#130 - Metaverses for Seoul ...and Lowes
Plus, what NatGeo readers think of NFTs 😬
GM and welcome to Decentra Daily.
One, two, three and to the four, we're the web3 newsletter at your door, ready to make an entrance so back on up, 'cause you know we're 'bout to rip s*** up.
- Seoul (& Lowes) are moving into the metaverse
- NatGeo tried to sell their readers on NFTs & it didn't go well
Top 24 hr NFT collection volume
Seoul government (and Lowes 🛠) are moving into the metaverse
The City of Seoul has launched a one-stop-metaverse-shop for all your government needs.
Called Metaverse Seoul, citizens can use the independently-built platform (accessed via a smartphone app) to view official documents, file complaints, and talk to officials all without leaving their couches.
Right now, Metaverse Seoul is more "ChoreFighter 5" than a virtual vacation. But a press release shows the City has plans to expand its virtual twin with more entertainment and education-focused activities.
Taking a trip to Metaverse Seoul will let you:
- Read books at Seoul Plaza or meet others in "play spaces"
- Find business opportunities at a Fintech Lab and Corporate Support Center
- Visit Seoul's top 10 tourist attractions
- Access youth mentoring, senior services, and real estate info
Seoul is going all in on web3. Last fall, it began a billion-dollar program aimed at bringing city infrastructure, healthcare, and education into our hyper-connected, remote-first world.
And then there's Lowes
Not to be outdone by one of the world's great tech hubs, hardware store Lowes is also experimenting with transferring its infrastructure into the metaverse.
Home Depot's cool uncle is using the "digital twin" approach in an attempt to cut down on shoplifting.
By tokenizing its stock, then updating sales on the blockchain, Lowes can produce a synchronized, anonymous, shareable database that clearly shows any lost or stolen products.
It also helps buyers and police easily identify stolen power tools and patio heaters entering the dark, dangerous, DIY black market.
What are digital twins?
- A strategy developed in heavy industries, digital twins are tokenized copies of goods, supply chains, and manufacturing processes
- Twins live on the blockchain and track changes & progress in real time
- Companies can use digital twins to predict delays, update stakeholders, and run simulations to make real actions more efficient
Tweet of the day
Not so cute anymore 🤖
Evolution 03, unlocking Thursday.🔓
— Inhabitants Universe 💫 (@inhabitants_)
Jan 17, 2023
Decentra Daily is brought to you by Kraken
What if I told you about an NFT marketplace & crypto exchange that gives you multi-chain access...
Where you can buy NFTs with fiat or 200 different cryptocurrencies...
For fees as low as 0%...
Where every NFT comes with a built-in rarity ranking...
Kraken is a crypto exchange and NFT marketplace built from the floor up. It's designed to provide traders and collectors with a secure, dynamic, and seamless trading experience.
And now introducing: Kraken Pro
Build your own, fully custom, real-time advanced crypto trading dashboards with Kraken Pro.
Access spot trading, margin, and staking – all via one powerful and very sexy interface.
On the web3 wire
National Geographic is going web3 – and its readers do not like it
Yesterday, Nat Geo launched its first NFT collection, GM: Daybreak around the World.
As of writing, 241/1888 are currently sold.
It's a series of photographs by 16 different artists who captured daybreak at suitably wild points across the globe.
The whole project is pretty standard:
- Sits on the Polygon chain
- It's a blind mint
- Each NFT costs ~$200 USD
- Includes well-regarded photographers like Jimmy Chin
- NatGeo says future NFT collections to follow
But none of that is convincing Nat Geo readers to get on board. In fact, they had the opposite reaction.
Despite the collection's traditional format and content, the magazine's Insta and Twitter posts about the project drew angry mobs of Nat Geo subscribers, who were raging about the publication's decision to go web3.
Some readers complained about how "environmentally unfriendly" NFTs are, seeming to confuse the energy-hungry process of mining Bitcoin with NFTs, which (mostly) live on Ethereum's highly efficient blockchain.
@NatGeo Could not imagine a promotion more antithetical to the NatGeo mission statement if I tried. Between the well-documented climate impact of the NFT market and your absurd tardiness to buy into this pyramid scheme, you should be deeply ashamed of this.
— cory (@coryrj)
Jan 16, 2023
– which just goes to show how negative press can spread and linger, even when the facts aren't relevant.
Other readers complained that an NFT collection is somehow against or beneath the beliefs of a magazine like NatGeo – although they weren't clear on exactly how/why...
@NatGeo NOPE. Cmon guys this is embarrassing.
— Michael Crawford (@MiklCraw4d)
Jan 16, 2023
And others had the more justifiable opinion that Nat Geo is doing this all wrong by choosing to mint the collection on the platform SnowCrash.
Doing so makes secondary resales more difficult (and the platform seemed to be having technical issues on mint day).
@NatGeoPhotos Poorly handled minting process @SnowcrashNFT. Hoping you plan on making this sellable on Opensea too, have not received comments on this yet. Please respond to our comments below so we can resolve this and actually mint! Thanks
— TraderTom (@TomSimic)
Jan 17, 2023
The wider (& maybe more concerning) story here...
is how easy it can be to lose perspective inside the web3 / Crypto Twitter bubble.
For us, questions about the value, utility, and longevity of NFTs have long since been answered.
But when a mainstream publication runs a web3 story or launches an NFT project, the negative, confused, angry, or downright fearful reactions of readers show just how big the knowledge gap still is.
National Geographic posts about NFTs to their 256 million followers today, and I couldn't find a single positive comment
We, as a collective community, have so much work to do
Always important to take a step back and realize we are all playing for the same team
— Clemente (@Chilearmy123)
Jan 16, 2023
FWIW, the gen pop. often remains skeptical/hostile toward new tech right up until the point of mainstream adoption – then comes a seachange of acceptance.
But, reactions like these should be a wake-up call for any web3 builder with hopes of taking their NFT project mainstream.
Maybe just remember to call them "digital collectibles"?
And a disclaimer: I've got a full shelf of NatGeo's dating back a decade. I ain't fading this NFT project – and I'm sure there are many subscribers like me.
Take care now! 👋
Meme of the day
Because the bull is back, right?..
Bitcoin will never fall below $20k again in my lifetime
— Ramp Capital (@RampCapitalLLC)
Jan 14, 2023
What we're reading this week