mStable in the Metaverse

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:

Boson Pays Record $704K for Decentraland Plot to Create a Virtual Mall - CoinDesk).

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:

https://market.decentraland.org/contracts/0x2a187453064356c898cae034eaed119e1663acb8/tokens/39643913402657188701775212192979214004303504291087026986434023688623324293083

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.

1 Like

This is great forward thinking, and I’m definitely in favor of pursuing this. I won’t suggest to know on when the right time to buy this would be, nor do I have much experience in the various metaverse options and their different approaches, but I do see the future potential they have – especially considering that other major players in the space are making a bet on this.

Great post and great idea. I hope this gets some traction @PStones1.

Also:

:exploding_head:
Can’t wait to see this!

Another Defi community Aladdin DAO has just expanded their presence by launching on Decentraland. They have a Medium article detailing their thinking behind it, give it read (I can’t include the link here, sorry).

I think mStable could also deploy similar ideas to this on Decentraland.

Hi @PStones1, and thanks for the great input here!

We discussed this topic in the last signer call, and the overall consensus was that the DAO didn’t yet see any urgent need to purchase the name for our Decentraland presence.

We haven’t fully decided yet on the Metaverse mStable will ultimately settle on, and the feeling was that we can simply wait and observe the different Metaverses developing, and then bring this topic up again at a later stage when it is ripe for discussion.

The idea of representing mStable in the Metaverse is compelling, and definitely something on the radar, but we also don’t want to simply hold a name if we’re not actually going to use it anytime soon.

I’d be curious to hear more about your idea, though. So let’s say we wanted to build this presence in Decentraland, I imagine there would be an opportunity to do so with enough development put into it.

What benefits would this have for any current players in Decentraland? Could they in any way interact with our platform from inside the game, or is this mainly based around chatting and visuals right now? Do you have any quick videos or blog posts that you could share with us that might be helpful to drive this forward and understand it all better?

I think if we brought a sufficient business case forward to the mStableDAO in how all of this will tie in, then we could explore this topic again in greater depth and more detail. Do keep in mind though that the core development team currently has their hands full, and a lot of this would need to come from the community directly.

With this in mind, we do have a GrantsDAO now that could potentially help fund something ambitious in this direction, but it probably is best to discuss it with them and whoever else might be interested in this endeavor.

I hope this helps, and thanks once more for bringing this up with us and making us aware. If anyone else has any opinions around this, we’re always happy to hear it!