LUNA’s plunge has brought a clear signal to the cryptocurrency market: bear is coming. On May 21st, MetaOasis DAO conducted an AMA on this inevitable situation. MetaOasis DAO Founding Contributor 0xTokugawa and Dorothy hosted the meeting, while guests from Web3 elaborated their insights and advice on finding the next blue chip under current circumstances.
Let’s go through the highlights of the amazing discussion!
Among all the current metaverses, which projects or which sector in your opinion will be the next blue chip?
0xTokugawa (from MetaOasis DAO): I don’t think it will be distinguished by the style, 2D versus 3D. Personally, I am more excited about the project building an open metaverse that has capability of UGC contents and I am interested in AR VR technology. I will talk about what I want to see in the metaverse project that I think has the potential to become a blue chip. From the very early Web2 project Second Life, I see an important thing is being able to build a creative economy. That would attract more people to come and stay. Let’s ask: what is the metaverse? I think it would create an immersive experience where you can go shopping or do anything else with your friends, not feeling lonely. And I’m pretty sure we are heading in the direction of AR and VR tech.
Dan (from NFTGo): We are certainly in a bear market, but not just in the NFT space. If you look at how much NFT blue chips have gone down, on a relative scale, they have gone down much less than other asset clauses. Most investors are not leveraged when they buy NFTs. That helps a lot. We should also define what is the future of NFT. On NFTGo for a long while, we didn’t think Moonbirds would be a blue chip, because it is so new, even though the market cap was up there with some other blue chips. We just wanted to see if it was able to sustain the price with that market cap and it did. How do you say that a project has potential to become a blue chip? Is it by market cap? Is it by the team? How do we consider blue chips? By that understanding, we can know more about what can be the next blue chip.
Gagan (from NFTStar): The negative point I see in NFT and metaverse is that the cognition about blue chips revolves around investment. The way I look at NFT and metaverse are really creating spaces for individuals within groups. When I think about blue chips, it is not about the financial component, it is about the community component. I would like to see a metaverse that is specific to things happening in the real world. It’s an online space for people to interact with others in a meaningful way.
Desto (from Killer GF): The community aspect is huge. Maybe in the future, the main reason why people hold NFTs is for the community. I think in searching for the next blue chip, it may just be a project that already exists and has a buddy community. Like how Yuga Labs created Otherside, the best way is to increase supply for already established communities. Finding a blue chip is difficult. Just look at already set projects. You like the community, you agree with their morals and values, and people there have some temperament for you. Just follow that and pursue that!
Mari (from NFTGo): If you wanna be part of something big, you have to find a community who wants to grow something big. Finding the peer that is so similar to you, is one of the ways of how you can find the next blue chip.
Dorothy: I have a question for Dan and Mari, since you are experts in data and metrics. How do you evaluate projects? What kind of metrics do you use?
Dan & Mari: We track many criteria: stability of price, percentage of holders, trading volume, blue chip holder percentage etc.
Many Web2 companies started to get involved in the crypto space or even build their own metaverse. What kind of innovation or opportunities do you think may happen in the future development of metaverse?
0xTokugawa: I think it is the magic of Web3: community-driven. In the long run, I think a successful metaverse is able to have a population and have reason to stay. Metaverse is more than just a game. It needs to go in that direction. Also, I’d like to see more interoperability. Many projects have quite a high barrier of entries to build things. I hope to see an innovation to bring down those barriers of entries.
Gagan: I don’t think anyone really knows what the metaverse is gonna look like or turn into over the next few years. What’s happening right now, these platform land sales, is an interesting first step, but I think in the long run, inclusivity rather than exclusivity is gonna be something really important. I have a sentiment that interoperability is gonna be really important here. I’d like to interact with the community or with the entity that I care a lot about. Connect with like-minded people in the space that allows you to do interesting things with them, the result of doing those things may spawn new NFTs and augmentation of NFTs that you are holding. You will have fun in the meanwhile. To me, the future is about interoperability, about UGC, about bringing together groups of people around common interests.
Dan: Decentralization is the key for Web3, right? How many projects are truly decentralized? We rely on a group of people to come out with new features. I am wondering at what point we can be truly decentralized.
Dorothy: I agree with you. We see even BTC is kind of centralized because the BTC guys hold the key and they can change the codes. We have miners who have the mining power to decide which network they’d like to support. If the BTC guys change the codes, miners might say they agree with the legacy version and do not support the new version. Ethereum is similar. We are hoping for decentralization. The beauty of decentralization is that we have the voting power and we have the token to incentivize the right actions.
Mari: What Web3 is bringing to us is something special. I am looking from a sociology point of view. How do people behave? Do they want to be decentralized? What does it mean to people? Even trying to understand Web3 is super scary for me, because we see different movies like The Terminator, The Matrix. It’s a crazy, crazy future. It’s sort of like bringing back communism and socialism for me. People can finally create their own opportunities and each metaverse can bring so many different things like having amazing ideas. It’s hard to answer what the future will be, but it’s a good opportunity for people to learn decentralization.
How has the bear market been treating you guys? Do you have any suggestions for everyone, especially for newcomers?
Mari: We started a Twitter space. It’s every week and big traders share how they trade. The guests will pick some projects and our audiences will vote for which we should buy. The idea is to find the next blue chip in the bear market. I think it’s a good time to buy some NFTs. There are a bunch of interesting projects with great communities. If you are keen on investing, you should start exploring now, because it’s inevitable to be in the bear market for at least a few months.
Dan: Every time when there is a bear market, we see something new come out of it. I do think the bear market is a kind of good for innovation. It makes sense for something to go up forever. Cycles are actually important for the natural evolution of economy and society.
Gagan: Entrepreneurs and projects are still working hard. Who knows when it would turn around? But if you believe in this world of decentralization, NFTs and communities, everything is on sale. So have fun!
0xTokugawa: In the bull market, projects tend to do things really quickly and everyone seems to be in a rush. While the bear market is to make people pay more attention to long-term vision to do the right thing.
The bear market is inevitable, but it also breeds new vitality and opportunity. We hope that all of you will hold confidence and move forward together with us. By the way, are you guys ready to explore a world of acceptance, tolerance and peaceful co-existence? Keep your eyes and ears open these days. Zzoopers will bring you more!
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