How can the Metaverse project traverse the bear market through innovative economic systems?
How can Metaverse survive the bear market with new economic systems?
In 2021, it was the hottest year for the development of metaverse projects. That year, people bought land in various metaverse projects, brands did exhibitions in them, and celebrities held online concerts. According to statistics, countless metaverse projects emerged in 2021, and Facebook even changed its name to Meta. The market value of the well-known metaverse project Decentraland also reached as high as 12 billion U.S. dollars.
However, after experiencing the year of darkness in 2022, the metaverse track also experienced a major reshuffle, many projects died, and the market value of the flagship project Decentraland is currently stable at around 900 million U.S. dollars.
So, what is the current status of the metaverse track? In May of this year, a Golden Finance reporter went to Kuala Lumpur to visit a metaverse project called X METAVERSE PRO, hoping to catch a glimpse of the current development status of various metaverse projects in the metaverse track.
The Golden Finance reporter visited its office located in Malaysia, which is one of its trading centers. X METAVERSE PRO is headquartered in Australia, and its team members are now distributed in Asia, Europe, North America, South America and other places. However, because of the large population in Asia, the main users of the X METAVERSE PRO project are also concentrated in Asia. As a metaverse project, its biggest difference from other metaverse projects is that X METAVERSE PRO has truly created a commercial world in the metaverse.
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The project starts with a bottom-level public chain, and there are rich and colorful metaverse ecosystems such as investment, NFT trading market, metaverse mall, alliance reserve bureau, Dex, GameFi, SocialFi, metaverse city groups, etc. It is understood that the external operation and release of XMeta tokens, NFT, GameFi, and DAO are steadily progressing.
Compared to well-known metaverse projects such as Decentraland, XMETAVERSE PRO represents further development and evolution. First of all, in terms of content and functionality, people can have experiences that include virtual reality games, education, training, healthcare, socializing, and more. It is also more interactive and technically utilizes technologies such as AR, VR, AI, etc., which can make the experience more immersive. The most novel and original breakthrough is that X METAVERSE PRO introduces more extensive and complex social and economic systems, and users can find more economic opportunities within them.
On the day of the visit, May 25th, the company was holding an external investment and exchange meeting. Under the bear market, their team still maintains good external cooperation and operation.
How does the X METAVERSE PRO project survive the bear market? In the office of Ma Laixi, Jinse.com interviewed X METAVERSE PRO Asia Pacific CEO Joe Wallace and Chief Operating Officer Ivan Liew, hoping to glimpse into how a flourishing metaverse project operates.
In the process of communication with Joe Wallace and Ivan Liew, the reporter found that the highlights of the project rely on the accumulation of every small innovation, from how to eliminate gas fees, to the role of NFT in DAO governance. X METAVERSE PRO has its own set of complete countermeasures.
The following is a transcript of the interview:
Jinse Finance: How does X METAVERSE PRO combine traditional assets with virtual assets?
Ivan: In our project, traditional assets can be converted into virtual assets through digitization. For example, physical assets such as real estate, artworks, jewelry, etc. can be represented digitally, or traditional financial assets such as stocks and bonds can be converted into tokenized digital forms. In this way, traditional assets can be traded and transferred on blockchain or other distributed ledger technologies. We will also bridge traditional assets and virtual assets through cross-chain bridging, and by building cross-chain bridging technology, we can achieve transmission and exchange between different blockchains.
金色财经：How is it possible for users to interact with smart contracts on the X METAVERSE PRO chain without paying gas themselves?
Ivan: We achieve this via a Layer 2 solution.
A Layer 2 solution aims to increase the scalability of blockchain technology. This technology works by creating one or more sidechains or extension networks outside the main blockchain, and transferring transactions from the main chain to the sidechain or extension network for processing.
金色财经：What role can NFTs issued by X METAVERSE PRO play in the governance of the Dao?
Ivan: In our Dao organization, NFTs can be used as proof of voting rights, allowing participants holding specific NFTs to participate in the decision-making process of the Dao. Secondly, NFTs can represent specific assets or rights, and participants can manage and govern their assets through NFT transactions and transfers. In addition, NFTs can be used to reward, incentivize, and acknowledge participants’ contributions, thus promoting the activity and development of the Dao community.
金色财经：How does the blockchain game on X METAVERSE PRO break free from the “play-to-earn” dilemma?
Ivan: We are making efforts in game design innovation, social interaction, economic system optimization, cross-chain interoperability, cross-platform support, and ecosystem construction. In terms of game design innovation, X METAVERSE PRO provides interesting and diverse game content to attract more players, and also has innovative game mechanisms, rich tasks and challenges, and deep storylines that can increase the playability of the game. In terms of social interaction, we have created player communities, multiplayer cooperative tasks, real-time battles, etc., allowing players to communicate, cooperate and compete with other players. In terms of cross-chain interoperability, we are trying to enable players’ digital assets to circulate and share among different blockchain games. In terms of ecosystem construction, we are also actively incentivizing developers and players to participate in ecosystem construction.
Jinse Finance: How does X METAVERSE PRO avoid the industry-wide phenomenon of setting too ambitious goals but executing slowly in actual development?
Joe: X METAVERSE PRO is developed by dividing the goals into stages, adopting efficient development methods, seeking collaboration and partnerships, and other aspects. Building X METAVERSE PRO is also a huge project. The first thing we did was to divide the goals into stages, which can make each stage have clear goals and measurable results. For example, as of now, our main thematic framework has been finalized. According to this year’s plan, XMeta tokens, NFTs, GameFi, and DAO will all have specific developments, and they all need to be achieved before the end of this year.
In terms of methods, we adopt the MVP method, which focuses on solving core issues, obtaining user feedback, and verifying the market by launching a minimal version with basic functionality. This enables us to quickly release a version with limited functionality and then iterate for improvement. At the same time, in the specific promotion process of the product, we also actively maintain cooperation with other partners, project parties, and open-source communities. All of the above are some experiences that ensure the efficient and stable development of our project.
Jinse Finance: Why did X METAVERSE PRO choose to place the trading center in Malaysia? What is your observation of the blockchain market in Malaysia?
Joe: Malaysia is located in Southeast Asia, with a superior geographical location and adjacent to other important markets in Asia. This makes Malaysia an ideal gateway to enter the Southeast Asian market. In terms of policies and regulations, Malaysia provides a favorable financial and legal environment. There is a developed financial system and a stable legal framework, which is very important for blockchain and cryptocurrency projects. A favorable financial and legal environment can provide support in investment, financing, and legal compliance, thereby enhancing the sustainability of the project.
金色财经：在做X METAVERSE PRO这几年在开发过程中有没有遇到什么困难，又是如何克服的？从这些经验中吸取了哪些教训？
Joe：During the process of starting our team, the biggest challenge we faced was the complexity and volatility of blockchain technology. For example, when facing scalability, security, and performance challenges, we need to constantly research and develop, cooperate with the technical community, and adopt new solutions and standards.
Another challenge comes from regulation. Blockchain and crypto assets involve many legal and regulatory considerations, so the project must operate within a compliance framework and ensure compliance with local laws and regulations. In the face of regulation, what we do is cooperate with local legal experts in various countries and regions, keep abreast of and comply with relevant regulations, and engage in dialogue and cooperation with local governments and regulatory agencies.
In terms of the actual landing and promotion of the project, market acceptance and user adoption are also major challenges. We have achieved breakthroughs by providing useful applications, optimizing user experience, active marketing and promotion education, and other methods.
And we also ensure sustainable technological research and innovation, improve the flexibility of our project, and work closely with partners to overcome difficulties. Overall, we believe that successful blockchain projects need to consider and respond to challenges in various fields, including technology, regulations, markets, and users. Taking positive measures to solve problems and improve the sustainability of the project is crucial.