Metaverse network hype may have faded, but this does not change the fact that there 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 the past few bear market and evolved into a stand-alone metaverse network platform in the industry a year later.
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
And once Mark Zuckerberg’s Facebook revealed intends to invest over $10 Billion into its virtual reality space and rebranded to Meta in autumn 2021, metaverse network hype hit fever pitch. Tech giants joined the race, and specialists predicted the metaverse network ecological system would be able to a $5 billion value by 2030.
Nonetheless, 2022 changed everything. Worldwide economic slowdown, tighter financial conditions, and substantial job cuts at big tech corporations shook the industry. Metaverse network platforms lost nearly 96 percent volume of trading, dropping from $49.2 Billion to $2 Billion during a year. The most recent buzzword was swiftly replaced by a new hype – artificial intelligence (AI).
On the other hand, such harsh economic conditions likewise marked the beginning of DecentWorld, a real-world-based 3D metaverse network platform that experienced different user sentiments from the bulk of the industry.
“Building in a bear market is a survival of the fittest situation. Combined with the metaverse network losing its momentum, we have a context that pushes projects for unorthodox approaches,” shares Len-Stankus.
Regardless of that, she’s certain that even in difficult times, projects can find solutions that work.
“Bear markets attract innovation because people get the most creative when presented with tough situations. And the same goes for projects.”
Making Artificial Intelligence (AI) Work for You
The failure of Meta’s metaverse network vision dampened the future for a lot of the technology’s proponents. On the other hand, the main reason worldwide attention shifted away from the metaverse network was the boost of AI.
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 metaverse network platform she runs included the usage of Artificial Intelligence (AI) in its day-to-day tasks and implemented it in the product itself, which helped increase the team’s level of Artificial Intelligence (AI) expertise faster.
“The people who are afraid are gonna lose this game. You snooze, you lose. I didn’t want our team to be snoozing. This is why, I’m pushing them to use Artificial Intelligence (AI) every day more and more. That’s how we are stronger. Part of DecentWorld is now operated by Artificial Intelligence (AI), which is beneficial both for us and our customers.”
Unique Concept Forms Part of Success
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.
Reports 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 metaverse network industry.
“After attending numerous international events and, of course, doing our own research and due diligence, we saw that there is no such platform like ours. This makes it easier for us to position ourselves in the market.”
Deal Investors Invest During Bear Markets
Despite the fact that the bear market is a challenging time, metaverse network enterprises should not see it as a setback, believes Len-Stankus. Instead, they should treat it as a chance to prepare themselves for the future.
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.
“Bear markets do not last forever. Buy low so that you can sell high thereafter. For enterprises, it is time to invest,” she asserts.
The downtrend is the time when deal investors (VCs) likewise make their investments. Consequently for the DecentWorld metaverse 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 much higher task.
Users Are Interested, Retaining Them Poses a Challenge
Since the 1st days of the cryptocurrency bear market, one of the industry’s leading metaverses, Decentraland (MANA), lost greater than 94 percent of its price. The trading volumes this is why shrank, indicating the danger aversion of the bull market investors.
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 market price has is still recovered to the pre-bear market level.
Reports by Len-Stankus, such a situation is short-term, and a bear market decrease does not mean the demand for metaverses has vanished.
Despite the fact that their 1st year of existence was marked by product development, the brand-new metaverse network gained tens of thousands of users from across the globe.
“We do see a very good and positive conversion in South American markets. Users there are very open to Web 3.0 and are seemingly thirsty for 3D entertainment. We likewise see that the bulk of general Western markets are very open and willing to participate. They are looking for such experiences.”
Nonetheless, the 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 metaverse network platforms.
This is why projects must find ways to develop new and more tailored services, reveals Len-Stankus. In DecentWorld’s case, this was the very individual customer support that helped to keep users loyal. She strongly supports the idea that metaverse network platforms should focus on the communication and narratives they build with their communities.
“Here 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.”
Institutions May Trigger Adoption of NFTs
With increasingly institutions adopting blockchain tech, their acceptance and use of non-fungible crypto tokens (NFTs) are expected to be one of the most whole lot of factors that could trigger a recovery of the metaverse network industry.
Reports by the CEO of DecentWorld, the 1st stage of blockchain tech adoption on the institutional level is over, with numerous countries already developing their national digital currencies on the blockchain.
In the meantime, the proof-of-ownership topic is still a big issue, and the following stage of institutional blockchain 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 set up a secure proof-of-ownership through the creation and adoption of Non-Fungible Token (NFTs), this would revolutionize how assets are authenticated and transferred.
“I believe that on the institutional level, translating valuables into Non-Fungible Token (NFTs), to be able to have this registry of ownership, is the following logical stage for blockchain.”
Hardware Evolution Holds Back Future Potential
Apart from institutional adoption, the fast-evolving Artificial Intelligence (AI) is likewise often named as one of the key catalysts that could fuel the mainstream adoption of metaverses. 1st and foremost, changes in people’s habits will significantly contribute to this.
“People 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 metaverse network is gonna fill in that void with the experiences it can bring.”
She further thinks that metaverse network adoption won’t 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.
“For me, this is about emotions, about time well spent. This is one of the largest values that the metaverse network brings.”
She sees the limitations of physical technology as the main factor holding back the progress of the metaverse network. Nonetheless, with the boost of artificial intelligence, this obstacle can potentially get overcome faster.
“ Artificial Intelligence (AI) is going to attract Web 3.0 sooner than predicted. If hardware weren't part of this formula, I’d say Artificial Intelligence (AI) would attract the metaverse network to our doorstep 5 times quicker. So if it were 10 years, I would give it two years because Artificial Intelligence (AI) is quite powerful and fast developing.”
In her opinion, having quantum computing already available would attract whole lot of advantages to the industry. As of now, these and similar technologies may be the only options for making processors quicker and ensuring widespread access to metaverses.
Nonetheless, until that happens, it is crucial to realize that a bear market is not the end of the market.
“It’s just a phase that will end sooner or thereafter. We have to be prepared for the moment when it suddenly spikes,” the CEO of DecentWorld concludes.
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