Roux here. Welcome to MYTY.
The global economy is in a bear market, obviously, the crypto winter came as well. Having been in the crypto space since 2016, one thing I learned was that during the bear cycle, only true believers remain, and I was one of them.
In 2019 and 2020, as you may know, a bitter crypto winter came. As I recall, my past portfolio investments include Decentraland in 2017, Sandbox in 2018, and Axie Infinity in early 2019. From my perspective, even though harsh winter has set in, I think that winter was a great way to provide teams to focus and concentrate on building their products.
The latest NFT market looks very similar to ICO boom of 2017 and 2018. The term ICO changed to “Mint” and ERC-20 is replaced by ERC-721 with some cute pictures. When ICO market crashed, there were tons of people saying that “I told you this was going to happen. BTC is the only valuable cryptocurrency and all the other altcoins, including ERC-20, are worthless.” How about now? It’s very hard to find a person who denies the utility of ERC-20 as a value carrier of fungible assets. The capability and utility of fungible tokens are widely accepted by the crypto and non-crypto community. Right now, in 2022, there are tons of people claiming that NFTs will not last and the bubble will burst. However, I believe that the same thing will happen for NFTs as value carriers of digital objects.
As of now, we stand a little farther from this future. In particular, it is challenging to make NFT with low value or maintain NFT for the long term because the gas fee of blockchains such as Ethereum is expensive. In the meantime, PFPs are by far the most consumed NFT, where people have an affinity for their multi-persona. These PFPs have developed a unique culture in terms of social context without any high-resolution or high-tech devices, which are the terms that are commonly related to the metaverse. I observed that this culture is lasting even during this bear cycle.
- The community is representing their multi-persona with PFPs.
- The community is creating various derivative arts.
- The community is consuming PFP IRL — merch, conferences, etc
- Especially, the community is arranging more innovative activities than above mentioned.
However, still, there are not many things you can do with your PFPs. Some of the applications are out there and it guides that you can use your PFPs as avatars, but it is not composable. That’s why we started building an on/off-chain infrastructure for the Web3 Social Metaverse. The first application is MYTY Camera, which is built by our team.
You can check out some of our ideas on our GitHub, which avatars can play with. We’re all in to be pioneers. Let’s build together.
Cheers,
Roux
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