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MetaFi: As the crypto space continues its expansion, new crossovers like ‘MetaFi’ come to fruition. What is MetaFi? And why will it be our future?
For those eyeing this ever-widening sector, there are many realms of possibilities. Over the last year, development skyrocketed within the crypto space. No longer is crypto merely about investing and financial prospects. Non-fungible tokens (NFTs) and decentralized financial (DeFi) tools enhanced the utility and use cases of crypto. The value of these digital tokens is not just in monetization anymore.
Essentially, entire digital landscapes are being built and governed by crypto. Now, proof of ownership of digital assets and access to participation in democratic governance protocols inspire investment. This shift in the crypto industry altered the trajectory in the space towards ecosystems and communities.
As these two concepts become increasingly important within the development of the crypto industry, they can be seen in other digital spaces.
The Metaverse is another unfolding plane of digital life. While recent search trends show a decrease in online inquiries with “metaverse” as a search term, major brands like Samsung are full force ahead. The global lager-company Heineken even launched the Metaverse’s first beer this past week.
Digital interactions will only continue to increase and become more dynamic. With that, according to some, is an entire new realm of possibilities. BeInCrypto spoke with Teodora Atanasova, VIP Relations Manager and Co-Founder of Nexo finance, on her journey in the space, the prospects for the future, and the term “MetaFi”.
Teodora Atanasova, Co-Founder of Nexo
Reinventing the System
The crypto space is a mega disruptor. The way the world functioned for the last hundred years, solidified the system in which people remain economically and socially trapped. As crypto becomes more relevant and useful, these systems (i.e. traditional banking, organizational hierarchies, general creation) will exist in new ways.
Many often see the crypto scene, and greater emerging tech scene, as an industry for those who are “into finance” or for “tech-people.” While those types of profiles certainly exist within the space, this developing hub is a creators’ paradise. This means creators across multi-disciplines. Disruption always equals creation – of something!
For Teodora Atanasova, the possibilities of crypto disrupted her own sense of self and created a new journey on which to embark.
“Maybe it was my intuition speaking at the time,” says Atanasova, “but I’ve always sensed that life has a lot more in store for me (as for everyone who now works in crypto) than the traditional career path we’re encouraged to follow in college.”
Crypto is life-changing, for those willing to take the chance and see beyond the initial hurdles of newness brought on with disruption.
“There is an invaluable feature of the creator economy that’s unfolding in front of our very eyes – everyone gets to reinvent themselves and their profession and explore new realms of possibilities. My journey began when one of Nexo’s co-founders reached out to me. I immediately took him up on his offer to start working on this exciting new crypto company – I literally packed my suitcase, left Vienna, and started working on Nexo in Sofia [Bulgaria] a week later – a chance I’ll never regret taking.”
MetaFi: A Big Shift
Atanasova sees another big shift coming within the space in the near future. That is ‘MetaFi’.
“In a nutshell, MetaFi is the intersection of the Metaverse, Web3, VR, and digital finance. Internally, we coined the term MetaFi because it combines the Metaverse and DeFi. We’ve been using it, as we believe that this is our not-so-distant future.”
According to the Nexo Co-Founder, the people who will breathe life into MetaFi will be the same people who believe in the endless possibilities of creation in the space.
“We believe that the MetaFi world will be built by the same people who have the agile experience of creating the decentralized crypto environment.”
Throwing Off Centralization
As these trends continue progressing, the importance of maintaining decentralization is vital. MetaFi encourages participation from all, including major “traditional institutions”. However, as these big, centralized entities enter the space, decentralization becomes all the more important.
“The terrible events in Ukraine at the moment are a wake-up call. A sobering reminder that centralized monetary systems can fail us at any given moment. I’ve read a lot and have seen first hand that the people who managed to save their assets were the ones using crypto. I feel like this is a prime example of why financial literacy is so crucial in this ‘New World Order’ as Ray Dalio likes to call it.”
The possibilities presented through decentralization for financial freedom and creative solutions, finds no hindrances even in the harshest conditions.
Women in Web3
On that note, a demographic often excluded or often a minority in traditional finance is t the female investor. Once again, the possibilities of inclusivity and reconfigured power structures within decentralized communities present women with new possibilities.
It’s still a challenge to bring more women into the space. Atanasova said when she first entered, the male-dominated scene was prevalent.
“I remember going to conferences back then when the male to female ratio was 80/20. I’m proud that the ratio at Nexo is nothing like that. At least half of our teams are female-led. My overall observation is that there are increasingly more women developing the core technology, creating the design, and building brands. The space is definitely more inclusive. Still, there is a long way to go before this becomes the norm. I believe that when people see women building products and speaking at crypto conferences, this will have a huge spillover effect when it comes to adoption by women. It will gradually bring millions of women into crypto as both creators and investors.”
Despite the still lingering (but ever diminishing) gender gap, Teodora says her experience has been nothing but encouraging.
“The incredible men I’ve had the privilege to build with always supported me. I actually always like to say that I’ve been standing on the shoulders of giants ever since we started Nexo. I’m confident, and I believe the fierce women at Nexo will agree, that being a woman in this nascent industry only contributes to our success.”
MetaFi: Education Opens Doors
For the possibilities of the decentralized world and MetaFi to be accessible to all, there is a major component that those within the crypto space must push: education. Both female investors and the crypto-hesitant benefit from education and understanding general finance.
“Education and financial literacy have got to be my top choices,” Atanasova said regarding bringing women into the space. “But I’d say that leading by example and building an ecosystem that’s welcoming enough for women is equally important.”
Teodora points to Rechael Wolfson as women in the space who is doing just that. “She regularly gathers a fantastic group of women building Web3. I’d definitely follow her advice on what’s new and exciting in the space.”
Those who are ready to understand the possibilities of our new digital reality, Atanasova has some advice. “Find a good mentor to point your interest in the right direction. One great thing about the crypto industry is that it’s extremely welcoming. Everyone is eager to help in any way they can.”