The first question anyone asks when you launch a business is “What are you building?”. In the crypto space, I find that question incredibly difficult to answer; with an ever evolving crypto market and an emphasis on community engagement you may set out to build one thing and end up with something totally different. But I find the easier question to be, Why are you building it?
Before we get to the answer let me take you on a tour of an increasingly large world that has been growing right under our noses.
Explore the Metaverse!
Decentraland is a virtual world built on top of Ethereum where people are able to buy land, build homes, bet at a casino, go to a museum: every item is owned and controlled by the community, buying and selling items amongst themselves.
Metaverses such as this have generated over 20 million in sales over the past 30 days.
Play Games
Enjoy Axie infinity a digital pet community centred around collecting, training, raising, and battling fantasy creatures called Axie. Games such as this have generated over 26 million in sales over the past 30 days.
Become an Art Collector or an Artist Yourself
Artists from all over the world are now able create and sell digital art that can maintain its value and even provide royalty to the creators without lawyers or expensive third parties taking a cut. This has become one of the largest virtual markets that has changed the lives of creators across the globe with over 50 million in sales over the past 30 days.
Become a Collector
Remember your childhood of purchasing a pack of sports cards or pokemon cards but now they’re all packed in a basement somewhere collecting dust.Well now you can easily buy and sell verifiably rare or limited edition digital cards that can maintain value. The Collectibles market has generated over 35 million in sales over the past 30 days.
So What?
Why does this all matter? Well this virtual economy is run on blockchain technology using tokens commonly referred to as NFTs. NFTs are a form of digital property in the virtual world allowing anyone to verify creators and owners of virtual goods. A booming technology that is still in its infancy preparing to revolutionize industries such as art, music, video games and many more in ways that we can only imagine.
Where does Properly Protocol come in?
Well in this world of O’s and 1’s we have noticed a major flaw in the system, NFTs are a growing market with large gaps in sales transactions and major price fluctuations that make them difficult to buy and sell. In addition there are over 152 markets most running on Ethereum but increasingly on other blockchains. This fractionalized market needs a financial institution that is able to capture value across markets and industries creating a more mature NFT asset class.
Properly aims to become the Nasdaq of the Metaverse, a financial institution that does not extract value from the virtual economy but instead one that is built from the ground up to empower and create value allowing virtual markets to flourish.
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Properly Protocol rebranded to Catalyst in May.
