The usage of blockchain technology, primarily to support the growth of the metaverse, is paramount to the success of Web3.0 applications. Now, a new metaverse-based ecosystem will allow celebrities, artists and brands to create events in the virtual world where you can earn digital coins and NFTs and enjoy the luxuries of an actual, physical event. Besides building a completely decentralized platform that lets you protect your data and attain digital currencies, Beemup is making the concept of concerts and physical events go digital.
We live in unprecedented times when working from home and using Web 2.0 applications like Zoom is considered normal, which is exactly what Beemup is looking to do. The only difference is that this project uses Web 3.0 applications, which give users total control of their choices, data, and assets. While Web 2.0 was about connecting people through the internet and through the growth of popular applications like Facebook, Instagram, etc., the Metaverse is planning on creating an entirely virtual space where you can experience all this on a more human level. One of the uses of the metaverse is to create an ecosystem where people from around the world can come together virtually to experience concert-style interactions with their favourite artists, rappers, and celebrities. Beemup has been working on this metaverse project called Your Open Metaverse (YOM).
Beemup – YOM (Your Open Metaverse)
This ecosystem will act as a gateway platform and marketplace that will allow brands and businesses to use their virtual and interactive environments to interact with target audiences. Just like popular metaverse projects like Decentraland and Sandbox use Web3.0 applications and how DeFi applications and DApps generate digital and monetary value, YOM will do the same. The company plans to deploy NFTs and other digital assets in the virtual world to generate more buzz about this cross-platform project. https://twitter.com/BeemupPlatform/status/1462142916177145857
What Will Beemup Do?
Beemup’s new project will be the first in the metaverse space to act as an intermediary between businesses and fans. Multiple platforms have recently announced their desire to dive deeper into the Metaverse and a platform like Beemup will be just the tool that will allow this to happen. Since the Metaverse is forecasted to grow to a whopping $597 billion by 2027, many businesses and platforms are looking to join in. Everyone from DJs, celebrities, talk show hosts to sports brands and content creators can launch their products, release their music and share their content with the virtual world in such a space.
Metaspace and Custom Worlds
Beemup uses the concept of Metaspaces to help businesses build their virtual environments. Metaspaces are the virtual spaces that companies can utilize to build the projects on, which Beemup has been developing with the use of Software Development Kit (SDK) architecture. Companies and brands that choose to participate in the YOM ecosystem will have the opportunity to build their spaces, which can then be accessible cross-platform. By incorporating rewards and exclusive items per selected metaspace, brands will look to replicate a virtual world where fans can experience brand launches, concerts, and performances together. YOM will allow the developers to create and craft their custom worlds through the Unreal Engine capabilities whilst Beemup will be helping the partners by setting up the virtual platforms in the ecosystem to deliver a virtual experience that resembles the real thing.
NFTS in YOM
Alex Van Der Bann, the CEO, and Co-Founder of Beemup spoke in an interview with New to the Street about the role that NFTs will play in this ecosystem. Alex talked about the resilient network that exists within Bitcoin and blockchain. NFTs, on the other hand, are something that he believes is yet to become mainstream, with many different companies playing with the idea of its adoption and use cases. While Beemup’s YOM will be a space that attracts people who want to have complete control of their privacy and data due to the decentralized web, NFTs will become a part of the virtual economy that exists within their world. Regarding the matter, Van Der Bann states, “By using the decentralized infrastructure we can show them (users) these experiences, these concerts, these shopping experiences, perhaps a stage for activism and what not”. The company is also allowing the users to win back rewards by participating in these experiences. Concepts popular in gaming today, like play to earn, will be implemented, as well as new inventions. The Beemup founder states that the process of brand followers and users buying products of their favourite companies will now be taking place in the Web3.0. The YOM space will allow brands to sell their products in the digital world, with fans getting an opportunity to purchase lucrative items such as digital clothing via NFTs, which they can use to customize their virtual avatars. To build upon the platform’s digital monetization, YOM will also be releasing its own token, which can be used in its Metaversal ecosystem.
Beemup will also allow investors to buy and sell the platform’s digital token, YOM. YOM has been built on the Solana protocol and is expected to be available with a market cap of just $1 million. The total supply of the coin is capped at 300 million, with an initial supply of 20 million YOM expected to be released. The token is expected to debut around the first or second quarter of 2022, at a base price of just $0.035. Till now, the project is still brand new, so this allows investors to get in early with the chance of being part of a big metaverse project in the decade to come. The risk is also very high since other established metaverse tokens like SAND and MANA have already eaten a big chunk of the meta token space. But, with an estimated market cap of half-a-trillion USD by the time we reach 2027, investing a little bit in a potentially huge growth token may not be the worst decision.