Around The Block With Jefferson – Interview with Lokesh at Trace Network

Jefferson

Live from BTC Manager World Headquarters, this is, “Around The Block with Jefferson”. 
What an interesting last few days have been, Bitcoin has gone from $45,000 or so to now low of about $32,000. And a lot of people are saying that the bloodbath is related to what the Federal Reserve is about to do, they’re planning to raise interest rates. And so a lot of investors are selling out the Bitcoin, they’re buying into for whatever reason, the US dollar increase interest rate. If it were me, though, I’d definitely be staying in the crypto space because I think there’s a lot more growth that’s about to happen, that the only thing that the Federal Reserve is going to be able to do is, print more money, which means that the relative price of Bitcoin will continue to rise. So, those are my thoughts on the recent downturn in the industry. And even outside of that, there’s a lot more going on in the industry than just buying and selling a Bitcoin. There’s actually utilization that’s been increasing. And I’m here today actually with a special guest from trace.network. We have Lokesh, welcome to the show. How are you doing?

Lokesh

Hey, Jefferson. I’m good. Thank you for having me here. And how are you doing?

Jefferson

I’m doing well, doing well. So tell me a little bit more about Trace Network and what’s going on there and what’s going on in Metaverse?

Lokesh

Yes, so Trace Network Labs is actually using the decentralized technology to enable lifestyle for Metaverse. We have seen a lot of things going around in the Metaverse side of the world, all big tech companies are trying to create a Metaverse that can be used by more and more people to enhance their experience of shopping and doing a lot of other stuff. And especially now with the blockchain technology coming in. And, the power is going back to the people rather than it being taken over by the centralized powers. So now that’s a beautiful thing happening and a lot of things are going on this side of the wall. So basically Trace Network Labs is on enabling people to kind of explore the Metaverse with their own digital identity which we call avatar. 

So basically, Trace Network Labs product buddies will enable people to personalized avatars as NFTs, which they can use to carry into any Metaverse. And most of us are living our lives online, so it has to be a special place wherein the experience can be better. So now the Metaverse is being used for various purposes like attending concerts, doing your private meetings and various kinds of stuff, even games are being played in Metaverse. So, I think now since our lifestyle going online, so it’s equally important that we carry our personality over there. We carry our style statement over there with our thoughts when we go and explore these Metaverses. So along with the avatar recreation, product, buddy Trace Network Lab is also coming out with NFT marketplace, which will enable all these luxury and premium brands to come up with wearable NFTs. So people who are creating their avatars can buy these luxury items or limited edition products which they can put on their avatar and go and experience the different occasions and events in Metaverse. 

So, that’s what, Trace Network Lab is doing. And since this journey has just started. So we are the first company globally that is working in this direction, which will enable people to move from one Metaverse to another Metaverses with their assets. So, this is something unique that we are working on.

Jefferson

That’s fantastic. And I was just looking at CES. There are a lot of just fascinating technologies coming out. And I saw there are some glasses that really we’re combining, you know, what you see with augmented reality. Do you see a lot happening with augmented reality and the Metaverse somehow blending together?

Lokesh

Yes, so since Metaverse’s concept, it’s going on for a long time back. Now the thing which has changed, it’s like now we are using all those technologies which are now quite matured up. We are having the right hardware to use and the most important thing is now the entire ownership of assets or data which people normally own in a Metaverse, now they own it by themselves and now they are the real owners. If tomorrow any company shuts down their Metaverse, these people will be still holding all these assets which they have bought on these Metaverses during the time when they have been experiencing those Metaverses. 

So, just an example. 10 years back when we used to play in any gaming Metaverse, we used to buy a lot of skins, a lot of things, weapons, and all that stuff. But, usually, we used to only pay for it just to use it during our experience in those gaming matters. But if those companies got shut down, then all of this money that has been put in that, those kinds of assets, it’s gone. But, now since the Metaverse is arguing are coming on the decentralized platforms. So everything that a person buys over there as NFT, it stays with them. So it’s a pretty interesting way how it has been shaped up. And yes, just not augmented reality. But like virtual reality mixed reality, a lot of stuff is coming over. So depending on if something we are creating is a layer on top of the physical world, it becomes your augmented reality. If something you are creating is a completely virtual environment or immersive environment, that’s your virtual reality. So, Metaverse is a combination of all these different technologies, which all these companies have been building in the last few years, few decades. Now, these things have matured up and with the advent of NFTs blockchain, it has now become a bar in the hands of people.

Jefferson

Yes, that’s the thing. I really see as we go, there’s going to be just a lot of amazing potential where we combine all this computing technology that we have with, if you will, regular reality, right. For example, one of the people I know, has developed a way to 3D scan any regular object into something that can be used by a computer, online. 

And you go, “Well, why would that be useful?” 

It’s like, well, there’s a lot of, you know, hats, there’s a lot of clothes, there’s a lot of picks anything, there’s a lot of regular objects that we have that have not been digitized. And so having the ability to digitize that didn’t now put it in, but you call it a Metaverse, I think the powerful piece of technology, but I think it’s overlooked by just a lot of people. And I think that’s part of the thing is I think a lot of people don’t really understand what the Metaverse is yet. 

So just to a newcomer, to say someone like my mom, right? She’s like 65-years-old. How would you describe the metaverse in a way that she could understand?

Lokesh

So for all these people who are actually not well versed about Metaverse, I think they are in a way but they are not aware that they are still experiencing different versions of Metaverse. Even this zoom call is also a version of Metaverse. A Facebook is also a version of Metaverse. Metaverse is all a virtual space wherein we are collaborating. Now the thing is, we are now taking this experience a bit ahead wherein instead of just social collaboration or just using the data we are now in a world wherein we can experience things. And then we own it. For example, people are still spending so many hours online, right. And they are buying a lot of lots of stuff over there. But if I’m buying any clothes, any garment online, I am doubtful whether it will fit on my body or not. But still, I’m spending a lot of time searching for all these products. Now, in Metaverse wherein, if I create this 3D environment, wherein you find every one of these objects as a 3D product, which you can put on your avatar, and you can see how it looks on you. So, it’s it says next level of experience what this new Metaverse version is giving you rather than looking on onto a screen and seeing a lot of people talking about their on Zoom call. I’m just now creating my digital identity, which looks like me. And I’m getting into a virtual space, wherein I’m also collaborating with other Metaverse populations, other avatars to whom I can see. So it’s like an immersive experience when I’m getting into that space, and then doing all that stuff, which right now I’m doing or in using on the internet.

Jefferson

Yes, I think that’s the thing. One of the things I saw as I said with this other technology was that a lot of people at least during COVID, a lot of women were buying like 10, 15 different dresses from Amazon, because they couldn’t see how it looked on them. Likewise, if you’re trying to improve your house to see how something would actually fit in the room or not fit in the room. I think that’s another incredible use of Metaverse, I think we’re barely scratching the surface of this new technology. And to me, it really felt like the early days of the Internet where geo cities were everywhere, right, And we just couldn’t really visualize how the Internet will change our lives over the next decades. 

So just last question on that, looking forward, what do you think it’s going to be next for the metaverse, what, what’s next for all of us?

Lokesh

Well, if I do some speculation bases on what I understand from other people, other smart people of this tech industry who what they are trying to do, it seems like this Metaverse was it’s not going to be just a virtual space for experience and entertainment, but it’s going to be way beyond that. If you have recently heard about it, there are some gaming Metaverses wherein you play and earn. So, now Metaverses are becoming a place wherein you can earn staying in that place rather than just spending money or crypto one experience. And it is going to be going way beyond what and how we’ve been using the internet. 

For example, this pandemic has created a lot of restrictions for us to move in terms of moving from one place to another place. So, students, they are sitting at home, and they are taking their classes over Zoom calls and that kind of stuff. Now for them, Metaverse will be another place where they’re going to experience things in a completely new way wherein they would be able to break down things and understand it in a more immersive way wherein they will be part of that space and see doing some kind of mechanical engineering, opening and looking at, every infrastructure in a very detailed way. So, education traveling and say what industry will not be impacted by this concept of Metaverse. Every industry is creating some form of Metaverse, which will be used by people to make money for entertainment, for kinds of experiences that are limited in the real physical world. So, Metaverse is going to be I think, we all will be part of Metaverse in one way or the other way in this coming time. So that’s what I can see. At this point of time, I still would say even if it has been more than 20 years wherein gaming industry has been working a lot on this metal side now. Other technology companies are coming on over and trying to create some niche kind of Metaverse for different kinds of use cases. So, right now, all these small units are being made. 

Now, over the next decade, more time will go into creating a bridge between these units. So, that a complete one single world of Metaverse, can be accessed by these billions of people who actually can be benefited by this new technology. There are various components hardware is being made, some companies are making smart glasses to kind of let people create use on the top of the existing physical world, it creates another layer for them to see and experience it for the sake of knowledge or for the sake of entertainment. On the other side, VR glasses are getting more complex in nature so that it becomes easier for people to come and experience. So on every side of the Metaverse, you talk about hardware, you talk about technology, you talk about creating bridges to connect these metaverses so a lot of things are happening. So the future is wherein we would see that it’s one single Metaverse wherein I as a person from using my digital identity as an avatar, I can jump in from one space to another space and go and experience it and use it for my different reasons.

Jefferson

Yes, I think it’s going to be a fascinating next decade. I really, really think so. 

So, rewinding just a bit, though, how did you get into cryptocurrency? What was the trigger for you to say, “Hey, this is where I’m going to go, and I’ll be all in?”

Lokesh

Well, it started somewhere in 2017, when I was attending one of the conferences. And so by that time, I was only aware of Bitcoin, but nothing about blockchain as a technology. And that’s when I got connected with various smart brains who were actually building up something on top of blockchain which made a lot of sense at that point in time. So all I understood during that conference was like it’s, it’s about taking the power from the centralized companies company’s and giving it back to the people. And that’s where it triggered that it’s going to be a huge thing. It’s just not crypto, but it’s the underneath technology, which which is powering the whole economy. Crypto is just an output, and it’s just a way to incentivize people to come and start working on it or start using it. That’s it. 

So, it started from there. And during that time, I was working with the fashion brands trying to implement supply chain solutions with these brands, who are initially having challenges in communicating with their vendors, factories in different geographies. And that’s when I after knowing the blockchain technology, I started relating that how can I use it for the fashion brands and this kind of ecosystem. And that’s when I started working out a solution to fight the counterfeit products for these brands. And I along with my partner, Sunil Arora, started together this journey. And this was the first thought and concept which came to our mind from where we started. And over time, then we learned that you know, NFTs are the next crazy things. And then came the Metaverse. So with the evolution of the blockchain technology and coming off NFTs and then the Metaverse on the decentralized platform. So we kind of realized that it’s a huge market for businesses to come and give that kind of experience to people. 

So that’s from where we started, you know, working out on and creating a project like Trace Network Labs. The existing problems which we saw in the Metaverse, wherein every Metaverse was a closed economy, wherein you first go create your avatar and then only you can go and experience it. If you’re buying any stuff in that Metaverse. You can’t take it out of that Metaverse, and he goes in another Metaverse. So we figured out that this is a big challenge. And that’s what triggered a thought that let’s create some kind of infrastructure. Let’s standardize these assets in a way that a person who is creating his digital identity as an avatar. First of all, it should be recognizable, if I meet you in Metaverse at least I should be able to recognize you. So in today’s Metaverse, the kind of cars people can make it one can not recognize the others. The second is if I have created my digital avatar then I should be able to use it in any Metaverse, why should I go and create a new avatar in a new Metaverse. 

Along with that, all the products, what lifestyle and fashion products what we can use within these Metaverses, maybe to attend events, games, concerts, or maybe people are buying virtual land, so they would want to create a house and they would want to exercise their house. So for that all these assets, lifestyle, and fashion products, so we created a marketplace so that people can come and, buy these products directly from these brands. And these are like digital wearable products, which one can carry with themselves, they can use it to exercise their own avatar, and they can use it to exercise their own virtual space. So that’s how we have arrived here.

Jefferson

Very, very cool. 

So one last question along this front. 

So, if somebody is new and approaching the project, what’s the one thing that they could do right now to really participate, and to help this project grow?

Lokesh

Well, for our project, there are two sides of it. 

One is the community, which actually wants to experience Metaverse, which is going to use Metaverse. So, the people who are enthusiasts want to understand more about the upcoming technology and how it’s going to benefit them in the future, so they can come over, they can start creating their avatar and NFTs and go around and experience it, then there is a business side of it wherein we are connecting with brands, so all these fashion brands whom we are onboarding. So, these fashion brands can come on board and start creating their Metaversical collection which can be used by these avatars. 

Say, you are creating your avatar, now if you want to go and attend a business meeting, so you would want to have your suits on and then you would want to go there rather than going in just default shorts, which are coming directly on your avatar. So, this marketplace will enable people to get all their hands on all these limited edition products to make them look good in Metaverse. 

So, these are the right two sets of sites we are working on. And we are now helping both of the sites to converge in one single place which we call the Metaverse.

Jefferson

Very, very cool. 

I really appreciate having you on the show. I also think that Metaverse is going to be one of those growth industries. And I think we’re at the very beginnings of this and I would encourage anybody really that’s getting into crypto, getting into Metaverse, really start checking all this out, especially with Trace Network. It looks like a fantastic platform for development. 

And yes, it’s great to have you on the show. Do you have any last thoughts?

Lokesh

As a last thought I will just ask people to be a bit more open when it comes to a new technology which can be really beneficial. So it’s like the internet initially people did not realize the kind of benefits the internet can bring to their lives. So over time, now this Internet has become part of life, and it has made our life easier. So, it’s all about appreciating what new is coming as Trace Network Labs. We are just trying everything every bit to make your experience good and Metaverse. So, I would ask people to come on board on Trace Network Labs, create their good-looking avatars which they can use to kind of show off on their social media, they can go on Metaverse to experience it. And soon we are going to launch our NFT marketplace “Blink” which will lead these people to get their hands on limited action products from these luxury brands. So, I think it’s going to be a very interesting journey. So, looking forward to more and more people coming and starting experiencing this new space, which actually is going to benefit us in one way or another.

Jefferson

Agreed.

Well, it was really great to have you on the show and I look forward to maybe getting together with you in about six months or so just to see how things are going. 

Lokesh

Yes, sure.

And by like mid of next month, I will gift you your avatar NFT so you can also put it on your social media. So, people are right now putting out various cartoon characters as their avatars. So, I’ll give you your real-looking avatar which actually would look like you. 

So, sure we’ll stay in touch.

Jefferson

Yeah, very cool. 

Alright, thanks again, Lokesh. 

And we’ll see you Around The Block. 

Thanks.