A couple of weeks ago, we launched the Metaverse Index (MVI), making it easy for anyone to invest in the trend of entertainment, sports, and business shifting to a virtual environment.
'We believe that economic growth as the primary measure of value is becoming outdated. With public blockchains, we can define other forms of value, and with token-based economies, we can unlock previously dormant resources to facilitate greater value creation.'
That is really interesting. Can you expand on these other forms of value and how activity in the metaverse might be better measured in ways other than economic growth?
Thanks for the comment and awesome question. Let me try to answer it in a way that hopefully makes sense.
So, first, when we say something has value, we most of often talk about financial value. We tend to assign financial value to some things, like labour, and not other things like caring for your parents or elderly, for example. We assign more financial value to banking jobs and not artistic jobs. There are many other examples.
One of the reasons for that, in my opinion, is that those activities are viewed as not generating economic output. And until now, we haven’t had financial instruments to express whether we truly value something. Like, there’s no financial instrument that’s tradeable representing global artists, or artists in NY.
Blockchain, NFTs and token-based economies allow us to express value. They allow us to financialise anything, making it tradeable globally, 24/7/365. No intermediaries, no KYC, no banking requirement. Just an internet connection.
What about a DAO representing a school in India? They can now have a token and anyone, anywhere in the world, can express whether they believe in the value on that school. What about an individual artist or athlete somewhere in the world? Social tokens allow anyone to financialise their talent and others, anywhere in the world, at any time, to express their belief in that talent. The impact of this is impossible to overstate. When everything can be a financial instrument, we unlock value in places we have never imagined.
On this subject, I would recommend listening to the recent Bankless podcast/youtube with Joel Monegro.
Thank you for the thoughtful answer. It will be interesting to see how the field develops and if this way of incentivisation and organisation can help resolve present inequalities and imbalances. There is certainly a chance.
'We believe that economic growth as the primary measure of value is becoming outdated. With public blockchains, we can define other forms of value, and with token-based economies, we can unlock previously dormant resources to facilitate greater value creation.'
That is really interesting. Can you expand on these other forms of value and how activity in the metaverse might be better measured in ways other than economic growth?
Thanks for the comment and awesome question. Let me try to answer it in a way that hopefully makes sense.
So, first, when we say something has value, we most of often talk about financial value. We tend to assign financial value to some things, like labour, and not other things like caring for your parents or elderly, for example. We assign more financial value to banking jobs and not artistic jobs. There are many other examples.
One of the reasons for that, in my opinion, is that those activities are viewed as not generating economic output. And until now, we haven’t had financial instruments to express whether we truly value something. Like, there’s no financial instrument that’s tradeable representing global artists, or artists in NY.
Blockchain, NFTs and token-based economies allow us to express value. They allow us to financialise anything, making it tradeable globally, 24/7/365. No intermediaries, no KYC, no banking requirement. Just an internet connection.
What about a DAO representing a school in India? They can now have a token and anyone, anywhere in the world, can express whether they believe in the value on that school. What about an individual artist or athlete somewhere in the world? Social tokens allow anyone to financialise their talent and others, anywhere in the world, at any time, to express their belief in that talent. The impact of this is impossible to overstate. When everything can be a financial instrument, we unlock value in places we have never imagined.
On this subject, I would recommend listening to the recent Bankless podcast/youtube with Joel Monegro.
https://www.youtube.com/watch?v=paU21vir0gQ
Thank you for the thoughtful answer. It will be interesting to see how the field develops and if this way of incentivisation and organisation can help resolve present inequalities and imbalances. There is certainly a chance.