The spread of NFTs is unrelenting. Many well-known brands are starting to turn to these new technologies, which are grouped under the name Web3. Only, the problem that this universe must solve in order to reach posterity is democratization. And for that, Self has planned everything. This company aims to be the neo-bank of the metaverse. In addition to banking products and the modernization of an industry the size of video games, Elliot Goykhman’s company aims to give the public the opportunity to touch the finger of the elusive NFTs. To achieve this goal, Zelf had the idea of the century: integration on the Apple Watch.
Self: The metaverse’s neo-bank writes the future of Web3
The neo-bank of the metaverse, Self, is looking to conquer the NFT market. To achieve this goal, the company aims to bring the world of video games up to date with Play to earn, a game mode in which virtual winnings have real value. This step would already be a giant leap, even if this economic model would not affect the studios of gaming existing.
†For game makers, perhaps the easiest solution is to dust off old titles and breathe new life into them through P2E.† †
But Self doesn’t want to stop there. As soon as the articles will be very real assets, it will be possible to offer banking and financial services to players. That is, to borrow money against successes on a game.
For most people, talking about banking metaverse and consumer credit covered by a score on a video game is already science fiction. But for Self and its founder, Elliot Goykhman, it’s already a reality. So much so that the latter is already thinking about the next steps: simplifying and speeding up the transfer of NFTs by replacing specialized sites with transaction systems integrated into instant messaging applications. For the brave readers out there, know that Self allows you to buy and sell NFTs through applications as popular as Facebook Messenger, WhatsApp, Telegram or even Discord.
However, Elliot Goykhman is also aware of the limitations of this ecosystem. While nowadays a user can own NFTs and game items, it is difficult to share his collection with other people. It’s hard to imagine someone pulling out their computer in a cafe to get a wallet (digital asset portfolio). To tackle this problem, Self has once again developed an exclusive solution.
†The user interface of today’s NFT marketplaces leaves a lot to be desired. It’s not visual, it’s not exciting. Remember how people show and trade their baseball, football or Pokemon cards. However, the user interface is one area where Apple excels.†
By integrating blockchain technology into Apple Watch’s card system, Zelf makes them compatible with NFTs. And by choosing Apple, Self makes that experience enjoyable too. And trading NFTs becomes as easy as trading Pokémon cards.
NFTs on all watches
Recently, a luxury watch brand, TAG Heuer, implemented a solution to display an NFT on the dial. Problem, this solution is only available to customers who want to invest 1,800 euros in this high-end display. In addition, the luxury watch market had 500,000 sales in 2020, which is 200 times less than the number of Apple Watch in circulation. It is precisely the latter, which starts at $199, that Self has chosen to distribute NFTs to the general public.
If TAG Heuer’s idea was relevant, the impact is much less than Apple watches. In addition to accessing a much wider customer base, this brand is an expert in connected watches, while TAG Heuer thinks outside the box of luxury watches. Two advantages that Self wants to make use of. However, luxury isn’t something Web3’s Elliot Goykhman wants to see disappear. However, value creation is a lengthy process.
†I think the industry needs to come to luxury by encouraging collecting rather than opportunistic short-term buying and selling. The collection will bring long-term stability to the market as people start using it.†
The main difference between Elliot Goykhman’s approach and TAG Heuer’s is the vision. For some, the NFT and Web3 market is a golden goose that needs to be fully exploited. For Self, Web3 is the future. It is through building and solving problems that value will eventually emerge. †Patience and length of time do more than strength or angeras Jean de la Fontaine would say.