At the recent inaugural GeckoCon — NFTs Gone Wild, which brought together key minds and voices of the NFT space on all things non-fungible, our Head of Communications Igneus Terrenus discussed the merits of the metaverse and its potential to solve some of society’s most complex challenges with Kyle Rojas, Edge & Node Head of Business Development and Partnerships. Igneus also shared his motivation in working towards a level playing field with the decentralized space, and the importance of putting forth an empowering story for blockchain technology.
In his current role at Bybit, one of the fastest growing crypto exchanges in the world, Igneus isa champion of the company’s growth strategy and developing brand advocacies around Bybit’s values, namely — being the best product in the market that is reliable and customer-centric. Through its invested efforts, the exchange has now achieved an ultra-fast matching engine, state-of-the-art pricing system, lightning-fast API system integration and 99.99% system functionality.
On Bybit, Igneus is proud to be part of a trusted company that takes care of its customers:
“One thing that differentiates us from many of the other players is that we provide such great customer support. We provide 24/7 multilingual customer support and people are usually able to get a response or an acknowledgment by talking to us on live chat within three minutes. This is not something that you will see elsewhere (with other platforms).”
The industry is constantly evolving at rapid speed, and it is currently at the cusp of transforming the shared human experience and reinventing social norms. For instance, the recent surge of interest in NFTs has made native art collectors re-evaluate the value of their current collections.
Igneus said what the innovation really offered was new perspectives on ownership.
“We are only just transporting the art of collecting … into the 21st century with the latest technology. Now, you can show everyone verified proof of ownership and see them whenever you want, and share your curation. Parking it on the blockchain is the most genuine and most authentic sense of ownership.“
The Metaverse and GameFi
For the metaverse to reach its full potential, Igneus advocated for a bottom-up grassroots approach. It should be a decentralized space owned and led by the community, with participants coming onboard as co-creators to bring their interpretation into world building and empowered by a sense of ownership.
“Ready Player One was one possible futuristic interpretation of it. But I think it’s the pandemic that brought it front and center and into people’s minds.
We are spending so much time online and we are crafting that kind of personality across screens, the persona that we construct on social media. In a way, we have already been doing that but using the word metaverse means that people are starting to put more thought into this new way of life.”
He elaborated further, “ It should be something that is built to either bridge the gap or make the physical and the virtual world converge.”
The use of blockchain technology can massively improve the metaverse experience, he said, enabling people to freely participate with verifiable proof of stake.
We can say that NFT is the first innovation of the crypto space that breached its niche. Many people in the world are talking about NFTs without really thinking too much about crypto proper, per se. There are overlaps between the metaverse and the crypto world, primarily related to the tokens used in the metaverse.
Additionally, the rare costume or equipment used in the metaverse should and can be NFTs as well. And for the first time, a gaming company no longer takes full responsibility or has full authority to decide what people can own, interpret, or add to the experience.
“In a way, the metaverse and the blockchain aspect of it is the first time we are able to truly record and make sure the wills of all the decentralized parties and individual contributors are honored, recorded and executed“
True ownership and the liberty to galvanize people into actively contributing to a collective enterprise in a more meaningful way. It’s a flywheel that is just constantly improving upon itself.
In the real world, the brilliant minds or pioneers who have skin in the game will try to improve the space. The same can be said about the metaverse, where a collective effort is required to build a truly democratic and innovative community.
It falls upon the pioneers or early adopters behind a metaverse to attract and organize groups of like-minded followers. A new universe can start with a foundational “myth” and its own sets of laws of metaphysics that fascinates and wins people over through powerful storytelling.
As such, their abilities to create an alternate world that enthralls people will make them want to bring others in and contribute to the entire ecosystem. And once the ecosystem is established, the metaverse allows for real-time daily interactions and refinements, where people can manifest their multifaceted selves without physical constraints.
Hypothetically, as large groups human beings just cannot seem to converge without a common unifying myth or centrifugal force that appeals to the masses. Metaverse and crypto are now revealing what truly has value through consensus-building.
Beyond symbolism and shifting balance of authority, real value and power lies in people’s consensus. Compelling beliefs at a metaphysical level has always been fundamental to holding together the fabric of society throughout history.“If you are able to get people behind your idea through storytelling,” he said, you could drive the next chapter of decentralized consensus built upon verifiable truth that will empower a whole ecosystem.
One key takeaway from the interview with Igneus is that the growing popularity and success of the metaverse is tied to the desire to improve and contribute to building or creating the world we live in now. Just as authors of renowned titles depicting fictional worlds that captivate and inspire people, the same methodology is applicable where people are inclined to become a part of a world they identify with and to enrich it with their lived experiences.
Industry Leaders in the Movement
A decentralized ecosystem does not mean it is leaderless — On the contrary, multiple leaders are working on different subjects and sometimes on a rotation basis, removing a single point of authority making all the decisions.
“Now, we have separated incentivization from power because now you can hold tokens. Someone else coming in to improve the project to make it better for everyone is rising the tide to lift all boats.“
This might signal a time for the establishment to relinquish their power after reaching their zenith and instead embrace the new ecosystem to continue benefiting from it.
He concludes by inviting everyone to see the benefits and potential of the metaverse and blockchain technology, as it does not only impact our online lives but also important decisions on subjects like the economy and climate change.
Blockchain technology will ensure transparency and accountability for decisions that will have real-world consequences. Additionally, it is a conducive platform to support public conversations and consensus-building. It is open to all, and recognizing its potential has resulted in higher financial and coding literacy. Therefore, the technology’s potential is only limited by our imagination.
Is the metaverse a gateway to humankind’s wildest dreams, or an iteration of our archetypical ideals for how societies could be organized? With the right incentives, the metaverse can be an avenue for communities to better exercise collective judgment and build a fair, transparent and sustainable world optimized for the human condition.
With over a decade of experience in traditional industries as well as innovative technologies, Igneus Terrenus is an avid thinker on the topics of blockchain and crypto. As an advocate for transformative innovation and a staunch supporter of progressive regulation, Igneus helps to shed light on Bybit’s pursuit of bringing quality products and a fair, transparent and efficient trading environment to retail and professional clients around the globe.