The metaverse is such an all-encompassing term.
I sometimes find it hard to pinpoint exactly what it is. Somewhere you can hang out, socialise, buy and sell things, and numerous other activities – it’s a pretty wide range.
This week on the Invezz podcast, I chat metaverse with Chris Jang, the co-CEO of ZTX. He says that ZTX is aiming to build an all-encompassing metaverse, with mass adoption in mind.
ZTX’s goals stand out amid the sea of metaverse projects for a couple of reasons. The biggest is perhaps the fact that they were incubated from ZEPETO, which is Asia’s largest metaverse platform. This means they have technical infrastructure already in place, giving them a leg up on competition starting from scratch.
With 330 million registered users, not to mention over 3 million daily transactions, ZAPETO is an avatar-centric platform which carries substantial weight in the area. Chris and I chat about how this background impacts ZTX and the platform they are building.
Dialing in from Lisbon where the Solana Breakpoint conference is ongoing, Chris also touches on why Solana was chosen as the home for their metaverse world. We talk about the speed and low fees it offers, but we also discuss the tradeoffs- and how it has tussled with reliability issues over the past year.
Chris tells some interesting anecdotes, and none more so than when the target demographic is mentioned for ZTX. While crypto-natives are obviously front and centre, there are also those from outside the space who Chris believes could be attracted. He mentions how his niece was hesitant to order at Starbucks, as she was so used to doing it on the phone.
This got me thinking – what would Gen Z see in this? I have been local in the past about how the wallet experience can be difficult, and onboarding into crypto can be intimidating for those who are not used to it. But ZTX do seem to be striving to make this process as easy as possible. Gen Z, should they be swayed by this virtual world, will certainly be hoping the initiation process is as easy as possible.
There is also a great anecdote about a creator carrying out her fashion design dreams, now creating in the metaverse. I had some questions about her, as I was particularly interested in the intriguing story.
We also talk about the bear market, which is tough to avoid in this day and age. Chris makes the strong point that it is not only crypto going through a market lull at the moment, as the wider economy is pulling back – something which always needs to be remembered when analysing the sector.
But like developers tend to say, Chris maintains it is “time to build”. And build ZTX certainly are. A roadmap filled with big aims for Q1 and Q2 of 2023, it will be an interesting one to track going forward.
As always feel free to reach out with comments!
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