The retail shopping experience has taken a huge hit due to the ongoing pandemic and other geopolitical events that are disrupting the global supply chain. It was only a matter of time before the retail experience was put onto a blockchain where the experience could be redefined and adapted to reflect the current circumstances.
Serge Gianchandani has been leading digital transformation of brands for the last 2 decades. He is the founder of Moksha, which works with leading names like Unilever, Adidas, Levi’s, Amazon, and many more. Serge Gianchandani is the co-founder of Metamall, the founder of Egg Solution Optronics, and a serial entrepreneur with 12 patents on 3D and VR imagery.
Korea IT Times sat down with Serge to understand how his “Metamall” project aims to offer an entirely new retail experience through blockchain, virtual reality, cryptocurrencies, and non-fungible tokens. Metamall is a self-contained ecosystem with its own Metaverse that offers an alternative way for shoppers to enjoy the retail experience without leaving the comfort of their homes.
It also opens up multiple avenues for property developers, retail store owners, and advertisers - all through the purchase of NFTs denoting specific units of “space” within the Metamall Metaverse. We discuss the underlying Solana architecture on which Metamall is built, the current state of VR technology, and the future of retail, real estate, and property development.
Can you tell us about project Metamall?
Metamall is the intersection of VR, blockchain, and NFTs. Built on the Solana network, participants can enjoy an immersive experience within a Metaverse that includes casinos, arcades, VIP lounges, shopping, gaming, and much more. It’s a live Metaverse for people to relax and have fun. But it also incorporates real-world elements and investors can purchase retail property with many opportunities for profitability - advertising, dedicated zones, NFT sales, retail sales, etc.
Why was Solana chosen as the underlying blockchain for Metamall?
Solana is a fast, energy-efficient, and scalable architecture. All of these are extremely important for a fully functional Metaverse. Solana is actually the number one choice for many Metaverse projects with its proof-of-history consensus mechanism. It’s cleaner and easier to develop on. To give you an idea, Ethereum manages about 10 transactions per second and only does this with huge gas fees. Solana’s output is 3,000 transactions per second, with a theoretical limit of 710,000. This rival’s Visa’s network processing speed. Solana has been described as the “Visa of Cryptocurrency” with an average transaction fee of about $0.00025 and a faster tps speed than the legacy payment provider.
How far along is VR technology? Are VR headsets commercially viable for consumers right now?
Virtual Reality is further along than you might think. Especially in the past decade, we have seen strong adoption in certain customer segments, though there is certainly a way to go in terms of overall market penetration. We can tell you from our tests, that the technology is there and operational, and that the experience is truly immersive. I have extensive experience in VR technology and over 12 patents in VR, and this is an area of expertise for me. I also founded Egg Solution Optronics, a leader in immersive technology. Partially due to this, we have a significant edge on the competition when it comes to VR integration, but there are many kinks still to be ironed out - ethical issues, interoperability, NFT integration, etc. The rollout will be an iterative process where we keep improving based on user feedback.
How does trade take place within the Metamall Metaverse?
Every ‘space’ in the Metamall Metaverse is a tradable NFT that is secured through smart contracts, whether for purchase, rent, or lease. The cross-chain wallet is integrated into the platform for ease of transfer. Real estate owners can design their own customized VR/AR space on the platform and users can vote on the development of the VR-enhanced ecosystem. The $MALL token is the native token and is the only transactional currency. Payments are facilitated through $MALL on the Solana blockchain.
Can you give us some information on funds raised through pre-sale, IDOs, and NFT sales? What are these funds being used for?
We exceeded our targets and raised $4.6 million pre-IDO from notable investors including 316VC, MarsVC, Halvings, HVS Ventures, CCK Ventures, and Whitelist Ventures. NFT sales are at about $2 million and project launchpad operations are currently underway on 4 platforms, expected to raise $100,000 each.
Much of these funds go towards technological innovation. We use state-of-the-art technology that is scalable and effective. We are aiming to be a leader at the cutting edge of VR-enhanced metaverses and this does require capital to push forward, continually test, and fine-tune the results and the process. Of course, we also have to use the funds for marketing and PR purposes. Even the best Metaverse won’t gain any traction without momentum from the media.
Do you see Metamall as the future of retail, property development, and investment?
Absolutely. All of the older paradigms are simply being transferred to a Metaverse. You can still purchase real estate, one of the surest ways to create sustainable, long-term wealth. Except this virtual real estate has no maintenance costs, no utility bills, and does not depreciate. Advertising and market verticals are also available. It also provides other mechanisms for profitability, such as DeFi, staking, and holding the $MALL token. An added benefit is that this is an entirely new market with a clearly defined tokenomics infrastructure and an open governance system. The Metamall Metaverse is safe, stable, secure, and scalable - exactly what investors look for when seeking sustainable growth.
What’s next on the Metamall roadmap?
Though details have yet to be finalized, we will be launching on a centralized exchange between the 25th of February and the 5th of March. Later this year we expect to launch the second NFT real estate sale, private VR experience launch, Metaverse VR gaming launch, and staking launch. We expect our minimum viable product (MVP) to go live by April.
