Business Name and What it Does
Meta Factory is a team of developers and ICO consultants, spearheaded by William Wang. Our vision is to Bridge the metaverse and the real world. We want to turn your dreams and vision into a reality by utilizing blockchain technology, while adding value to society.
The team uses design thinking and creative intelligence in development of solutions to help businesses overcome the challenges that they face. The team consists of blockchain developers, graphic designers, community managers, project managers and gamification experts. While they fulfill different roles, at the core, each team member is a dreamer and an enabler. Meta Factory is here to integrate real world applications into the metaverse. You Dream, We Build!
Meta Factory offers a one-stop shop from consulting, development to full marketing services. Meta Factory will assist the client through the whole token creation process, provide technical support and apply their unique marketing strategy with their exclusive network of influencers and media.
Meta Factory tackles issues by implementing extremely complicated smart contracts that are hard or costly to duplicate. Meta Factory follows very strict rules and guidelines and reviews all upcoming projects extensively. In Meta Factory, they do not take up projects that they do not believe in, or without certain recommendations from trusted parties. They treat each project as their own project to make sure the project will be successful. The Meta Factory team believes in a long term partnership with the client and aligns their interests with the client. They work on a partnership basis with the customers.
Founder’s/Owner’s Story and What Motivated Them to Start the Business
William has always enjoyed contributing back to society. He has a penchant for crypto markets during his college days and was captivated by the technology that underpins it. He already had an acumen in businesses and started a Tuition Agency, recruiting Tutors and Students and matching them together. He started investing some of his money that he has earned from the Education business into the traditional stock markets and the crypto market by investing in Bitcoins. As soon as he graduated, he took on a junior marketing position in the Crypto Finance industry and within 2 years, he rose to the rank of director managing over 30 people in his team.
Through the years, he has gained immense experience in community building, speaking at events, and managing projects across the crypto scene. However, he realized that there is still a gap and huge demands for entities and individuals to launch their crypto and NFT projects. Most blockchain agencies lack the know-how or do not offer a full suite of services. Instead, they would often outsource projects to others. William wanted to solve this industry issue and decided to form Meta Factory to empower everyone and to find ways to change people’s lives with the use of Blockchain Technology into Sustainability.
Meta Factory grew rapidly in a span of a year. From 2021 till now, under the leadership of William, they have launched a successful track record of multiple successful projects.
The Opportunities the Business/Market is Facing
With a surging market of cryptocurrencies, blockchain products like NFTs appeared to enter a golden age in 2021. The global crypto market cap is worth trillion dollars.
However, the year 2022 has been a mixed bag for the blockchain community, with these coins trying to recover losses and NFTs experiencing increasing social media mockery. At the same time, supporters of decentralized autonomous organizations (DAOs) have begun to gain traction, with the goal of democratizing the internet. The opportunities are endless as any individual can partake and launch a crypto project. Many are advocating decentralised finance, they embrace blockchain technology as it is trustless yet all the data could be secured within the blockchain.
Cryptocurrencies have actually transformed many lives during COVID-19. When the whole world was in lockdown, the economy came to a standstill. Livelihoods were impacted, jobs were lost but cryptos have been rising, they invested some of the money into some projects and most of these people have made profits to get by in their daily lives.
People of influence, big brands and companies have all hopped onto the wagon, creating their NFTs collections and more. Many countries are leaning towards the wider use of crypto, have developed various blockchain systems and organised big and small crypto events both online and offline. The Metaverse in particular poses a great opportunity for all. Gaming industries have invested heavily in virtual reality within the Metaverse. We see many unicorns coming up with Venture Capitalists, Angel Investors putting their money into the development.
The Methodologies behind many of these Metaverses include Education, Entertainment, Charity, Play to Earn, Vote to Earn, Watch to Earn and other utilities to attract users to join. There are giveaways, freebies within some of these Metaverses. They are so enticing that users cannot walk away. There will be more room for growth in the crypto space. We cannot deny that technology is forever changing and evolving, we are optimistic that crypto is here to stay.
The Challenges the Business/Market is Facing
While Cryptocurrencies have the potential to reshape the financial world as we know it, they can be an extremely volatile investment instrument and platform for crimes.
Engaging the right marketing community is one of the small challenges that the crypto world has to face. There are a lot of fraudulent communities in various social media channels and group chats. They would create bots and get fake ‘likes’ in an attempt to fool the project owner that the marketing campaign is working. Very often, such group chats only have a small handful of real members and the rest are bots. ‘Likes’ are also being done by fake profiles and not real people. It is part and parcel to screen through thoroughly and verify the authenticity of these profiles and group chats. Whenever we stumble upon a community where there are 100,000 over members but only 300 to 500 members are active at any one point, we will always think twice.
One of the biggest challenges in the market is to fence off cyber criminals. Cyber criminals are draining the money from investors through a fraud called a “rug pull.”
Rug pulls are new frauds where “crypto developer” advertises a new project to investors, usually a new token or at times a complete copy of existing projects, and then disappears with tens of millions or even hundreds of millions of dollars.
William warns the retail investors not to FOMO (Fear Of Missing Out). The first step in preventing rug pulls is to thoroughly research and study each project carefully before investing into them. However, we have seen many projects having already been KYCed and doxxed biting the dust as well. Therefore, we can never assume a project is too big to fall just because it looks official with strong backing. Many times, the executives could be visible, the project might not necessarily be a ponzi scheme but it can end on a sour note.
The recent bloodbath of the crypto world had seen the fall of companies that were funded by easy money but didn’t have viable business proposals. The ones who have emerged as survivors are usually those with real business plans and prospects for growth. It has no doubt dealt a blow to many crypto investors out there, However, we could compare it to the dot com bubble that had happened in the late 90s where we had seen the fall of many tech companies and the survival of Amazon and Cisco Systems. Even though they had lost large portions of their market capitalization, they ended up growing bigger and stronger. This is the time to weed out the less quality crypto projects.
Nevertheless, we can say that traditional markets pose a similar risk level to all types of investors. Most investors are captivated by the stories told from the project executives. Theranos was a great example of a fallen unicorn story.
We cannot emphasize enough that one needs to exercise prudence. It can just take one bad investment to wipe out their entire savings. It is extremely important not to put all the eggs into one basket. The safest practice is to diversify their risks.
We are currently facing a bear market everywhere, it is not just affecting the crypto market but the traditional stock markets as well. Time will tell who will emerge unscathed from this bloodbath to wipe out all the rotten apples. It is after all survival of the fittest. One thing that we are certain is this small setback and crash won’t kill the economy.
When the dust has settled, we will definitely see a better future for the crypto world.
Advice to Others about Business
Although William has started and exited several successful businesses, he advises everyone not to jump in so quickly.
Speaking from experience, William has been through ups and downs during his entrepreneurship, he had also seen the struggles from peers, some of them made it, some didn’t. Sacrifices were also made, he had to spend long periods of time away from his family. Being a family oriented person, it was very difficult for him, but he knew that he had to do it to change the world and emerge as a better person for his family and his staff. He recommends everyone to weigh the pros and cons if they wanted to start a business, be it crypto or non-crypto related industries. Spend more time to understand the market and demands. Take time to figure out the roadmap, deliverables to their clients etc, find out who they want their primary team members to be and the roles to fulfil. Prepare a good proposal and pitch deck so they could reach out to Investors, Partners anytime, anywhere. In this present day, it is always good to form Joint Venture and collaborate with partners to pull the resources together. Never Walk Alone, Don’t be a SOLOPRENEUR!
Our vision is to create a world without boundaries; a world where the only limit is our imagination – William Wang ( Founder of Meta Factory)
Website: https://meta.ideafactory.sg/
