So we lived through another bad week where Bitcoin, crypto and even NFT tokens all seemed to crash badly — but now we know that it was really just because of Libra negativity (remember Meta’s cryptocurrency that set everyone’s lips wagging a few years back?). Meta stocks shed over 20% of their value, and it was seen as a real hit for the entire crypto market.
If you’ve also been paying attention this week, crypto markets look to be on the verge of a fresh rally, metaverse-themed coins and NFT projects are equally enjoying the swelling wave — and all that because of unexpected economic factors (this time, a US jobs report that was 200% better than expected).
That’s sentiment for you, and one of the main reasons we never pay heed to the volatility of opinion.
We always continue to build, regardless of the market. And so this isn’t another moan about Meta (or Facebook as people might still remember it). Much like our previous mention of Zuckerberg’s metaverse rebranding, this article is simply us reiterating our stance on the development of our Cradles: Origin of Species game, and how we feel that all of these recent developments with big companies and the crypto market are merely distractions.
30 years after Snow Crash…Metaverse lives on
Science fiction die-hards might point out that the first ever use of the word “metaverse” was recorded in a novel called Snow Crash. It bears a striking resemblance to many realities that we live in today. The novel might have taken it some distance in creating a Los Angeles that’s completely sponsored by corporations, while people move around as avatars zombielike in an environment of hyperinflation — but if we’re keen to embrace a metaverse that looked a lot like Meta’s advertisement, then we’re really not seeing a different version. If millions of people hooked up to Meta’s version of virtual reality, doing all the mundane things we already do in real life, and under the auspices of Zuckerberg’s corporate machine, well, that’s the novel in reality.
Adding cryptocurrency doesn’t even make it unique as Snow Crash also deals with cryptography and others in blockchain have already reminded us of this literary source of inspiration. We have SnowCrash DAO already going through internal testing, not to mention CrashPunk NFTs “crashing” in on the hype.
And all of these are developing and progressing — regardless of the fact that crypto markets in general are down about 40% from their November highs. Regardless of the fact that Meta stocks have fallen and are threatening to pull out of the European Union because of personal data rulings (we’ll talk about that separately too as it’s an important consideration for blockchain gaming), blockchain projects that are serious about developing innovations will continue to do so.
Markets will always be a distraction and a culling force
And so when we see NFT or blockchain or metaverse projects simply die out over the next few months, it won’t be because this is the end of the dream. It will merely be because the main ingredients that should motivate a project were always missing.
The ICO era of 2017, and the DeFi era of 2020, and the NFT era we currently live in now continue to remind us of this. That if a project simply exists to be a pale imitation of each other, if the tokens and how much they cost are the only things driving people to be part of the community, if there is no constructive contribution or technological innovation at the end of the roadmap, then the project never had a chance.
So, over the course of this year and next. When you see Play-to-Earn projects and Metaverse branded tokens start to flounder, don’t worry. This is simply the proven work of market forces. Markets when bullish breed short-term fans, easily and quickly purged when the bears take over and there is nothing left to sustain the speculative interest of token buyers.
Pay attention to the projects who spend the majority of the time actually developing. Be they metaverse projects or blockchain games (like us) incorporating elements of the metaverse.
Dig through the hype, the distaste, the excitement, the cynicism and optimism, the information and misinformation surrounding the many different concepts and ideas, and you’ll find that this is simply the process of decentralization and open concepts in development. Augmented reality, extended reality, virtual reality are all emerging technologies that no doubt are coming together in a watershed moment that will bring us close to the doorstep of the “second life” that the metaverse promises.
The world’s top tech firms have taken note. Most will bring some offering to the table, be it via consumer VR tech, or artificial intelligence supercomputers, or foundational technology like blockchain and smart contract abilities. We hope to bring our own contribution via the EIP3664 proposal that would allow, for the first time, entropy-increasing virtual worlds that replicate the laws of time and physics — something we believe is crucial in the development of a viable virtual world where time is not only persistent but consequential.
And all of this will ring in the changes, but only if users demand it. The World Economic Forum already notes that there will be ethical challenges once these concepts begin to take serious forms, so we know now that it is no longer a matter of if, but when.
So don’t let the markets — bull or bear — distract you. Don’t let the talk of moon projects and “top tokens” take your attention away from the real things.
Keep your eyes on Cradles, and you’ll be in for a major discovery.
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