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Making an impactful metaverse with Singapore’s Buzz AR

By Mensholong Lepcha

01:06, 14 January 2022

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Person using VR headset
Many Filipinos turned to Axie Infinity as a source of income to support their families during the pandemic – Photo: Shutterstock

Bell Beh, co-founder at Singapore-based Buzz AR, sees the metaverse evolving from hypes and jargon to having a “real” impact on people’s everyday lives.

Two childhood friends working together to bootstrap a metaverse startup is an interesting introduction in itself for Buzz AR. In 2022, the company hopes to positively impact communities with their upcoming play-to-earn blockchain games, just like Axie Infinity did for the Filipino community during the onset of the Covid-19 pandemic.

Buzz AR co-founders Bell Beh and Ken Lim Buzz AR co-founders Bell Beh and Ken Lim – Photo: Buzz AR

“For me next year (2022), the metaverse will have a real impact on everyday people’s life. That’s what I really want to see,” said Beh in an interview with Capital.com.

Impactful metaverse

In 2020, close to 400,000 Filipino workers were sent back home from foreign countries as a result of job losses, while the Philippines economy suffered its largest annual decline in gross domestic product (GDP) on record during the year, research firm IHS Markit reported.

“Remittances sent home by workers are an important factor supporting domestic consumer spending in the Philippines,” said Rajiv Biswas, Asia Pacific chief economist at IHS Markit.

At a time when the pandemic confined people to their homes and ravaged the nation’s economy, many Filipinos turned to the play-to-earn game Axie Infinity to win their daily bread.

Filipinos turn to play-to-earn gaming

“The players (Axie Infinity gamers) shared it with other people they wanted to help. Due to the pandemic, we had no means of earning money, that’s why it spread here,” said Art, resident of Cabanatuan City in the Philippines, in a documentary produced by Yield Guild Games.

“We hope that Axie won’t go away,” added 75-year old Axie Infinity gamer Lolo Silverio.

Now with Covid-19 cases surging again globally due to the Omicron variant, people may well turn to play-to-earn gaming to make a living from the safety of their homes as cities reimpose lockdowns and countries close borders.

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Today, Axie Infinity’s popularity has resulted in soaring transaction fees needed to play the game, making it unaffordable for many. This is where newer play-to-earn games like Buzz AR can step in to fill this gap in the market while helping communities at the same time.

Real-world utilities

Beh and Buzz AR have been helping many companies, especially in the hospitality and retail sector, in their transition to Web 3.0.

The startup won the China-ASEAN New Smart City Innovation and Entrepreneurship Competition in 2020 and signed a memorandum of understanding with Alibaba Group’s smart city affiliate, Cloudbae. Currently, Buzz AR is working with the South Korean government to help create a “metaverse city,” according to Beh.

Axie Infinity on a laptop screenBuzz AR to transition to a play-to-earn model, such as Axie Infinity – Photo: Shutterstock

The company also works with clients to create a personal and immersive product experience for customers using augmented reality (AR) and virtual reality (VR) technologies.

“We want to build things based on real world utilities,” added Beh

Buzz AR to transition to a play-to-earn model

The year 2021 ended on a sad note for Beh as she lost her father in early December. With Buzz AR set to launch its NFT-based “create-to-earn” game CryptoToon in 2022, Beh will dedicate the first avatar on the platform to her dad’s memory.

“Papa, I’ll see you in the #metaverse, your spirit, love, inspiration run within us. You will be our Avatar 001 when we run #CryptoToon next year (2022),” Beh wrote in a personal post on LinkedIn.

She added that Buzz AR would work to help “the underprivileged, underrepresented, underserved” create better life as the company transitions into a play-to-earn business model in 2022.

Read more: Foodverse creator OneRare sees India’s potential as a blockchain hub

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
Capital Com is an execution-only service provider. The material provided on this website is for information purposes only and should not be understood as an investment advice. Any opinion that may be provided on this page does not constitute a recommendation by Capital Com or its agents. We do not make any representations or warranty on the accuracy or completeness of the information that is provided on this page. If you rely on the information on this page then you do so entirely on your own risk.

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