Foodverse: Eating in Web 3.0

Eating entails more than fulfilling our nutritional needs-it goes deeper than that. It is communal, enhances friendships and builds bonds.

Chinua Achebe, an African literary icon, said:

” When people gather together to eat, it is not because they do not have food in their houses. They gather to eat because it is good for kinsmen to eat together. “

This underscores the deep impact food has in building relationships and society at large. With the advent of the metaverse, it is inevitable that food will find its way into web 3.0. Large brands have already started experimenting with this. This primer will look at how we can consume food in the metaverse and what food brands are currently doing as they get into web 3.0.

FoodVerse:  What It Entails.

The foodverse can be defined as bringing food into the metaverse. Basically, it is having an experience of eating, whether real or virtual food, while experiencing the metaverse.

Firstly, brands can use the metaverse to enhance client-experience when ordering food. People are used to getting menus when ordering meals. The metaverse can help project these menus in ‘real life’ and help a client have a visual experience of the food they would like to order, how it will look like and even feel it before they make an order.

Secondly, friends can also meet together in a room and say have a drink or even share a meal while enjoying the immersive experience of the metaverse. For example, they can meet and have a meal while on a cruise ship, in the middle of a forest or attending a live session of their favorite band. This digital immersion enhances their relationship and creates an experience that is similar to real world events.

Thirdly, food brands can use NFTs to create rare products, such as wine, and produce them in limited quantities. They can then mint NFTs for these products and sell them to their consumers. These NFTs are a mark of genuine ownership and enhance the brand value of their companies. Collectors would love this. Consumers have the option of selling these NFTs on secondary markets or even create communities around them in the metaverse. Tokenizing food products also helps communities to feel ownership of the companies and their brands.

Finally, users of Metaverse platforms such as Sandbox can  also buy land , build their homes and invite friends over for meals. This will be a game changer as a user can invite multiple friends over from across the world and share virtual meals or drinks with them. Of course, there is still a long way to go before we bridge the divide between virtual and physical food especially when such diverse geographies are involved, but this would be a step in the right direction.

Notable Brands in the Foodverse

At the moment, virtual food may look like it has little value, however, in the long term, merging both the virtual and physical world is the direction to take. Companies are experimenting with instances where you order your food on the metaverse, get it delivered to you and you eat without necessarily leaving the experience. One notable brand doing this is Chipotle. They have partnered with Roblox to allow customers have an experience of virtual food. When customers make orders on the metaverse, they earn credits which they can later redeem for free food delivered to their houses. This shows how the physical and digital world can merge.

Other companies like Onerare are tokenizing the food experience by bringing food lovers and linking them up with celebrity chefs. They then create NFTs from the experience they get from preparing and sharing meals. All of this is done on the metaverse in a gamified manner.

McDonald’s is also planning to open restaurants in the metaverse. The company has already patented ten trademarks on the metaverse. It intends to leverage virtual experiences and enable customers order food from the metaverse and get them delivered to their houses. Customers can also get digital food for their avatars. Other food companies that have filed for trademarks as they seek to launch products in the metaverse are: Kraft Foods Group, In- N- Out Burger and Del Monte Foods.

Restaurants and food brands stand to benefit from getting into the foodverse. Firstly, getting into the foodverse helps these companies build customer relationship and engagement. Secondly, it also enhances brand awareness and can drive more consumers to their products. Finally, it offers an opportunity for restaurants to create multiple income streams.

Did you like this post? Do you have any feedback? Do you have some topics you’d like me to write about?Do you have any ideas how I could make this better? I’d love your feedback!

Feel free to reach out to me on Twitter!

Not Left Behind: The Fashion Industry Grand Entry into the Metaverse

From buying prime pieces of land, developing them and selling them for profit, playing games and earning income, to trading with digital cash and making money from the NFT market, endless possibilities abound in the Metaverse. Doubtlessly, the Metaverse will change multiple aspects of our lives, although it might take time to fully actualize the project.

The fashion industry hasn’t been left behind. In March this year, Tommy Hilfiger, Roberto Cavalli, and Etro hosted the world’s first runaway show on Decentraland. The four-day event also included virtual panel discussions, besides allowing fashion enthusiasts to shop around.

Notable Fashion Brands in the Metaverse

Like tech and gaming brands, there has been a surge in the number of fashion brands entering the Metaverse. Among them is Gucci, a leading luxury brand. The company teamed up with Roblox, a leader in the igaming space, to exhibit items like sunglasses, hats, and handbags in the form of avatars.

The 2-week exhibition was hosted on ‘Gucci Garden’, Gucci’s space on the Metaverse, enabling fashion and NFT enthusiasts to grab the brand’s virtual collectibles.

Founded in 1919, Balenciaga is known for revolutionizing the fashion space, particularly the women’s fashion industry. From high-end handbags to the popular Balenciaga crocs, the firm has frequently created a stir, drawing criticism and praise in equal measure.

The fashion house’s recent partnership with Fortnite, an online game, revealed its interest in Metaverse. The agreement will see Balenciaga-labeled items used as avatars across the game.

Also, Balenciaga promised to refashion three Fortnite avatars, which will see them clad in the Balenciaga creations. Meanwhile, the game allows for trading Balenciagas digital assets across the platform.

Pomp and circumstance marked Lois Vuitton’s 200th birthday. The unique event included the company kick-starting its metaverse journey and launching LOUIS THE GAME, a mobile game embedded with 30 NFTs.

The artwork, estimated at USD 69.3 million, was created in conjunction with Beeple (Michael Joseph Winkelmann), an esteemed NFT artist. However, the collage is solely for gaming purposes and, therefore, not available for trading in the NFT market.

Seizing the Moment

While critics cite different reasons for not buying into the Metaverse idea, the innovation is a voice to reckon with. After all, figures don’t lie. For instance, D&G NFT is said to have accrued $6 million. Similarly, Gucci, Nike, and Adidas, Nike have collectively amassed $137.5 million in the NFT market. It means that the entry of fashion into Metaverse is something whales as well as retail investors, have their eyes on. Rightfully so, this is an unstoppable wave.

Did you like this post? Do you have any feedback? Do you have some topics you’d like me to write about?

Do you have any ideas how I could make this better? I’d love your feedback!

Feel free to reach out to me on Twitter!

Hail, NFTs! 3 Ways NFTs are Changing the World

NFTs are not just jpegs uploaded and minted on the Blockchain. Industry players are finding new ways to harness this technology and create game changing products that are shaping the way we interact. True, the recent crypto market slump may have dampened the spirits of the general market. However, industry leaders opine this is part of the market cycle and soon we will be out of the woods. This article is a primer on NFTs, their use cases and where the world is headed with regard to this technology.

As an art form.

This is the most notable way through which NFTs have gained prominence.

This technology has democratized art, enabling previously unknown artists to be at the vanguard of artistic development- enabling designers, artists and graphic experts across the world to earn passive income. Some digital artworks have turned artists into instant millionaires and much-vaunted celebrities in the art world . There are exclusive clubs created around some of these artworks, attracting celebrities and sports stars.  NFTs have enabled artists to earn royalties even in perpetuity every time their artworks are resold. In some instances, sovereign countries are adopting them and finding ways to use them to boost economic output. Countries,

such as Japan, recently adopted  NFTs as gifts for the civil service.

Government employees who perform well are gifted with NFTs; they use them for commemoration.

In Supply chain

NFTs have found notable use cases in supply chain management .

Manufacturers can use them to create unique tags for their products  for provenance.

Consumers can easily scan these NFTs and help them get detailed understanding of the products they consume. Businesses can use NFTs to enhance transparency and boost efficiency as they can track products on real time . With one scan all supplier information can be brought to the fore.

This form of transparency can be, especially, helpful for perishable goods, medical supplies and fragile industrial products. Businesses can also use NFTs to enhance collaboration across

the supply chain – enabling them have one permanent track of records of the goods they procure. This ultimately helps businesses maintain a competitive advantage, cut costs, and build better inter- business relations.

As digital Identities

NFTs can also be used as digital identifiers. Their unique identifiers and qualities enable them to be potential tech candidates for a global registry. This is still controversial and industry players are still unsettled on how best to go about this.However, traction has been gained in the gaming industry where players can use NFTs to create unique personalities, ammunition or gaming accessories and even trade them. For sure , this is slowly gaining real-world adoption.

Some companies have developed NFT based KYC identifiers that automate the KYC process wile at the same time maintaining anonymity. What these do is that a user creates a single NFT with attributes  such as age, address, location and gender. These can then be used across multiple platforms anonymously in the event that one needs to pass KYC. The details can not be accessed publicly and can only be shared with express permission from the owner. In the UAE,

the government has established a digital presence(consulate) on the metaverse using web 3.0 technologies that also encompass NFTs. This metaverse is meant to offer a digitally immersive experience where the country can promote their services and  educate people about

the investment potential in this region. Visitors to the country’s digital platform will have a chance to interact with a customer representative and can be issued with a ticket where they’ll get their issues resolved.

These are tech  development that  can be directly  attributed to NFTs and their uses as this industry matures, more products and services will be developed anchored on this technology.

Hail, NFTs.This is the new norm.

5 Tips for Surviving a Bear Market

The crypto market is fully in bear territory now, even though we have seen some relief over the past few days, with Bitcoin and Ethereum rising again, and a number of DeFi project tokens seeing double-digit percentage rise. For many of us in crypto, this is not the first time we’ve been in this position. We know that the market is cyclical, and that this time round macroeconomic influences are more influential, especially with a recession looming.

So, if you’re a crypto holder, what should you do? Should you sell or buy the dip? Or take some other action? Here is some advice from market watchers.

1. Take some profit

HODLing is widespread in the crypto community, but Tyler Reynolds, a Web3 investor advises selling a percentage of your gains at this time, rather than just sitting on your investment, or selling it all. An anonymous trader also said, “Set sell targets/take profit levels in advance, at least loosely, and stick to them. Your objective self from the past is a better guide than your euphoric self in the future.”

2. Do not panic sell

Its better to take some profit, or devise a strategy for exiting the market completely, but don’t panic sell says Fedor Linnik, an NFT builder. He added, “being greedy and being afraid to miss the top” was a mistake he made in 2018. Make your selling decisions based on data, not on emotion or on advice from social media.

3. Don’t try to ‘make it back’

Alex Svanevik, CEO of data analytics firm Nansen, said that those who invested in 2020 and benefited from the highs of 2021, need to realise the fun is over for now. He warns against entering highly risky trades to try and make back losses.  A trader tweeted, “Don’t trade or invest with the mindset of ‘making back’ what you lost in the bull; it’s an inherently flawed comparison.”

4. Research projects

Use this bear market time to look at crypto projects, new or old. Tyler Reynolds said that what worked for him during the last bear market was to keep investigating both new and old projects. “You will need to keep re-investigating as projects pivot from their original idea and find a much better product-market fit, like Aave.”

5. Get involved with crypto projects

Many crypto projects, especially those in DeFi, are structured as decentralized autonomous organizations, or DAOs. Anyone can join and participate, and if you are a developer looking for a job in crypto, it can be a good way of finding one.