April 20, 2022 Speaker: Matt Hosts: BaconPancakes, Geoff Bonez
Intro to Metaverse Questions
1) A lot of discussion lately has been about the Metaverse, but I'm not sure people have a full understanding of it. How would you define what the Metaverse is?
Matt explains that there is no clear definition that has been settled on, rather an idea of what the metaverse is and what it can be.
Based on what BAS is trying to achieve it is:
An environment that caters to immersive digital experience through the utilization of a blend of interfaces, to enable borderless digital expressions and interactions. A direct extension of the representation of one's self.
Provides a purpose for interaction, transactions and value propositions that leverage physical and online assets through digital representations to allow persistent and intrinsic value across ecosystems
Over time will remove frictions and intermediaries to evolve into a true economy
2) What are you most excited about regarding the Metaverse?
What’s going to happen on a value front, including the diversity of business models that will benefit developing nations and the underprivileged, people in less favorable economic circumstances due to location
Increased inclusion with the elimination of middle parties,
The unpredictability of what will arise with the rise of the metaverse – highlighting previous markets such as guilds and the overall blockchain that didn’t exist until recently
The vast opportunity for many clever people around the world to fill gaps in the metaverse
3) Where do you see the Metaverse in 5 years?
Matt foresees huge advancement in 3 areas:
Underlying technology, cost of using technology required within the metaverse will lower (5/6G, edge infrastructure). Overall allowing a much higher quality experience – current ping does not allow this
Interaction technology for access – how people gain access to the metaverse (VR/AR headsets, smart glasses, contact lenses, holographic technology, haptics, body suits. People using different technologies within the same metaverse with each other, being tangibly immersive
The blend of technologies that needs to be developed that goes beyond the seeing eye, requires significant development but the funds are there to make this happen
The fundamentals of bringing the metaverse together is similar to blockchain – further developments will make the whole metaverse come together with ease
Current metaverse is a closed system – will become an open system where assets can be exported to other markets to leverage their value – ownership will go to the user rather than the company – moving from exclusivity to inclusivity
There are still many constraints, issues of compliance, further steps to take for the real metaverse to become established
4) What do you feel it will take for the Metaverse to gain mainstream adoption?
Matt explains that for there to be mainstream adoption (roughly 75% of the population has access to some parts of the metaverse) there needs significant improvements to a lot of areas
Education – people need to know how the system works, moving from letting institutions take care of your financials to becoming the master of your own - people need to start being more interested to do this
User experience – there needs to be significant improvement on wallet approval which is currently functionable but clunky. People don’t want to have to keep approving constantly while interacting in the metaverse. There potentially needs to be auto approval within a smart contract that you can allow once initially and not have to interact with every time, based on your set preferences. This could be a settings window where you set your own approvals without further interaction unless you wanted to change these approvals. BAS is heavily looking at these aspects. Experience needs to be seamless overall.
Consumer protection – anti fraud against users having their wallet drained etc. Custody, hot/cold wallet solutions, many people still afraid of the current security issues thus haven’t jumped over to crypto/metaverse. Much is very risky at the current stages and consumer protection needs to develop because of this.
Convenience – Ease of managing and buying metaverse assets, development of Fiat on-offramp solutions e.g. apple pay integration. This overall needs to be easy to do for the masses as humans are creatures of convenience
These 4 points essentially converge and relate to one another e.g. education and consumer protection corelate heavily
Matt believes if 2 of these see significant developments, we will see large steps forward and if all 4 do we will see mass adoption
BAS x Metaverse Questions
1) What are the benefits for BAS as a company to be entering into the Metaverse at this stage?
Early mover advantage – BAS is able to look at and get an early move on certain things such as compliance, market opportunities and have an early understanding of what it means to be part of the metaverse. The market is currently not saturated meaning there are and will be massive gaps that BAS can figure out how to fill over time with the experienced team that BAS has.
BAS has technology and technology being built that no other company has – e.g. NFT's where the data is coded into the NFT itself - Gamesters are the only current NFTs (that Matt is aware of) that are smart contract targetable by any smart contract – can be leveraged through automation and trustless technology without a reliance on IPFS and metadata.
BAS is developing two areas of technology that will appeal to the four aforementioned points needed for mainstream adoption
In this position BAS can take its time to do things in the right way before the market becomes saturated.
2) What do you feel are the biggest hurdles for companies looking to enter the Metaverse and how is BAS looking to make that transition easier?
How the technology integrates between layers – relates to hidden costs that not many understand. E.g. BAS discovered that the original planned usage of Unreal Engine would not have been cost effective for BAS and much harder to attain inclusion from underdeveloped areas. BAS decided to go with Unity instead based on this.
Security – Massive exploits on blockchains have been evident. Security first approach is a must for consumer protection. Matt believes this is the number one hurdle.
There is a skill and labor shortage for blockchain expertise and game developers for the metaverse – Current experts are locked in their ways, come at a premium due to them being able to make a lot of money elsewhere, causing them not to venture out therefore limiting the expansion of the metaverse. There is very reliance particularly on blockchain expertise due to their significant importance and this may only make things harder for companies looking to enter the metaverse as time goes on. There is a large element of trust with blockchain developers that also relates to security. Can you trust blockchain developers not to take money and run? Matt tells the importance of the utilization of perspective companies within the space relating to this.
BAS has employed someone from Google who is currently working with Dan. BAS has employed individuals on the blockchain/game development side with an average of 17 years of experience
3) The Metaverse and Blockchain are very new concepts for people, how do you see them connected and what will BAS do to help people understand them both better?
BAS is isolating what is needed for mainstream adoption of the metaverse, looking to provide convenience through a seamless user experience, consumer protection and education (like a mild tutorial through different stages needed to educate the masses) using the BAS ecosystem. An overall positive user experience
BAS has a very clear definition of what we are doing and when and how things will be done. Matt believes that the winners in this space will be creating something fun, easy to use, protected and well taught.
Many projects heading into the metaverse are pure cash grabs without any thought for long term economy protection and no intention to create something for the people. BAS wants to create something for the people and are actively pursuing relationships within the space.
4) BAS has briefly discussed AR/VR interactions, without spoiling anything specific, how do you see this technology aiding BAS?
BAS is looking to bring this technology into how some BAS experiences can be leveraged.
An ‘if’ situation - BAS is looking at different AR/VR companies over the coming months to see what they can do for BAS.
Matt is excited to see if there is the potential for Holographics to be implemented in a certain way.
BAS pursuing VR/AR will come down to budget, opportunity, negotiations and future market saturation. Available expertise that BAS has will determine the areas that should be worked on that is best for BAS
5) Which aspects of BAS do you feel separate it from other Metaverse games and why?
In terms of "here and now" BAS has persistent assets that are/will be highly interoperable within the BAS ecosystem, being the Gamesters and the Genesis Mint Apes. These can be utilized in different ways to provide a basis for tactics and strategies to then earn BAS ecosystem tokens. Value becomes infused within NFT's over time.
Items minted will be collateralized by BAS, increasing token utility and buy pressure
The strategic release of ecosystem elements and games periodically will provide diversity and opportunity
5 tokens being created that will support required functionality of BAS ecosystem assets
The combination of these elements creates a fully functioning player economy
Game development team is getting consistently stronger - Just hired the former art director from Legend of Spyro who worked on multiple AAA games.
Bonus Content: LORE
Extensive lore being developed which Matt wants to discuss in a future AMA in greater detail
Bastonium – the most sought-after, rare material in the BAS universe, has magical properties. Will be heavily involved in the dungeon runner game BAS is developing.
BAS wants to create a very unique world that isn't just your run of the mill, basic cartoon world
Extensive work is going into BAS lore with the goal to create a universe that is as big as Star Wars/Avatar/Marvel. Ease of identification from these types of worlds is what BAS is looking to produce
6) What is being done to bring different companies' attention to BAS as a potential partner?
BAS has a significant budget towards business development and marketing for other business to harness the opportunity to work with BAS and be involved in the BAS ecosystem. Relates to the "Work With Us" option, guilds, the NFT launchpad, other games to be built within the BAS ecosystem and more
BAS has teams dedicated to this approach with multiple roll-out strategies. The expectation is that companies will more likely approach BAS than the other way around down the track.
BAS is well positioned in this area with more to be allocated after the raise. Much of this area is ready to fire, waiting for the right time. Significant things happening behind the scenes that needs to stay there until the appropriate time.
7) Where do you see BAS in 5 years?
BAS is incorporated under "Jungle Oasys" (think Ready Player One) with the intention to use this name in the coming years. Matt foresees massive depth and a large jungle themed metaverse extensive haptics and sensors
Virtual object tangibility and incorporation of haptics and sensors of real-life expressions
A tabletop/interactive game that incorporates the metaverse, uses NFT figurines and Holographics
Treasure hunts with AR/VR - Matt foresees this as being common technology at this stage that BAS can use within the metaverse with higher fidelity than is currently available in the mainstream. Bandwidth is a current issue with this technology where certain peoples latency is better than others, something that with technological developments may become less of an issue
Expansion of territories within the BAS ecosystem. Digital tangibility becoming comparable to the real world
Matt hopes that technology and adoption has caught up to enable a thriving ecosystem
The potential to build a digital life that supports their own life
Will BAS integrate the Binance Application Smart Chain?
There are ongoing discussions with Binance
Sidechain will allow projects to run their own validators or define who runs the validators in favor of a more decentralized model, which Matt feels is the way things must be done.
BAS would have nodes that we would run. IBM would have nodes. Binance would have nodes. As well as the potential to have people run their own nodes, by staking a certain undetermined amount of their BAS in order to get a cut of the transactions
Cost of transactions would be fractions of a cent
There are concerns about security in regards to bridging. Matt references a post from Vitalik stating that he feels bridges would be the target for malicious actors. Brute force 51% attacks would be more feasible towards a bridge than the chain. Source: https://twitter.com/VitalikButerin/status/1479501366192132099
There are strategies worked on to discourage these attacks, but security to be catered for.
Conclusion and Wrap-Up
Community interaction is something BAS looks to continue to focus on and Matt stated that there are no taboo topics to ask about. Whether it's something being built or something not fully explained through marketing material, BAS understands the absolute importance of community and keeping the community informed.
Our Metaverse model is unlike what anyone else is doing now. There are some areas BAS that are pioneering, there are also certain areas that no one even knows about yet that the project isn't ready to announce yet. Moving forward there will be community votes happening through snapshots in order to get a lot of input from the community and it needs to be understood that the input will be listened to. In order to build a community that looks forward to talk about it and help promote it, listening to what the consensus thought on different aspects is a key step that needs to be satisfied.