Don’t talk to me about Metaverse and NFT: Actionverse, UDC and other keywords to replace negative associations

The current crypto winter, like others before it, has ushered in sweeping changes to the web3 playbook and encyclopedia overnight. While most big ideas remain in play in a roundabout way, there are terms like “metaverse” that should be discarded. Entrepreneurs, investors, and consumers should understand that the framework for many concepts has already changed to reflect fear or guilt about current conditions.

On 2B3D, we develop as quickly as paradigms shift. After each downturn, the site is examined for deficiencies and corrections are made in preparation for the next upswing. A new lexicon for success in the crypto and NFT space is needed. We need new concepts, not only to recast the industry in a more positive light, but to separate the 21st century wheat from the chaff. There are great ideas in this space, necessary concepts and much-needed solutions waiting to be explored.

Now is a good time to grow towards mass adoption with newer and more accurate terms for what we do, and also to show how we stand out. “Metaverse” cannot be the name of 10,000 projects with as many features. 2B3D is now developing what is more accurately described as a Actionverse with our Virtual Medical Environment (VME) at its heart. This is a place to take action medically online to overcome roadblocks that lead to inaction and adverse outcomes in the real world. Around that heart, we create an action verse where everything from mountaintop meditation and northern lights viewing to surfing and extreme sports will be possible.

“Metaverse” was the big tech 2020 buzzword like “DotCom” was in the 90s. Everything related to these conditions saw a sharp increase in value. When you see 100 metaverses pop up and only 10 seem to have any noticeable value, it becomes difficult to navigate. We love Metaverse as a concept, and some of the projects in it are promising, but at the end of the day, success is measured by Innovation and utility above all else, and our goal is to make our space one that is not just a distraction from our realities, but a place of significant help and value to its users. As for any project, the “action” part of the term action-verse is big because it implies impact, such as our mission to positively impact humanity by being the first project to treat PTSD in military veterans live and free 24 hours a day, where anywhere in the world. It is also a better term for us given the fact that we have recently incorporated more action sports into our therapy environments.

Look at the innovation at conventions. Metaverse is not a one-stop shop, but a whole sector that hosts web3 projects. People make their own contributions to the future. In response to this momentum of talent and passion, 2B3D knows we shouldn’t waste time reinventing the wheel when we can join forces with other innovators to create the tools and conditions for the legitimate future today. But I digress: First let me kill your bored monkeys:

“Non-fungible tokens” are out, “unique digital collectibles” are in

We need to stop talking about NFTs. They were never explainable, not in a few minutes or years. Everyone tried and failed, so let’s move on to words and concepts that make sense. The vast majority of the world can’t explain how the Internet works in any technical detail, but they can explain what it’s good for without sounding like a pump and dump pyramid scheme. NFTs will remain an important concept in the background, but going forward it serves our purposes better to talk about unique digital objects for many things from digital collectibles to legitimate electronic documents.

Is staking dead? Yes and no. The term “staking” will die, but we will still have programs that give us rewards for holding backed tokens. “Tokens” itself has become another bad word in the space due to too many bad faith actors and scammers pushing boundaries, e.g. too many pop-up tokens.

Initial Coin Offering (ICOs) are a popular way to raise money for products and services that are usually related to cryptocurrency. ICOs are similar to initial public offerings (IPOs), but coins issued in an ICO can also benefit a software service or product. Although ICOs are considered unregulated and carry risk, a few smart investors have been able to make good returns and avoid fraudulent or poor performance. Overall, our market will continue to develop and so will their crypto-funding models, and with each new model comes the unexpected risks. As these models develop and mature, investor confidence will be regained as past risks will be resolved and the investor success rate rises.

The latest offer model is Initial DEX Offering (I DO). IDO is a crowdfunding technique that allows cryptocurrency projects to launch their initial token or coin through a decentralized exchange (DEX). The IDO model is the infamous one successor to the ICO, which allows projects to raise money for growth and development and start on your own. A blockchain startup no longer needs to create infrastructure for sell their tokens or register on the cryptocurrency exchanges as DEX now does all that for them.

Business transparency. There is a fine line between business transparency and giving your competitors a road map to copy your ideas. But in this new bear market web3 blockchain ecosystem, transparency is not only important, it is almost necessary.

Web3 companies are still in their early stages of development, and the way we do business is in some ways quite different from the days when companies had to be more vigilant against industrial espionage. Assuming they want to get a handle on this rapidly evolving area, projects today are not only encouraged, if not almost required, to have their roadmaps listed on their websites alongside their whitepapers. Blockchain is open source, so the days of hiding what, when, where and how money is spent are now visible to anyone to see if they know where to look. Although this is a catastrophic change for many institutions that thrive on shifting, hiding or delaying tax statements detailing expenses. Companies that build transparently can earn the trust of investors as well as users of their products.

The world has had its fair share of deceptions from the likes of Charles Ponzi, Bernie Madoff or institutions like Enron. Although there are some bad apples in the crypto arena that we have seen lately, the web3 sector has the potential to be shaped into a much safer and more transparent future.

This ancient language extinction is just the next step in the process.