Interview with an expert: Quoc Bao Ngo, Founder of MyReality DAO
Earlier this year, Yield App partnered with metaverse builders at MyReality DAO for a grandiose metaverse building project that will see the construction of the Yield App Tower at the very heart of The Sandbox. We spoke to MyReality DAO’s Founder Quoc Bao Ngo about his journey, metaverse opportunities, and ways to make money in the metaverse in the future.
Bao is a true pioneer in the Web3 space, having started building a vision of the ultimate metaverse some two decades ago when the idea of the metaverse wasn’t on anyone’s radar. Today, he is in charge of nearly 70 metaverse builders at MyReality DAO who create virtual content and assets for The Sandbox Game. But he doesn’t plan to stop, with an ambitious vision of what today’s metaverse could look like in a decade or two.
Bao has been playing virtual games for as long as he can remember. And for just as long, he has been harboring a vision of a metaverse that is inclusive and open to all, enabling users to learn, play, and live full virtual lives, with jobs and salaries. With the development of Web3, these visions are ready to be realized. The Founder of MyReality DAO has one key quality that helps him tirelessly work towards this vision: patience.
“This isn't new for me,” he says. “I started thinking about what I want the metaverse to be like 20 years ago. It has been like an expensive hobby for me.”
Building the multiverse
While it may have started off as an expensive hobby, it is clearly far more than that for Bao today. His gaming experience, knowledge of the blockchain space, and programming background have combined to carve out a niche for his scenario building and game development venture, MyReality DAO, formed in 2021.
In just one year, Bao has brought together nearly 70 talented metaverse builders, but he doesn’t intend to stop there. “I don’t want to expand too fast,” he says. “We are in the middle of a storm in the crypto space, so I am preparing to ensure we can survive it. Once the storm has calmed down, we will expand more.”
Bao’s vision for the future of the metaverse is a grand one: a multiverse where everyone is welcome, where all the disparate metaverses of today can come together into one huge Web3 space. He points out that today, there are more than 100 metaverse assets listed on OpenSea; some of them are so small that most people will never know about their existence. He believes that if all these metaverses could be combined into one multiverse, it would be advantageous for both users and those looking to make money from the metaverse.
“We can create content for any metaverse out there,” says Bao. “My vision is to connect people from all parts of the world and not try to be exclusive. I want to create a platform where everyone is welcome.”
Larger businesses invest in the metaverse
His vision may seem rather utopian, but it also makes commercial sense. Today, the metaverse space remains small, with Statista estimating the total size of the global metaverse market to be less than $40 billion in 2021. Yet many large global players are making forays into the metaverse space in anticipation of parabolic growth, with Statista estimating the market could be worth $678.8 billion by 2030.
Already, we have seen Facebook rebrand as Meta in anticipation of the next big thing in Web3, while many financial businesses are investing in the metaverse. This includes global financial giant HSBC, trading platform eToro, and major bank JP Morgan. Major crypto exchange Binance also owns land in The Sandbox, while outside the financial world well-known brands Adidas, Gucci, and Atari have made forays into the metaverse space.
Making money in the metaverse
What metaverse opportunities do they see in this burgeoning Web3 arena? Naturally, advertising in the metaverse can be expected to gather pace, helping these businesses make money in the metaverse. As such, it is clear that a bigger multiverse consisting of many different metaverses would be advantageous, opening the doors to a larger audience and a bigger revenue source.
Today’s metaverse investment opportunities are primarily built around NFTs and virtual land ownership. Just like art and property in the real world, these are assets that represent an alternative investment option for portfolio diversification and future capital growth. An early investment in virtual land in a Web3 space that grows in popularity in the future could represent a way to make money in the metaverse. As Bao puts it, “you need land in order to be visible in the metaverse”.
However, Bao sees many more opportunities in the multiverse of tomorrow that businesses could capitalize on. One area he is particularly excited about is education. He believes any subject can be taught using artificial intelligence (AI), opening the doors for the metaverse to become an educational platform. Educating potential customers about cryptocurrency investing, for example, could improve overall financial literacy and help digital asset platforms like Yield App grow their client bases.
The metaverse is a virtual world, and like the real world, it will require services, including financial services such as banks and investment platforms, logistics, entertainment, and many others. Developing Web3 versions of these services represents another opportunity for service providers to generate revenue in the metaverse.
Bao sees endless opportunities in the metaverse, and so do we. We are excited to see what the future will bring to this developing Web3 space. The metaverse has a bright future – we just need a bit of Bao’s patience to watch it develop, as it may well take a decade or longer to reach its full potential.