A lot of good thinkers in the space (like Raoul Pal) are convinced that the metaverse will be the next be thing where we can all socialise and more importantly do business.
Decentraland is the largest metaverse out there to date and is continually expanding. More and more businesses are establishing a foothold there, with Boson recently paying $704K for a plot of land to build a retail district (gamifying the shopping experience in the virtual world) and Sotheby’s recreating their London gallery online:
Not to mention other big brands such as Binance, Polygon, CoinGecko and TrustSwap setting up a ‘physical’ presence recently in Decentraland as well.
Of course, this is all still early days and cutting edge, something the mStable team and Metanauts are well familiar with. Just as with the defi craze last summer, the metaverse is staring to lift off and gain real traction and I’m convinced that doing business in the metaverse will be a mainstay in the coming years where attracting customers and doing business in is common place. It will soon be where the days of a flat website (as slick as the mStable one is!) will be like posting a letter instead of sending an email. As such, more and more people will disregard a brand if it doesn’t have a presence in the virtual world.
In terms of which metaverse will win in the end, it’s reassuring to know that Decentraland is working to bridge with Axie Infinity (which has launched itself into the mainstream crypto consciousness over the last two months) and Somnium Space, meaning that Decentraland’s two largest competitors are becoming collaborators instead.
The graphics are currently on the low end as its browser based (although this didn’t stop Minecraft’s meteoric rise and popularity). However, they’re working on a desktop version and incorporating the Unreal Engine 5 soon which will transform the experience.
mStable’s obvious mission is to capture a larger market and increase engagement (it baffles me that it’s still so under the radar compared to other defi projects considering the high APY on offer and safety of user funds). Imagine an mStable virtual bank in Decentraland where people can walk in and make deposits etc. Like with any real estate, where you establish your plot and promote your brand will have a big impact. However, this can be negated by adding advertising on billboards in other popular districts in Decentraland directing them to your building or bank.
Here is mStable’s name for sale on Decentraland’s market place, it recently had a dramatic price cut:
I think it’s vital that mStable owns their name (think of it like the main domain name on the internet) so that both the plot of land and the avatar’s name on Decentraland can be called mStable. This also allows mStable to always have a presence in the metaverse in the virtual bank staffed by anyone on the team and it’ll be called mStable. Another important thing is that you don’t want someone else impersonating mStable with the officially named avatar going forward. It’s a small investment now to protect and own a future important asset in the online banking world.