Featured in this episode of Chaos Lever
You would think after the beating that crypto, NFTs, and the metaverse took last year, we might see investment in the space cool off. And yet, web3 startup Spatial Labs has raised $10M in seed funding to design “next-gen technologies to connect brands to younger demographics that shop and interact with brands in completely new ways.”
Like wearing pants on your head and belts on your feet? No, by embedding tracking chips into clothing so they can be turned into a traceable asset in the metaverse using blockchain. If there’s one thing I know about the youth of today, they LOVE being constantly tracked by advertisers.
The chip in question is the LNQ chip designed by Spatial Labs, with each chip corresponding to an NFT on a blockchain that can be tracked and verified by vendors. I suppose for high-end goods, this could be used to help prove authenticity and provenance. Is your Bergen bag authentic? Scan here to find out!
But otherwise it seems like a gross invasion of privacy with little to no benefit for the consumer. Not only that, but selling the item to someone else would require you to update the blockchain as part of the sales process. Um, no thank you.
And of course, vendors can add a virtual version of the item that owners can enjoy in the metaverse. Sure, Chad, whatever you say. After reading through their product pitch, I completely fail to understand why they were able to secure $10M in funding.
Chris and I are clearly in the wrong business. Can we sell NFTs of Chaos Lever episodes for an additional fee and track listeners across their audio metaverse journey? That should net us at least a cool $5M.