SAN FRANCISCO, March 2, 2022 /PRNewswire/ — Web 3.0 Social is becoming the hottest, simplest, and most intuitive concept for selling NFTs to fund projects, monetize content, and validate ownership of both digital and real-world assets. This new, decentralized digital technology eliminates the obstacles that slow down and complicate the process. And GalaxE by HODL, which will be globally launched following an initial Soft Launch to a select number of invitees who will provide informative feedback on the platform, is offering the First Metaverse Hub for NFTs, Social Networking, Gaming, and Entertainment, where all these activities and more can be simply and efficiently coordinated from the creator/seller’s own all-in-one social NFT page.
In contrast, the current (Web 2.0) NFT ecosystem’s largest platform, OpenSea, exhibits multiple flaws that negatively impact the user’s ability to make the most of the current NFT market. These problems include the lack of embedded social media, the platform’s default tendency to inherit Ethereum’s existing issues, elitism as a barrier to access, security issues inherent in the platform, and an unnecessarily complex NFT buying and selling process. To drive engagement and increase participation, these are issues that need to be addressed.
NFTs and Web 3.0 Social
GalaxE by HODL, by combining NFTs with the best features of Web3 Social Media, offers the most comprehensive tech integration, easily solving these issues. The GalaxE NFT Social platform uses Rabet for full Web3 integration and Metamask for quick, easy login to all connected social media accounts, providing an exciting new way for NFT creators to place all metaverse activities right at their fingertips.
One innovative example of game-changing Web3 NFT strategies for collectors — one area where GalaxE is very active — is tying NFTs to unique physical assets that increase in value over time, letting them serve as a certificate of authenticity. Once the item’s original value has been authenticated through an NFT, the buyer can safely make the purchase, confident of getting the genuine article.
Another example, for musicians — one that holds the promise of major changes to the music industry — is selling NFTs to the artist’s social media followers as a way of funding an album project. By offering their fans such valuable items as album art, a Zoom (or live) meet and greet, and a share in a percentage of the royalties earned on the album’s sales, independent musicians or bands can encourage their fans to fulfill the role of their “record label.”
Web 3.0 creates a more advanced ecosystem that drives engagement by moving away from advertising and toward the use of native platform tokens to monetize social media, vastly improving the user experience. This is why GalaxE is far more advanced than current social networks like Instagram, Tik Tok, YouTube, Twitter, and Facebook (currently in the middle of rebranding as Meta), all of which still operate under the centralized Web 2.0 model that views the user as a commodity.
With the value of NFTs steadily rising, as evidenced by an increase in NFT trading volume — from $85.7M to $19.6B between 2020 and 2021 — and the metaverse market expected to potentially approach $800 billion by 2024, there appears to be virtually no limit to the economic possibilities the new model has to offer.
The Metaverse and Augmented Reality (AR)
The metaverse is a concept that has captured the imaginations of people across industries, demographics, online communities, and the physical world. While the term sounds universal, “the metaverse” isn’t actually one massive universe but, rather, the convergence of many separate universes. A more accurate description of the metaverse that has been offered is that it is “a vast network of 3D worlds and simulations rendered in real-time for cooperation and participation.” Thus, there are actually many metaverses, and as technology evolves, there will be many more.
There will be metaverses like the one Facebook (Meta) is developing with its Oculus headsets and existing online ecosystem, or Nvidia with its plans for Omniverse Enterprise, and Microsoft with its work-focused digital environment known as Mesh, to name but a few. These are just three among well over 12 dozen metaverse-building companies that each have something to contribute to the collaborative effort to build the space.
But HODL COO Jenny Q. Ta reminds us that the metaverse will not be built overnight. “Building it will be no different than building another city or town, another country, or another world, with its needed infrastructure and all its separate yet intersecting parts,” says Ta. “Massive and complex undertakings like these take time. They happen gradually, through the efforts, innovations, and hard work of multiple entities, with each one making contributions based on their own individual talents and areas of expertise.”
Many companies’ offerings — like Meta’s — are based on a virtual reality (VR) model, a model that is already popular in gaming. Yet, the more natural implementation — and the one that HODL Assets’ GalaxE platform is primarily focused on — is one that’s built around augmented reality (AR), a model that more organically integrates the real and virtual worlds. Augmented reality is where the metaverse is heading, as AR is perceived by the user to be far more real than virtual reality, which the user is always aware of existing outside of and separate from. And AR will feel even more real as the technology advances.
Play-To-Earn Crypto Games & Social Tokens
Play-to-earn (P2E) crypto games are capturing the minds of an entirely new class of crypto users, attracting people who would normally not be interacting in this sector of the economic realm by giving them the ability to own and transfer in-game assets via the blockchain, through NFTs. This new economic model, which is based on crypto tokens (aka social tokens), signals the advent of next gen play-to-earn gaming (sometimes called P2E 2.0).
HODL is pleased to be partnering with its first few game developers to help them launch three AR games, with its first teasers promised soon. By getting in on the ground floor of the growing next gen play-to-earn boom, HODL Assets is poised to help shape the future of the space. And with their own native $HODL token and built-in social network, they have the infrastructure and in-app currency that they need already in the works.
Wrapped Tokens & GalaxE’s Cross-Chain Bridge
A wrapped crypto token is a modified version of a token, such as Bitcoin, that’s equal in value to the original token but can be used on another cryptocurrency platform (e.g., Ethereum). In creating a wrapped token, the original asset is “wrapped” into a digital vault and a new token is minted to take its place. For example, Wrapped Bitcoin (WBTC) is an ERC-20 token that represents Bitcoin on the Ethereum blockchain. This one-to-one conversion makes it possible for Bitcoin holders to participate in decentralized finance (DeFi) apps that are popular on Ethereum. This is good as far as it goes. However, GalaxE by HODL takes this idea even further.
Enter GalaxE’s Cross-Chain Bridge, which will be a key feature of the platform’s design. Thus, the GalaxE ecosystem will facilitate cross-chain interoperability between multiple relatively independent blockchains, allowing them to communicate with one another as they are all based on a standardized protocol. This is possible because the wrapped $HODL token (wHODL) — unlike the wBTC or wETH ERC-20 tokens — will be built on each of GalaxE’s supported blockchains: Ethereum, Polygon, Avalanche, Fantom, and Binance Smart Chain. WHODL will only be offered on liquidity providers like Uniswap and PancakeSwap and will effectively build a bridge between its supported networks, bringing expanded interoperability into the cryptocurrency space.
Since GalaxE will also soon be launching its own blockchain — complete with smart contracts, similar to Solana, Cardano, or Ethereum — they are definitely the company to watch. The GalaxE blockchain is expected to launch in the second quarter of 2022.
HODL CEO Lenny Schutz says GalaxE has a great deal to offer gamers, developers, creators, and collectors. “Not only has minting, selling, buying, and collecting NFTs never been this easy,” he asserts, “but as the world’s first cross-blockchain NFT marketplace, GalaxE lets you collect non-fungible tokens on your own terms.” He adds, “We like to call GalaxE ‘The Metaverse Reimagined’ because we are taking what isn’t working about the current models and completely rethinking them.”
GalaxE’s All-In-One Blockchain Solution
GalaxE by HODL is a complete blockchain solution that offers a full complement of Metaverse Services. Each of the bullet points below describes one aspect of GalaxE’s value to the Crypto space:
- Cross-Blockchain Marketplace (the first), accepting ETH, BSC, AVAX, Polygon, Fantom, and XLM (with more to follow), at only a 2.5% transaction fee, with lesser competitors reaching sales volumes of over $20 billion in 2021.
- Cross-Chain Bridge — the cross-blockchain ecosystem at the heart of GalaxE’s marketplace that creates interoperability between the supported blockchains by allowing them to communicate with one another via a standardized protocol that’s built into the wHODL token.
- Crypto Portfolio Management Solution — the first to combine all crypto wallets under one roof, facilitating access to multiple cryptocurrencies with a single login to the user’s GalaxE account, which serves as a hub for all the user’s crypto holdings, making it easier to keep track of them all without the need to open multiple apps.
- DEX (Decentralized Exchange) — Similar to Uniswap, which generated more than $1 billion in revenue from platform fees collected for liquidity providers alone.
- Gaming API, providing access to Crypto products and services for developers of P2E NFT games — Similar to Sky Mavis, which raised $152 million at a nearly $3 billion valuation for Axie Infinity.
- Blockchain-Powered Streaming Service — Similar to Spotify, GalaxE will generate income via monthly subscriptions.
- Ecommerce Solution selling physical goods, using NFT technology, in anticipation of the day, in the (near) future, when every person will have a parallel digital identity and avatars, crypto wallets, and digital goods will become the norm.
- Decentralized Finance (DeFi) Provider offering liquidity pools and staking services to aid price stability and strengthen security on the network.
- Gold and Silver Tokenization Service, offered through a third-party provider and HODL partner.
- Enterprise Blockchain-Powered Point-of-Sale (POS) Solution, allowing merchants to accept in-store crypto payments.
In Q4, 2022, HODL will also begin research on a pair of AR glasses, which will be designed for full metaverse implementation. Similar to Facebook’s partnership with Ray-Ban in developing that company’s VR glasses, GalaxE will utilize HODL’s partnership with a multi-billion dollar technology company to delve into AR, a more advanced digital technology than VR that will provide more sophisticated capabilities in the fields of gaming, entertainment, and business than ever before possible.
Says HODL CTO AJ Bosch: “Here at HODL, we took a hard look at the current model in light of the emerging Web3 technology and decided to drill down to uncover the deficiencies, and then develop revolutionary solutions that would give our platform the edge. But we didn’t do it for the applause. We did it to fulfill our fundamental mission, which has always been the same: to find innovative ways to increase access to NFTs by making the marketplace more welcoming for all.”
About HODL Assets, Inc.
HodlAssets.org (or HODL Assets), PARENT COMPANY of the revolutionary GalaxE NFT aggregator platform, was the first to facilitate the creation, buying, and selling of non-fungible tokens on multiple blockchains. In contrast, most other NFT marketplaces support only Ethereum. HODL has also differentiated itself from its competitors by assessing no initial contract, listing, or auction settlement fees, but instead charging its users only a minting fee. The HODL platform is also the first NFT marketplace to offer Gaming and Social Networking components as part of its native ecosystem. With every new feature it adds to the platform, the HODL Assets team endeavors to further dispel the mystery and confusion that often surround these wonderfully innovative technologies by providing a safer, more user-friendly environment where people can come to learn, create, and confidently participate in blockchain-fueled e-commerce and networking. In short, HODL is a place where users are free to explore and enjoy the innovation of today’s most sought-after technologies.
To learn more about GalaxE by HODL, visit the https://galaxe.io/ website.
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SOURCE Galaxe by HODL Assets, Inc.
