Lithuanian startup fintech launches Web3 bank at Metaverse

The so-called neo-banks are usually characterized by things like lower costs for the customer and fancy, colorful bank cards, but in reality they are just classic banks under a modern guise. No more cheating now, because a company is preparing to create a real neo-bank. A bank that is literally rethinking the banking sector. A bank where customers can hold their assets in a variety of formats, whether cash, in-game items or NFT. A bank that allows “buy now, pay later” in video games or accepts in-game data as collateral for a loan. It is not just about transforming the old into the new, but about making banking services a whole new ecosystem. Zelf – Metaverse Bank – wants to change the world with this idea. Reported exclusively to Cointelegraph Elliott Goykhmanits founder and CEO ζελφhow he intends to do this.

Zelf – On the Road to the Public Web3

Since 2021, Web3 has seen a meteoric rise in the mainstream. Non-Fingible Tokens (NFT) have revolutionized the art world, Play-to-Earn (P2E) has opened up new revenue streams for gamers – for example, people in Asia may even quit their low-paying jobs and hire full-time players On the contrary – and cryptocurrencies serve as the infrastructure for this financial world of the future.

Although all these worlds are directly connected, their developments have taken place independently of each other. One reason for this is that individual cryptocurrencies are not equally suitable for all of these applications. Take Ethereum (ETH) as an example: The rapidly growing transaction fees of the blockchain network have made the triumph of NFT significantly more difficult. The ecosystem around the NFT is also not suitable for the masses. Even the market-leading NFT OpenSea trading platform is still very cumbersome in many ways. “OpenSea is a huge marketplace for buying and selling NFT, but is this service easy to use? Can beginners get in easily and get started? “When a user connects their wallet to the platform, they do not even receive a notification of new offers coming for them,” explains Goykhman, explaining the fundamental problems of the NFT industry.

P2E games have great potential, but even that can not be fully realized. One big problem is that these games are released mostly as NFT collections and therefore do not attract any attention. The character of the game often leaves much to be desired and the gameplay is correspondingly weak. Under these circumstances, P2E games are far from being able to compete with the titles of major developer blockbusters. However, the thought of owning real items in the game, selling them and thus being able to make money from the game is still interesting to many people. This innovation could revolutionize the way games are played and launch the video game market into even bigger realms.

Is play-to-earn the future of gaming?

With that in mind, Zelf’s ambitions go far beyond a game project to win. Instead of setting up your own development studio or waiting many more years for P2E games to reach big titles like Fortnite and Call of Duty can compete, Zelf much prefers to ask the question “how to bring these games to Metaverse”. Why compete for success titles when you can bring their strengths to Metaverse? It makes a lot more sense for Goykhman, so he’d rather work for such a symbiosis.

“The big challenge will be to convince the traditional toy industry to open up to the game to win. In a way, this is exactly what Steve Jobs had to do when he released the big record labels to sell on iTunes. “

Contrary to their fears, game developers could actually win only with this step, because the current direction is “more than we already have”. In the end, it’s all about improving existing gaming ideas. For example, Call of Duty tried to include the successful “Battle Royal mode”, but this is just a bad copy of the original in Fortnite.

In the meantime, the bold step of unifying a Metaverse bank would create value for all involved. In this way, the particularly good players could benefit from their skills, while P2E fans will move to these mainstream titles in large numbers and significantly increase their user base. Meanwhile, toy makers could bring completely new, innovative ideas to their games, and Zelf could provide the infrastructure for this new world. When game items become commodities that can be bought, sold and traded, a whole new market and economy emerges. And where there is a market, traditional financial services, as we know them from existing markets, can also be offered: lending, lending or savings programs.

More information about ZELF can be found here

Neobank for post-millennials

It is at this point that Zelf brings “Neo” to Neobank or becomes the new type of Web3 bank. There is a problem: young people often have bad credit in the credit bureau and therefore can only take out loans with very high interest rates. Zelf’s solution: Imagine being able to get a loan on much better terms, because it is secured with in-game data.

Another example: Players’ purchasing power could be increased by incorporating “buy now, pay later” into video games. “Unlike a regular bank, we could, for example, also assign a Schufa score based on in-game performance, where we could see how high a player’s Steam profile is,” says Goykhman.

In addition, neobank should not become a cryptocurrency platform like Binance or OpenSea, which can be a closed book for many users. Zelf, on the other hand, relies on the power of ubiquitous applications that are used by millions of users every day: messenger applications.

Zelf is already available for all major messengers: Facebook, Discord, Telegram and Viber. “In Tokyo we were recently able to show that Zelf is already working with Line and WeChat. “By the time we get to Southeast Asia, these two messengers will also be fully integrated,” says Goykhman. “If integration with popular messenger applications sounds too good to be true, we will take it to the next level. “Then we will also be available on Instagram, iMessage and TikTok as soon as the respective APIs are released.”

However, integration with major messengers such as WhatsApp is not an end in itself, rather “the ultimate goal is to be an ubiquitous bank, ranging from the simplest SMS to bots user interfaces and full voice control with artificial intelligence.”

A future that is still difficult to imagine today, but thanks to Zelf it could soon become a reality. And why not? Because in reality it is obvious that real world banking services are also being transferred to the virtual world. Digital payments could be as easy as giving a friend a 10 euro bill. In the words of Elliot Goykhman:

“We have to rely on all the economic interfaces between the real and the virtual world.”

Learn more about the Zelf project

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