Metaverses and NFTs have one thing in common.
They are both emerging technologies.
Metaverses expand the limits of our universe and provide a foundation for the growth of virtual ecosystems.
NFTs enhance the web3 industry and have ever-expanding use-cases.
3D Metaverse development company, Worlds Inc. recently partnered with leading cryptocurrency exchange CrossTower.
We were excited about the partnership considering the fact that both companies have made their mark in the web3 space.
So, we reached out to Thom Kidrin who is the CEO of Worlds Inc., and Kapil Rathi who is the CEO of CrossTower.
Their insights were amazing and provided depth into an often-misunderstood industry.
Thom Kidrin CEO at Worlds Inc.
E-Crypto News:
What appeal do 3D Metaverses have?
Metaverses offer users an immersive experience which is much more akin to our preceptive processing of the world we live in. Traditional websites are based on a print media model with video similar to TV.
In a metaverse, the user can move in 360 degrees and interact with objects and avatars as well as emote thru animations of their avatars There is a profound psychological effect in participating in an immersive world, as humans relate to dimensional context.
Related: The Metaverse: What Is It And Why Does It Matter?
E-Crypto News:
What are the details of the recent partnership with Cross Tower?
Worlds is partnering with CrossTower to use CrossTowers NFT Marketplace expertise and services to sell NFTs of digital art, avatars, and other artifacts related to the first online interactive virtual worlds (now known as metaverses) created for some of the most famous music and entertainment artists and brands, such as Aerosmith, David Bowie, New York Yankees, DMC, WWE, and Coca-Cola.
We anticipate the partnership will help Worlds unlock the full potential of our digital assets to bring value and unique experiences to our community and collectors.
E-Crypto News:
How have celebrity metaverses changed people’s perceptions about the technology?
Celebrities bring a large social network following and credibility.
They are users of common interest that have clearly defined profiles to which we tailor content and activities.
Celebrities are often early adopters of technologies and activities that enable new methods of interaction or outreach.
Their fans, who otherwise might not be aware of certain technologies or would not be willing to use them on their own, are enticed to explore them in order to gain access to celebrities they admire and the experiences offered by the celebrities. It then transitions from novelty to the norm.
E-Crypto News:
What roles do NFTs play in metaverse interactions?
NFTs not only offer potential appreciation of asset value, but also utility within multiple metaverses as assets to showcase or use in the metaverse environment.
Additionally, NFTs offer opportunities for accrual of valuable off-line exclusive or limited access experience or assets such as VIP access or concert ticket preferred access and merchandise.
E-Crypto News:
How can metaverse users create and deploy NFTs within Worlds Inc. metaverse environments?
Working with CrossTower, users can create NFTs thru the CrossTower tools, which Worlds will offer to users in a simple-to-use interface.
Related:NFTs Are on the Rise. Will the Fall Follow?
E-Crypto News:
Can you tell us about the exclusive NFT drops available for users?
As a public company we can not disclose the planned NFT drops until they are publicly announced.
We will be announcing our initial drops shortly and will share them with you at that time.
E-Crypto News:
What are the benefits of linking CrossTower’s NFT marketplace with your metaverses?
Cross Tower is the 4th largest Crypto marketplace and its NFT marketplace allows users to trade in NFT drops of Hollywood movies’ IP rights and other niche art collections as well as tap into sports sector and celebrities’ personal collections – all areas that dovetail with our legacy metaverses. CrossTower is focused on transparency and compliance.
We believe that is the direction of the industry and ultimately where the U.S. Securities Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) are heading.
Being ahead of the curve and affiliating with an organization that anticipates these oversight guidelines is where we want to be as a fully compliant SEC-listed company.
E-Crypto News:
How can institutions create metaverses using Worlds Inc.?
Worlds will be working with a number of organizations in the development of Metaverses via three avenues:
1) with our tool kits;
2) license agreement for a full design and build; and
3) training the organization on use of our tool kits for internal development
Kapil Rathi Co-founder CEO at CrossTower
E-Crypto News:
Is the whole world going into the metaverse?
I often say to those that ask, that is no different than those that asked if a web site was necessary in the ‘90s.
It is really an extension of a company or individual’s web identity and presence.
E-Crypto News:
How does Worlds Inc. intend to maintain its lead in the metaverse industry?
For over 22 years, we have established ourselves with innovation, pedigree and experience.
Worlds has acquired a lot of knowledge over two decades as to what engages users and what is just pretty graphics. Intuitive user interfaces are imperative, as is engagement with embedded programs, events and persistent moderators’ presence.
E-Crypto News:
How have NFTs changed humanity?
Global expansion of NFTs has allowed the segments of the collectors, traders, curious and superfans to buy, sell, trade, and create based on their interests and preferences.
Community no longer means someone in your vicinity or on your facebook group but someone who shares the same passion and looks to grow a space together.
NFTs go beyond just art – they have real world utility and use cases that will start to play out in travel, healthcare, brand sponsorship, advertising, influencing, etc.
E-Crypto News:
Congratulations on your recent partnership with Worlds Inc.! What’s next for Cross Tower?
The space is evolving quickly, and we are right in the middle of all the action. We are continuously expanding our exchange, lending, and structured product capabilities.
However, we are really excited about the potential of NFT utility and metaverse. We are going in with full force and striving to stay ahead of the curve.
E-Crypto News:
Please, can you tell us about the Cross Tower global NFT marketplace?
Our mission is to support artists and creators with a distribution model tailored towards rare collectables with the look and feel of a high-end art gallery.
Our platform is built for selective established artists and collaborators. We provide both a financial and a tech ecosystem enabling projects to go from ideation to actualization.
CrossTower has a large customer base on both institutional and retail side.
Institutional investors are always looking for new ways to invest and gain exposure to new asset classes.
CrossTower’s deep understanding of financial markets, infrastructure and trading makes it a unique NFT marketplace to partner with. We are also very longevity and regulatory focused.
Related: How The NFT Definition of Art Impacts Its Equity Value
E-Crypto News:
How can the NFT liquidity problem be solved?
Blockchain technology provides two important use cases for NFT growth:authenticity and transparency. This is in line with the ethos of NFTs and web3.0
NFTs are not a standalone product, and it needs several verticals to truly make it successful. Lending, market making, financing, funding, etc.
Liquidity for basic crypto tokens can be favorable due to the process of liquidity mining and the presence of AMMs (Automated Market Makers).
NFTs sometimes face liquidity issues due to the current ways of trading NFTs. NFT markets can be illiquid and can potentially force users to undercut the floor prices of the NFT projects for just being able to buy/sell their NFT assets.
Some use cases for liquidity can be:
Collateral loans with a floor price that is AMM-based
Passive income generation wherein, by depositing NFTs into liquidity pools and NFT assets can be used to earn a passive income.
Lending component where floor price can also be used as a stabilized AMM-based source of a floor price to calculate the value of the NFT asset that can be lent.
Emergence of floor perpetuals that track the floor price of the NFT project as its index price and enable a stable floor price for the NFT project that is based on AMM instead of capitally inefficient marketplaces.
E-Crypto News:
How far do you think the global NFT marketplace can go?
Jefferies predicts market cap of $80billion by 2025 and in recent months, there has been a stable expansion in public awareness of non-fungible tokens (NFTs) and the metaverse.
We are helping our clients prepare their evolution to these emerging financial technologies and platforms as it relates NFTs.
E-Crypto News:
Are there any plans to include other blockchains in the future?
We are looking to integrate a few blockchains and provide multi-chain capabilities to our users. Multi-chain provides the following benefits:
Continuous connectivity
Span across different networks
Unique abilities of multiple networks
Low gas fee
Provisions for trading across multiple networks.
E-Crypto News:
What is the backstory behind Cross Tower’s founding?
CrossTower founders come from capital market and exchange background.
Both co-founders have been in the forefront of technological innovation in the financial industry. Before founding CrossTower they realized that there are gaps in institutional capabilities.
They set out on the journey to address these gaps and to make digital assets a truly mainstream tradable asset class they founded an industry first institutional grade digital asset exchange.
They are bringing in their understanding of financial market, regulation, technology, and compliance to NFTs.
E-Crypto News:
How can partnerships help improve the mass adoption of cryptocurrencies?
Worlds is a pioneer in 3-D and interactive technology.
Worlds’ large and exclusive repository of assets with different brands, partners make their journey into this space unique.
We are excited to partner with them and bring their project to life with the artifacts that have yet to be shared with the NFT communities.
We are excited to also move into the metaverse space with Worlds, which has already been explored and travelled to 20 years prior by them.
Related: 3 Inevitiable Metaverse Legal Problems
E-Crypto News:
What is Cross Tower’s trajectory for the next decade?
We are still in the first innings of digital asset innovation.
CrossTower is fortunate to be in a position to mainstream this asset class and we foresee that use cases of blockchain continue to evolve.
Over the last couple of years, we have witnessed the development of crypto, defi, now NFTs and metaverse and we will continue to observe and lead this space.
We plan to stay ahead of this advancement and build this asset class.
