The founder of the Metaverse team is from Vietnam, and the members come from all over the world. The team is composed of long-term service and experienced large-scale 3D game developers and a professional operation team. When DeFi appeared, with years of experience in game development, the team got together to reimagine what a blockchain platform should be and researched how to solve problems that other platforms could not solve in the past.
The main problems are as follows:
Poor User Experience
As major institutions such as paypal and square have been accepting bitcoin there is no doubt that crypto has become more popular. However the same cannot be said about dApps. The growth of dApps has been stagnant until the arrival of DeFi. But it has been evident that it has not had the same growth in users, compared to the wider crypto market. It seems that current decentralized applications are not focused on the everyday user, making it very difficult for the average Joe to even get started.
Sustainable DEFI Solutions
With the rise of DeFi a lot of speculation has been created around the possibilities of what a bankless world can truly become. Yield farming and APYs have given many people a new source of income, yet most of these projects are not sustainable since they have no intrinsic token value that benefits the user in the long term. The ease of copy and pasting has severely stalled innovation. It is a game of musical chairs so to speak, where copycats are added to the ecosystem on a daily basis and users chase the highest yield, and when the music stops only those with true innovation will continue to foster.
The True Value of NFTs
With many developers looking for the next big thing, many projects have turned to NFTs. The concept of NFTs is not new, but rather one of the first ideas of how smart contracts and unique tokens can benefit creators and users simultaneously.
Although there are many utilizing this approach and several cases have surfaced in the past several years, only some of them have really created a product that showcases the true value of NFTs and how they can change the world. NFTs shouldn’t be just hype but a truly revolutionary standard to ensure that creators are rewarded for their time and effort.
When reviewing collectively what has been previously mentioned above, it is evident that many dApps are developed for the minority. Whether it is the barriers involved to enter or the extremely high gas fees (blockchain transaction fees), not everyone is able to take part.
The aim is to provide product values that are driven by the community for the community. Removing barriers and making sure that developers are open and honest is important in fostering and expanding the community and driving true value. Unfortunately, most communities are not rewarded for their behind the scenes contribution.
Decentralized applications have come a long way, but for it to take the next great leap the problem of scalability must be resolved. With high gas fees, long transaction times, and with an extremely complex on-boarding process it has caused many dApps to fail. There are a multitude of new solutions for lower cost transactions and faster Transactions Per Second (TPS). Therefore users are often faced with a new learning curve when converting to a new blockchain.