Cointime

Download App
iOS & Android

A Client Approached Me for a Metaverse-Related Pitch Deck — I Told Him to File a Patent

*2020*

Your Financial Advisor: “I hear you want to invest! Alright, here’s my advice. Put your money on Facebook. They’re going places. Tech has always been the way to earn good multiples.”

You: “Awesome, I will put my savings in the Facebook stock. It’s priced at $250. Do you think it’s wise to put $200,000?”

Your Financial Advisor: “Yes. Talk to me in a year. Now leave my office.”

*2021*

You: “FB stock is at $350. I am super impressed! What should I do this year?”

Your Financial Advisor: “Told you… Now you need to invest in Bitcoin. I hear talks of Facebook and other companies working with relevant integrations.”

You: “Bitcoin? Really? Don’t you think it was only a phase?”

Your Financial Advisor: “Wait, what is this? Are you second-guessing me now? Look at you, wow. Invest another $100k in Bitcoin and get out of my office.”

You: “Fine. Getting 2 Bitcoins at $50k each. Excited!”

*2022*

You: “Hi, I lost $60k in bitcoin and $75k in Facebook stock. I am so freaked out and do not know what to do. Should I sue you?”

Your Financial Advisor: “You can’t. You love me too much.”

You: “Just tell me what to do.”

Your Financial Advisor: “Keep your stocks. You only lose if you sell. Put another $100k in starting a metaverse business.”

You: “Damn the Metaverse, Zuck, FB, meta, bitcoin, and you. Goodbye.”

Meta and Zuck are under attack for the millionth time. The company has lost nearly 75% of its stock value. Fortunately, Zuck is taking all the attacks instead of the Metaverse. Due to wide support from other companies, people are starting to live with the fact that the Metaverse is a big part of the future (possibly without Meta).

Yet, here’s a brain tease for you — What if he’s right? What if the Metaverse is not only a big part of the future but is the most dominant thing in the future?

Whether this makes you cringe or criticize it, it’s not really up to you or me. Instead, it’s up to your grandkids and their children.

You: “What’s next? People just using their VR headsets 24/7? Does that NOT scare you? Have you not seen black mirror?”

Me: “For heaven’s sake, look around you; everyone is already staring at their phone 24/7. Your grandmother had the exact same conversation with her friend about the smartphone as an invention. So move past the cringe phase and start actually thinking.”

I’m not an advocate of unhealthy habits. As a matter of fact, I am writing this article right now on an iPad while using an iPad holder that goes up high to almost eye level. That’s mainly not to get a phenomenon called an iPad neck.

If it’s unhealthy, then it’s not good for you. Now put this debate away and start thinking of the potential of the Metaverse. We’re getting the chance to form our own reality. This world is imperfect and beautiful. There’s no shame in creating a new one. It’s not defying nature or any god whatsoever.

“Create me a pitch deck for a metaverse-related product, Al.”

Here I am, sitting and sipping my homemade basil-lemonade (the secret is peeling the lemons and filtering them a few times. But that’s for another article in another life… or in the Metaverse! wow, that linked somehow.)

An old client recommended me to someone interested in working on a metaverse-related product. I won’t say much about the product, as I never do about my clients unless they ask me to. It’s an informal NDA, you might say. Imagine if I did…

Client: “Hey, Al, I want to create a pitch deck about a restaurant that sells fish NFTS.”

Me: “Gosh, hold that thought…”

Medium — A client asked me to create a pitch deck about an NFT fish restaurant.

Me: “Continue…”

Client: “I just saw your article. What the hell? I can not trust you with our profitability, expenses, or future vision.”

Me: “Hmm… I understand. I will be right back.”

Medium — An NFT fish restaurant has a crazy future vision with profitability! Here’s what happened.

Client: “You are literally saying everything I am telling you. I will post about you. Goodbye.”

Me: “Wait… fine. Goodbye.”

Medium — I just got fired from my whole freelancing career because of a tiny mistake.

Hence, I don’t usually write exactly about what my clients are doing. But, I mean, if there’s an NFT fish restaurant, I might write about it. I’m sure you’d want to hear about it.

So here I am, chatting with this new entrepreneur who’s looking to create a pitch deck. As per most of my client meetings, we talk about the future of the product and its scalability. So this led us to speak more and more about the Metaverse.

He pitched an improvement to his product that could become extremely valuable if the Metaverse becomes dominant. Chatting with him, I got more and more excited.

When I get excited about a product, I inform the client. When the client is pitching an awful product, I inform the client. I have nothing to lose in this job as I’ve understood it quite well. It’s not about this one job or the other. It’s about the one out of a hundred decks I create that would lead to a billion dollars. Hence, honesty is an intelligent approach.

I sugarcoat things, though, of course. Imagine if I didn’t.

Client: “So our product is new wireless headsets that are shaped like an ear.”

Me: “Oh, okay. That’s the most terrible idea I have ever heard in my life. But still, I could work out a pitch deck. What do you think, $5k?

Client: “How about… no. Goodbye.”

Me: “What did I do wrong? I was honest!”

Client: “…”

So then, we continued talking about the fantastic potential of his product. Then I told him that a few other clients would also love to partner with his product. Finally, I gave one last piece of advice. If you can, file a patent for this specific tech integration in the Metaverse.

A Backup Would Not Hurt

Entrepreneurship is a risky business. Around 90% of businesses fail. However, many fail because they’re not good in operation, rather than having a bad product or market.

If I had to guess, I’d say a hundred people had the idea of Facebook before Zuck. None of them went for it. Additionally, none of them filed a patent. Filing a patent could result in quite a good ROI if it’s within budget.

Comments

All Comments

Recommended for you

  • Thai regulator to crack down on deceptive cryptocurrency ads

    Cryptocurrency advertisements that contain false, exaggerated, distorted, concealed, or misleading information violate Thai regulations. Regulatory agencies in major cryptocurrency markets have also taken similar measures to minimize investment losses in cryptocurrencies. For example, the UK Financial Conduct Authority (FCA) issued 450 illegal cryptocurrency advertising alerts in 2023 alone. In addition, in November 2023, the Spanish National Securities Market Commission, the main securities market regulatory agency, condemned fraudulent cryptocurrency asset promotion activities on X and reiterated the company's obligation to comply with local laws. The Thai Securities and Exchange Commission reminded cryptocurrency exchanges to include appropriate warnings about investment risks and to avoid attracting new users through special promotions. He warned that violating the above guidelines would result in "legal punishment".

  • Russia to impose cryptocurrency restrictions, exempting miners and central bank projects

    Russia will implement cryptocurrency restrictions, exempting miners and central bank projects. Starting from September 1st, Russia will impose strict restrictions on the circulation of cryptocurrencies such as Bitcoin, only allowing the issuance of digital financial assets within its jurisdiction. Anatoly Aksakov, Chairman of the Financial Market Committee of the State Duma, led this initiative. This is part of a wider government effort to control the cryptocurrency ecosystem in the face of escalating geopolitical tensions. Aksakov stated that the upcoming legislation aims to restrict non-Russian cryptocurrency transactions to strengthen the dominance of the ruble. Meanwhile, recent reports indicate that Russian entities have used cryptocurrencies, particularly Tether's USDT, to purchase key components for military technology.

  • Ethereum stablecoin transaction volume exceeds $1 trillion so far in April, setting a new record

    On April 29th, The Block data shows that as of April 28th, the trading volume of stablecoins on the Ethereum blockchain reached a record high of $1.08 trillion in April, with DAI trading volume ranking first at $578.07 billion, followed by USDC at $268.15 billion in second place, and USDT at $198.62 billion in third place.

  • Shenyu: Up to one billion users' cloud input methods may have leaked input content. Please take immediate measures to reduce the risk.

    On April 29th, Cobo co-founder and CEO Shen Yu wrote on X platform that the cloud input method used by up to one billion users may have leaked input content. If you have entered mnemonic words or other sensitive information through any of the following cloud input methods, please take immediate measures to reduce the risk.

  • EU member states prepare to enforce landmark crypto law, MiCA

    The European Union is set to enforce MiCA, a crypto law that mandates national regulators to license and supervise service providers. While the regulation is EU-wide, countries can implement slightly different technical standards that crypto firms must adhere to. MiCA's specialized rules for stablecoin issuers will take effect in a few months, followed by licensing and other requirements for crypto firms broadly in December. Each jurisdiction must transpose the EU regulation into local law, select which of their regulators will oversee crypto, and prepare to authorize token issuers and other service providers. Regulators are facing challenges in implementing the new legislation, particularly in terms of licensing requirements, and each country's crypto industry has its own concerns about implementation and proposed laws.

  • The total open interest of BTC contracts on the entire network dropped to $29.83 billion

    According to Coinglass data, the total open position of BTC futures contracts on the entire network is 478,180 BTC, equivalent to 29.83 billion US dollars.

  • An independent Bitcoin miner obtained the entire 3.125 BTC block reward by verifying block 841,286

    On April 29th, independent mining pool ckpool's software engineer and administrator Con Kolivas posted on social media that a miner had mined the 282nd independent block in Bitcoin history. The miner's computing power at the time was about 120PH, which is equivalent to about 0.12 EH, with an average of about 12 PH per week, accounting for about 0.02% of the total network hash rate.

  • South Korea to formally establish an investigation unit focused on digital asset crimes

    The South Korean Ministry of Justice and the Ministry of Interior and Safety will begin discussions in early May to elevate the Joint Investigation Team for Virtual Asset Crimes to an official department. The purpose of this promotion is to solidify the department's position, as it currently operates as a temporary organization under the Seoul Southern District Prosecutor's Office and may be dissolved. The change is expected to improve efficiency through the appointment of new prosecutors and budget allocation, according to Sae-ki. The department is composed of about 30 experts from seven financial and tax regulatory agencies and was established in July 2023 as South Korea's first investigative agency focused on digital asset crimes.

  • Hong Kong virtual asset spot ETF debuts today

    Today, six virtual asset spot ETFs were launched online in Hong Kong. The six virtual asset spot ETFs issued this time are from Huaxia (Hong Kong), Boshi International, and Jiashi International. The three institutions have certain differences in product fees, trading, issuance, and virtual asset platforms.

  • Web3's Great Gambit: Incentives for the Almost Impossible

    “When you’re young, you look at television and think, There’s a conspiracy. The networks have conspired to dumb us down. But when you get a little older, you realize that’s not true. The networks are in business to give people exactly what they want. That’s a far more depressing thought. Conspiracy is optimistic! You can shoot the bastards! We can have a revolution! But the networks are really in business to give people what they want. It’s the truth.” - Steve Jobs