Anthony Georgiades, co-founder of Pastel Network, joins Cheddar News to break down this week's top stories in the world of NFT's and the metaverse.

Opening Bell

Metaverse Monday: Snoop Dogg & Eminem Perform in the Metaverse; An NFT You Can Smell

now for more insight on these stories that we're gonna be covering from metaverse monday, I'm joined by Anthony Georgiadis, the co founder of pastel network. Thank you so much for joining us. What do you think of this crossover? We just saw with Eminem and Snoop and everything that's going on. Yeah, it's great. Obviously in the midst of a lot of the market uncertainty and concerns around the longevity and sustainability of kryptos, N. F. T. S and the metaverse, it's great to see obviously use case and some visualization, obviously a little bit of fun as well. Um But you know, I think this is from one of the first times we've really seen N. F. T. S from a mainstream perspective, bridged with the metaverse directly in the case of obviously this video um N. F. T owners are able to access this metaverse game itself, this you know, this virtual realm with the actual underlying N. F. T. Token itself, they get access to early game features, functionalities, they can test it, they get certain rewards, unblockable assets, things like that. So do you think we'll be able to hang out with Eminem and Snoop Dogg as like this board apes in the metaverse one day. Absolutely, absolutely. You know, I never N. F. T. S have always represented ownership as membership and in this particular instance an ownership of a board gets you access to the other side, a specific metaverse realm where you could interact with Steph curry or Snoop Dogg or Eminem or other board, a owners in the metaverse directly, get a front row seat to a specific concert, get early access to a specific game or very unique functionality to the actual game itself. Okay, so do you think that their performance sunday night is more likely to be a start of a new trend or will this not catch on as much as you know pop culture? Um It certainly depends, you know, in terms of what the actual use case and utility of N. F. T. S in terms of how they take shape and form. Obviously I do think that the idea of virtual events is certainly something that a lot of the broader hospitality world is looking at. You know you look at Hilton brands or coca cola and a lot of these actual in real life institutions and enterprises are looking for ways to really bridge this idea of a virtual hotel or a virtual experience or virtual conference and obviously a lot of that has to do with the acquisition of N. F. T. S and what that gets you in terms of access or membership or ownership. Alright, well now let's move on to this because which industry will be the first full entry point into the metaverse? Well, video games, it looks like to be a favorite is already happening and in keeping with the current trends of the metaverse, games everywhere could end up being the next big push into. So online social gaming according to developer build a rocket Boy everywhere, scale and scope, makes it more than just a traditional game as it strives to be a platform for socializing and gaming with limitless potential for different play style and genres. Now the game will have multiple different game narratives for players to experience that will cover many different types of game styles from racing to Battle Royale like gameplay. So the developers of everybody rolls, they boast about the sheer scope of the game. What could the video game metaverse offering of this future look like for them? Well, the gaming world as it stands today is a multibillion dollar industry and for good reason, obviously wearables in game purchases collectibles and things like that. Now the ability to transition a lot of that quote unquote virtual ownership of representation. That's something that can now be easily transferable via a digital token or collectible is a very natural segue for the actual space itself. And a fitting evolution. Just in terms of how we've seen a lot of the technological advancements of gaming directly. So now imagine that you could acquire somebody's character directly who has reached a certain skill set or level you can acquire a specific wearable or resource or a weapon or whatever it might be in the game itself directly. So it's super exciting to see obviously a lot of these use cases really play out, you know, to be can over the last couple of years there's been a tremendous amount of infrastructure and development, looking to really bridge the web. Three metaverse with the traditional gaming space and a lot of those games themselves not necessarily have the traction that we had initially anticipated but we're starting to see that kind of come out of the corner and it'll be really exciting to see how that takes out over the next couple of years. Yeah that sounds cool and potentially make even more money if you're selling your avatars that have already advanced in those worlds. So do you think that the video games will beat other developments more like more widespread traction in the metaverse? Exactly. No you touched on a you know a great point there right there's more ways for players to monetize on their successes. Um whether that's just simply entering a specific contest as we've seen with Fortnite or a lot of the Call of Duty Games but more specifically being able to actually sell an asset that they've built up themselves. That character that specific player has basically leveled up or built up a certain reputation or brand in the game and now they can easily monetize on that. Whereas before the only utility that they could derive is continuing to play with that character themselves and enter them into other contests or events or things like that. Um So taking these certain assets or data and putting that data on an actual N. F. T. Or a token or representing that player via token is a very natural fit for the gaming world. Mhm. And I'm sure the next is people gonna be selling stuff which brings us up to this next story. Finally, the sense of wood company wants to sell you an N. F. T. That you can smell well, sort of the digital luxury fragrance brand inspired by trees and forest, is launching the world's first fragrance subscription, available exclusively through the purchase of an N. F. T. Now, the company was founded with the goal of cracking the digital code for luxury perfume and largely has with its subscription model. Over 90% of the sense of woods sales are digitally and are now they're adding N. F. T. S to their offering as they plan to give to 20 and sell 2000 tokens for access exclusively through fragrances and the company's description as extreme rarities. So what other industries consume, make this leap into the N. F. T. Related services. No, this is a great example of, you know, really bridging a in real life, tangible asset with the exclusive uniqueness and a limited edition concept of an F. T. And in this particular case there's going to be 2000 N. F. T. S ever creator permitted here. And if you own that N. F. T, you're able to actually go and claim one of these very unique perfumes and fragrances um that they've developed and created. And so actually as well there's a concept of even governance here every six months holders are going to be asked to vote on their choice of the actual next perfume scent. So now you're almost bridging the concept of governance and community and really involvement with the actual progress and development of the initiative that you support and that goes back to the whole concept of N. F. T. S to begin with of really ownership as membership in this broader community. So not only do you get access to these exclusive perfumes, you actually get to say and influence what the next one is going to be, which is awesome in terms of all industries that this is gonna that this is going to touch. You know we're seeing a lot of exciting things Estee lauder for example is working on something very similar where you know you can you come really your own model of sorts, where you can imagine anybody around the world can you know put on makeup in a virtual setting and basically tokenize their brand themselves, list their own makeup or cosmetics for sale and issue those to other peers or customers and that's definitely gonna change the world literally. And the metaverse as well, you can have your own stores and consumers can actually have some profits there. So looking forward to all of that Anthony Georgiadis, thank you so much. Co founder of the Steel Network, appreciate your insight on all that fun stuff