Metaverseย network hype may have faded, but this does not change the fact that thereย is considerable interest in what the technology offers, assures Lucy Len-Stankus, the CEO of DecentWorld.
The project she runs resurfaced in the early days of theย pastย few bear market and evolved into a stand-alone metaverseย network platform in the industry a year later.ย
The CEO tells DailyCoin how the young project survived the challenging market and shares her insights on why metaverses will be a big hit in the future.
Bear Market Brings in Creativity
Andย once Mark Zuckerbergโs Facebook revealed intendsย to invest over $10 Billion into its virtual reality space and rebranded to Meta in autumn 2021, metaverseย network hype hit fever pitch. Tech giants joined the race, and specialists predicted the metaverseย network ecologicalย system wouldย beย ableย to a $5 billion value by 2030.ย
Nonetheless, 2022 changed everything. Worldwide economic slowdown, tighter financial conditions, and substantial job cuts at big tech corporations shook the industry. Metaverseย network platforms lost nearly 96 percent volumeย ofย trading, dropping from $49.2 Billion to $2 Billion duringย a year. Theย mostย recent buzzword was swiftly replaced by a new hype โ artificial intelligence (AI).
Onย theย otherย hand, such harsh economic conditions likewise marked the beginning of DecentWorld, a real-world-based 3D metaverseย network platform that experienced different user sentiments from the bulkย of the industry.
โBuilding in a bear market is a survival of the fittest situation. Combined with the metaverseย network losing its momentum, we have a context that pushes projects for unorthodox approaches,โ shares Len-Stankus.
Regardlessย of that, sheโs certain that even in difficult times, projects can find solutions that work.ย
โBear markets attract innovation because people get the most creative when presented with tough situations. And the same goes for projects.โย
Making Artificialย Intelligenceย (AI) Work for You
The failure of Metaโs metaverseย network vision dampened the future for aย lotย of the technologyโs proponents. Onย theย otherย hand, the main reason worldwide attention shifted away from the metaverseย network was the boost of AI.ย
The new trending technology took all the spotlight. Still, for DecentWorld, it meant adaptation and opportunities. As Lucy Len-Stankus reveals, embracing it was significantly more beneficial than resisting technological evolution.
The metaverseย network platform she runs included the usage of Artificialย Intelligenceย (AI) in its day-to-day tasks and implemented it in the product itself, which helped increase the teamโs level of Artificialย Intelligenceย (AI) expertise faster.ย ย
โThe people who are afraid are gonna lose this game. You snooze, you lose. I didnโt want our team to be snoozing. Thisย isย why, Iโm pushing them to use Artificialย Intelligenceย (AI) every day more and more. Thatโs how we are stronger. Part of DecentWorld is now operated by Artificialย Intelligenceย (AI), which is beneficial both for us and our customers.โย
Unique Concept Forms Part of Successย
DecentWorld established its presence as a 3D virtual world with features like gaming and digital real estate. It likewise acts as a gateway to metaverses for enterprises, primarily catering to the high-end sector.
Reportsย by its CEO, a unique concept served as a valuable investment during the bear market. It allowed the platform to distinguish itself from competitors even in challenging economic conditions.
The strategic approach has paid off. A year after its launch, DecentWorld distinguished as one of a kind in the metaverseย network industry.ย
โAfter attending numerous international events and, ofย course, doing our own research and due diligence, we saw that thereย is no such platform like ours. This makes it easier for us to position ourselves in the market.โ
Deal Investors Invest During Bear Markets
Despiteย theย factย that the bear market is a challenging time, metaverseย network enterprises should not see it as a setback, believes Len-Stankus. Instead, they should treat it as aย chance to prepare themselves for the future.ย
In her opinion, a bear market is a perfect time for regrouping, evaluating longstanding strategies, polishing the product, and ensuring that all the systems are in line for times when the market rebounds.
โBear markets doย not last forever. Buy low so that you can sell high thereafter. For enterprises, it is time to invest,โ she asserts.
The downtrend is the time when deal investors (VCs) likewise make their investments. Consequently for the DecentWorld metaverseย network, born in the early stage of the bears, securing additional assets has never been a question. VCs have always shown their interest in it, the CEO reveals. She sees building a strong and loyal base of supporters as a muchย higher task.
Users Are Interested, Retaining Them Poses a Challengeย
Since the 1st days of the cryptocurrency bear market, one of the industryโs leading metaverses, Decentraland (MANA), lost greaterย than 94 percent of itsย price. The trading volumes thisย isย why shrank, indicating the danger aversion of the bull market investors.ย
Other industry players, like The Sandbox (SAND), Gala (GALA), and Axie Infinity (AXIE), likewise saw a decline in trading volumes and value. None of their marketย price has isย still recovered to the pre-bear market level.
Reportsย by Len-Stankus, such a situation is short-term, and a bear market decrease does not mean the demand for metaverses has vanished.
Despiteย theย factย that their 1st year of existence was marked by product development, the brand-new metaverseย network gained tens of thousands of users from across the globe.
โWe do see a very good and positive conversion in South American markets. Users there are very open to Webย 3.0 and are seemingly thirsty for 3D entertainment. We likewise see that the bulkย of general Western markets are very open and willing toย participate. They are looking for such experiences.โ
Nonetheless, theย expansion of the user base is only one part of the story. As users often seek thrills and exclusive experiences, keeping them satisfied and engaged becomes challenging for metaverseย network platforms.
Thisย isย why projects must find ways to develop new and more tailored services, reveals Len-Stankus. In DecentWorldโs case, this was the very individual customer support that helped to keep users loyal. She strongly supports the idea that metaverseย network platforms should focus on the communication and narratives they build with their communities.
โHere comes the art of storytelling. You have to create a compelling story in order for them to see the future the way we know it will be.โย
Institutions May Trigger Adoption of NFTs
With increasingly institutions adopting blockchainย tech, their acceptance and use of non-fungible cryptoย tokens (NFTs) are expected to be one of the most wholeย lotย of factors that could trigger a recovery of the metaverseย network industry.ย
Reportsย by the CEO of DecentWorld, the 1st stage of blockchainย tech adoption on the institutional level is over, with numerous countries already developing their national digitalย currencies on the blockchain.
Inย theย meantime, the proof-of-ownership topic isย still a big issue, and theย following stage of institutional blockchainย tech adoption may focus on it.
Len-Stankus gives current registry centers as an example. Visiting institutions to provide ownership of certain types of assets is becoming outdated, and the ownership information is not always safe and secure.
Nonetheless, if institutions like registry centers could setย up a secure proof-of-ownership through the creation and adoption of Non-Fungibleย Tokenย (NFTs), this would revolutionize how assets are authenticated and transferred.
โI believe that on the institutional level, translating valuables into Non-Fungibleย Tokenย (NFTs), toย beย ableย to have this registry of ownership, is theย following logical stage for blockchain.โย
Hardware Evolution Holds Back Future Potential
Apart from institutional adoption, the fast-evolving Artificialย Intelligenceย (AI) is likewise often named as one of the key catalysts that could fuel the mainstream adoption of metaverses. 1st and foremost, changes in peopleโs habits will significantly contribute to this.
โPeople are gonna have more spare time because their job role is gonna be different. If people have spare time, they will fill it. I would say the metaverseย network is gonna fill in that void with the experiences it can bring.โย
She further thinksย that metaverseย network adoption wonโt be only attract entertainment to daily activities; it will simplify numerous types of experiences. Shopping online will mean walking around immersive and very visual 3D stores and trying out products. In short, real-life experiences without leaving home.ย
โFor me, this is about emotions, about time well spent. This is one of the largest values that the metaverseย network brings.โย
She sees the limitations of physical technology as the main factor holding back the progress of the metaverseย network. Nonetheless, with the boost of artificial intelligence, this obstacle canย potentially get overcome faster.
โ Artificialย Intelligenceย (AI) is going to attract Webย 3.0 sooner thanย predicted. If hardware weren't part of this formula, Iโd say Artificialย Intelligenceย (AI) would attract the metaverseย network to our doorstep 5 times quicker. So if it were 10 years, I would give it two years because Artificialย Intelligenceย (AI) isย quite powerful and fast developing.โย
In her opinion, having quantum computing already available would attract wholeย lotย of advantages to the industry.ย Asย ofย now, these and similar technologies mayย be the only options for making processors quicker and ensuring widespread access to metaverses.
Nonetheless, until that happens, it isย crucialย to realize that a bear market is not the end of the market.ย
โItโs just a phase that will end soonerย orย thereafter. We have to be prepared for the moment when it suddenly spikes,โ the CEO of DecentWorld concludes.
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