes down. He suddenly reversed the market, putting the company out of business immediately.
What is next for crypto lending in terms of transparency and regulation?
The crypto lending market is small and has little industry publicity, meaning there is not much regulation or regulation-like regulation that could be applied. However, it would be wise to consider this market a low-hanging fruit, as most regulatory and legal developments occur very slowly in a sector that experiences massive fluctuations in demand and supply.
The demand for high-quality banks in this market is very large. There will be no significant movement in the market with the advent of decentralized, blockchain-based ledgers. And with the advent of more blockchain-based assets, demand for high-quality banks will continue to grow. However, a major event like a government ban on virtual currency will spark a meaningful change in the market. There is little chance of this happening soon. With so much disruption and uncertainty in this sector, it is unrealistic to predict the future of bankine. But one thing is for sure: the use of blockchain in banking will become more common, if not inevitable, in the near future.
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We are in a recession, no doubt?!
Are we in a recession? Well, it depends on who you are talking to.
The traditional view is when there are two consecutive quarters of decline in a country’s real gross domestic product is commonly used as a practical definition of a recession.
But, the definition of a recession has started changing.
Nowadays, we cannot agree on the definition anymore. Everything is open and up to debate.
All indicators show that we are heading or have already in a recession.
From the government bailout companies to not allowing a recession anymore in the economy, where are we heading if there is no clear guidance on the economy from the government?
So, we are technically in a recession, but we are not in a recession.
And we are heading into an even worse economic cycle:
But that is okay, and we can redefine everything from now on.
Here is the question about a recession, is a recession man-made or a natural process?
If a recession is caused by humans and is a man-made event, the government has the right to change the definition. Since the government has been created collectively to represent the majority of the people in the nation, they have a right as a creator of the collective force to change the definition of the recession.
What if a recession is a part of nature?
Then refusing a recession is a violation of natural law.
I think a recession is man-made, and it is okay for the government to change the definition if they want to. They have to convince citizens that the change is acceptable.
So, we are in a recession according to the traditional definition, but we may not yet be in the recession if the broader definition claims “a significant decline in economic activity that is spread across the economy and that lasts more than a few months.”
At the end of the day, it becomes a political debate that does not affect people’s daily lives.
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The Froots Are Here and Moving Fast
I was surfing through transactions on the Solana blockchain yesterday, and I noticed a large volume moving on Froots NFTs and decided to check things out.
Froots NFTs sold out fast, and the floor started running up. The mint price started at 2.75 Sol on July 21st. When I saw the project and could get in yesterday, the floor was sitting at 4. Last night and today, the Floor has been floating around 5.5 to 6.5.
What are Froots?
Froots is a collection of 7,777 fruit NFTs.
Froots, also known as ‘The Vibers of Solana’ is a community driven project of cute froots that aims to spread good vibes and provide its holders with great opportunities, through their different ventures. With Froots, we want to experiment and set a precedent for what can be done between Web2, IRL businesses and Web3. While our main goal is to develop multiple subsidiaries in various industries ranging from F&B, Merch, Books,etc… We will always put our community first and make sure that we’re always innovating and keeping it fun.Froots
Let’s Breakdown the Froots NFT Project
The project appears to be a fast-release project. A short roadmap section briefly discovers the project and utilities of the NFTs. Froots announced that only 3 of the 6 NFT utilities had been released the other 3 are still a surprise.
What is Driving the Popularity?
It’s all about the community. The Froots has a fantastic community helping to push this project to the top of Solana.
The Road Map
Froots is a multi-venture brand where holders of the genesis NFT collection will be benefiting from each ventures of the Froots umbrella, through our rev-share program. The first subsidiary will be a juices/smoothies company, and the 2nd one is a merch service venture to help projects develop high quality merch that suits their needs and brand image. We have a lot more in stock but we’d rather overdeliver than overpromise, however we can tell you that the future of Froots will include: Merch, 1/1 Charity Auctions, Web 2 + Web 3 partnerships, Lore related projects, Cute art… and VIBES!https://frootsnft.com/
Suggested Read: The Art Collective Multichain DAO by Metazens – Cryptobite
My Thoughts On Froots NFT Solana Project
I had to jump in on the rise up and make a little profit at least. I love the idea behind it and am curious to see what the other utilities will be. I will also hold at least one just to see where the project goes. They make some cool PFPs for Social Media when all else fails.
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