What Kaloscope Does:
Kaloscope is the worlds first Social Media Metaverse, which is a platform that allows its users to project, collect and interact with their digital assets in a virtual space users can own. Think of this as a 3 dimensional version of social media where instead of visiting peoples profile pages, you can enter peoples metaverse spaces. We currently work with well known NFT projects as well as brands, institutions, and artists producing metaverse spaces for them where they can share their collection. The metaverse is the next phase of the internet where in instead of being ON it, you will be IN it and what we do is we develop meta verses according to the IP/ brand that the individual or company has and produce a metaverse where they can invite their friends or showcase their collections to their fans in a 3 dimentional space through your phone.
Kaloscope is an innovation, as it is one of the first social media platforms that is able to transform businesses via ‘utility and community’. Allen calls this ‘perkabilities’, where ‘real world’ in ‘real time’ perks, such as access to VIP events, access to bars, or exclusive offers are offered to those who hold NFTs, and hence the privileges that come with them. An example would be (early investor of Kaloscope) ColossalBit’s recent launch in Dubai, of the Meta Terrace- a hybrid of a virtual & physical restaurant, lounge bar, where NFT holders can purchase or pay using crypto currency and enjoy exclusive access to food, drinks & VR/AR experiences. Kirck Allen, CEO says, “Think of us like a decentralised Facebook, but in 3-dimensional form, or a virtual world with a virtual space. You can have an NFT store within a NFT, and share it with your friends to make your web-3 more social”.
Founder’s/Owner’s story and what motivated them to start the business
Under 30 (CEO) Kirck Allen, formulated metaverse start-up Kaloscope, as he saw a gap in the market that didn’t consolidate a fast-growing yet fragmented NFT sector nor allowed users to socially interact with their own NFT collections. Born in 2021, the social media metaverse, allows users to project, collect and interact with their digital assets through mobile AR/VR/XR. While searching for a CTO, and a person who could see the full potential, in his project, Kirck met Christian Chalfoun (CTO) and Ciro Arianna (CEO), of CollosalBit (an NFT/Crypto Consultancy Company in Dubai); ColossalBit becomes an early investor of Kaloscope and together developed a demo app to show and presented together at the 2021 Crypto Expo, Dubai, where they also won the award for ‘Best Consultancy Project’. The community of Kaloscope, is known as ‘the Kalosquad’.
Kaloscope is managed by Metakalos, a registered business in Dubai with offices in the UK, UAE, and the Philippines. Metakalos is the first (within the metaverse) , to receive a license in Dubai, specifically for Kaloscope being a decentralized, web-3 social media platform.
Since late 2021 and early 2022, Kaloscope is the latest entry in the list of social media platforms that exist to connect with and project NFTs through the integration of technologies like mobile mixed reality.
The challenges the business/market is facing
The main challenge the business of blockchain and metaverse or market of cryptocurrency is currently facing is what is known as a ‘bear market’ or when price value is going down or in decline. The value of cryptocurrency is predicted to go back up towards the end of 2022, but at the moment people are being careful in regards to investments such as NFTs and cryptocurrency exchange.
Within NFTs which have to be bought with cryptocurrency like Ethereum, there are limitations such as how sustainable or green it can be. As a solution to a more sustainable future, Kaloscope’s token and NFT contracts are deployed on the Polygon network- a layer 2 solution, which addresses Ethereum’s limitations, such as notable lower transactions per second, and high gas fees. Kaloscope aims for net-zero, to offset any carbon footprint via their project ‘ Great NFTrees’ which supports the ‘Great Green Wall Project’ and has partnered with Serious Shea, working collaboratively with the World Economic Forum- to plant over 1 trillion trees across Africa, backed by the United Nations.
Another challenge is the question of taxation, which concerns many countries, when it comes to the metaverse. In terms of taxes, it is still unclear when it comes to regulations as digital assets are still not considered as an asset class that’s taxable simply because it is not tied to something solid like real estate or a physical product. However there are new regulations coming around the corner which will help understand how to operate in this new industry so for now the safest way is to do your own research and be flexible with your business model when these things come around.
The opportunities the business/market is facing
It is only ‘in time’ as mentioned that the opposite of a bear market, which is a bull market, whereby the value of cryptocurrencies and NFTs will go up again. At the moment, though, since it is a bear market, it’s a great time to also buy cryptocurrency or NFTs, as they are cheaper to invest in while waiting for prices to go back up. It is also a good time for the development of NFT or cryptocurrency projects, as it is a good time to create projects that will be ready during the bull market.
There are also opportunities to do ‘good’ for the planet with this type of business and for the future. As Allen not only hopes to lead the way with ESG, but also inspire more corporations and companies or brands to get involved themselves and take a stance by using or allowing NFTs to ‘save the world’ so to speak. While this may seem to be an overstatement, it’s not, as Allen justifies that NFTS can potentially do this via attributes of : ‘gamified awareness’, ‘traceable contributions’, and ‘community lead impact’.
“I believe that through NFTs, we can gamify, the awareness of sustainable projects through online leader boards and reward contributors with digital collectibles which they can share with their friends and family. By creating a fun-filled system of contribution, we believe that awareness about sustainable campaigns would reach more people of all ages. Everyone wants to save the world but most people don’t know-how. This is why Kaloscope is building a platform to empower a new way to contribute to and gamify sustainable projects through the power of NFTs, Crypto, Blockchain, and the Metaverse. The more people know and get emotionally involved with the project, the longer and more contributions they will generate.
By creating traceable contributions which can swell as a transparent value chain system built on a blockchain we can allow people to trace where and how their funds are being used for. It is also via the creation of community lead projects, like-minded individuals will support the same project and continue to do so in the future. Communities will not only act as a soundboard for projects to improve but also as an initial crowd funding source .”- Kirck Allen, CEO, Kaloscope
Allen believes that quite similarly these same three (3) ways could also be applied to other projects for third sector entities and institutional ESG base projects. While NFTs are still new technology, that has been used popularly in the art sector, Kaloscope believes that over time creating a system where ESG campaigns, institutions, or government bodies could participate in the ecosystem will allow this technology to become more mass adopted into society. It is also how NFTs can be seen to be contributing and ‘doing good’ or for tech to be ‘doing good’ for the planet.
While anyone in the NFT space may have different types of intentions, it is ultimately reliant on the core supporters of a community to keep a project moving, and Kaloscope believes in building a platform as a unique system of contribution, so that power can be given back to individuals/communities to make a better impact to the world.
Advice to others about business
For those who are just getting into Cryptocurrency and NFTs, this is what Kirck Allen would advise:
- Safely bet on Bitcoin. Ethereum is always good to buy long term (more reliable), polygon is also good and Solana is good for starters or those who are just starting out as it’s a bit cheaper and easier to understand.
B. Educate yourself first- Invest in studying the blockchain, and start by reading the white paper for each. NFTs as well start to understand how NFTs came to be, and understand how both crypto and NFTs came into the metaverse.
C. If you are already in this space and trying to get ahead, get more investment, or get our brand or product known, collaborate and do as much collaboration as you can! It is only through partnered projects that a project gets more exposure to communities and people who will ultimately use or participate.
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