Summary: NFTs are a highly controversial subject. Some investors think they hold incredible value and are a revolutionary new investment, while others write them off as scams and as the modern-day beanie baby. Metaverse HQ is the self-proclaimed “Metaverse’s #1 NFT Alpha Community,” and Bitpush News had the chance to sit down with Mitch Lacsamana to ...
NFTs are a highly controversial subject. Some investors think they hold incredible value and are a revolutionary new investment, while others write them off as scams and as the modern-day beanie baby. Metaverse HQ is the self-proclaimed “Metaverse’s #1 NFT Alpha Community,” and Bitpush News had the chance to sit down with Mitch Lacsamana to hear his thoughts about the current market conditions, how Metaverse HQ works, and some exciting developments in the space.
Mitch is the Head of Marketing and Strategic Partnerships at Metaverse HQ. He describes MVHQ as a “community-focused organization of the most prolific NFT traders and investors in the space.” There are only 1,500 membership spots and users must hold the Metaverse HQ NFT to join. The community essentially uses its large size and reputation to receive special benefits with NFT projects, such as reserving whitelist spots and hearing about new projects as soon as they launch. Since its inception, they have made around $10 million in profit for its members.
Metaverse HQ has several different parts of its business. Their 35-40 employees are all former or current MVHQ members and work in several different departments. The content division team is responsible for “gated content with partners, Twitter Spaces, upcoming projects,” and more. The ventures team “finds deal-flow for opportunities that make sense to invest in.” They were able to secure early investment into the LooksRare NFT marketplace and buy the LOOKS token at 8 cents. LOOKS peaked around $6 and is now trading at 28 cents. Additionally, they have a launchpad where they consult NFT projects and work closely with reputable brands.
The MVHQ community solely focuses on the NFT niche: “all of us are NFT degens… we stay in our lane.”
One of the biggest criticisms of the NFT industry is that the art and collectible projects are in a massive bubble and have no true value. Mitch sees MVHQ as “NFT-agnostic” and states that they work with all different types of NFTs, including art-focused, gaming-focused, and utility NFTs: “every trader acts accordingly to their own best interest, and we provide the education, the preparedness, for them to get into the action if they’re interested.” In their Discord voice chat, hundreds of people debate and discuss different NFT projects and their merits as investments.
The cryptocurrency market is experiencing a bear cycle that does not show signs of stopping anytime soon. The macroeconomic environment worldwide is pointing towards a recession, and the NFT market is consequently impacted. Mitch noted that NFTs are a “niche within a niche,” and Ethereum is the main currency that NFTs are denominated in. Interestingly enough, price volatility in Ethereum decreases the trading volume for NFTs, “mostly because people are reminded that [ETH] is an incredibly volatile asset that we’re trading with on top of NFTs…when crypto maintains a horizontal line, NFT trading heats up again as people become more comfortable.” During this bear market, the dollar price of NFTs has decreased, but the ETH denomination has stayed relatively stable.
As the MVHQ community continues to grow, they’re excited about the potential for in-person events and recently hosted an event at NFT NYC. They consider themselves “the McKinsey of the Metaverse meets Supreme” and want their brand to continue to expand along with their consulting and venture arms.
As the NFT industry continues to expand and become more mainstream, projects like Metaverse HQ will grow alongside it as original innovators. Hearing from veterans in the space like Mitch Lacsamana is a great way for potential investors to learn more and become more familiar with the concepts, ideas, and plans of the NFT industry.
By Lincoln Murr