Zelf, the neo-bank that is transforming the purchase of NFTs

Zelf aspires to be a neo-bank in the metaverse. But unlike the N26 and Revolut, the term “neo” makes sense. Because it’s not just a question of offering a dematerialized card or reducing agency fees. The neo-bank Zelf will be new on many levels. Already, new users, can create an account in seconds. Then, a new market, that of the metaverse, began to absorb into the world of video games. Analysis with the words of Elliot Goykhman, its founder.

From the explosion of NFTs to the Zelf revolution

The NFT market has exploded in the last two years. The year 2021 is the discovery of non-fungible tokens to the general public. The market recorded a growth of 21,350%. The year 2022 also started with a lot of enthusiasm, as the trading volume of NFTs already represented 37 billion dollars as of May 1, 2022 according to Chainalysis, a blockchain analysis specialist.

A success that is recognized even more in the special areas of cryptocurrency enthusiasts. Historic auction houses like Christie’s and Sotheby’s are on board. They, accustomed to selling the paintings of Dutch masters, quickly adapted to enter this new market, continuing to accept cryptocurrencies for the most popular sale in modern history. This work “Everydays: the First 5000 Days”, by digital artist Beepl, sold 42,329 ethers, or $ 69.3 million during the events. Makes him the highest rated living actor in the world after Jeff Koons.

Zelf wants to unleash the power of NFTs in the video game industry

However, NFTs are not limited to art markets. It is used in other universes, especially the case in video games. A market estimated at 222.6 billion dollars by 2024 according to the report Global Game Market Report from NewZoo, an expert in the field of gaming.

This is where Zelf, a neo-bank with a Web3 sauce, aims to position itself. Its founder, Elliot Goykhman, began with a simple observation: “steam (a video game distribution platform, Editor’s note) allows users to redeem their in-game items for Steam Bucks, but you can’t send them to an external account, you can’t buy yourself a McDonald’s using“. Others said, game items have a value, and start to change.

But this economy has no access point to the real economy. At least unofficially. This is called the gray market. According to a report by BNP Paribas, this market is estimated at more than 20 billion dollars.

A benefit for Zelf, especially since it resembles a black market with no faith or law at the moment. Without a control body, users are at the mercy of all sorts of scams. However, this gray area has a different meaning: there is no competition for Elliot Goykhman. “SOMETIMES (in the market), no competitor, but another way of doing the job. As such, the gray market for the gambling industry is our “competitor”, but it is uncertain and full of scammers. We want to be No. 1 solution to bring Play-to-Earn in traditional games.The solution lies in this Anglicism, little known to most of the public: the Play-to-Earnabbreviated P2E.

the Play-to-Earn a game mode born of the minds of the cryptopunks who built the crypto and NFT universe. It’s a game where things can’t be linked to a platform, but can be NFTs. They acquire all the characteristics of NFT: value, exchange, buy and sell. A game Play-to-Earn so a game where you not only earn levels and fictional rewards, but items with real value determined by markets similar to stock exchanges. That is dictated by the law of supply and demand. This type of game has been around for a few months, and some cases of teenagers winning more than their parents have been noticed in different parts of the world.

Zelf, the neo-bank of the metaverse

This is where Zelf’s position becomes interesting. Becoming a metaverse bank for NFTs from video games will not only get 20 billion dollars to pass through this gap by 2024, their purpose is more than that. It’s about bringing security and trust to this market for users. Elliot Goykhman’s vision is to create the metaverse bank, an 800 billion dollar market by 2024.

Unlike the N26, this neo-bank is not just an optimized version of a normal bank. “We are working on some exciting features as a metaverse bank, just think: getting a payday loan, backed by your theft (items won in the game, editor’s note), at more advantageous fees than traditional banks. Or, expanding the purchasing power of players in games by introducing Buy-Now-Pay-Then in crypto and traditional games. But unlike traditional banking, we can analyze your performance in games through your Steam profile and build a credit score based on your expertise.»

So it is a complete banking offer in terms of services. But also in terms of infrastructure, because here lies Zelf’s latest idea, which takes this company from simple new to completely revolutionary.

Harness the power of instant messaging

Until then, the services Zelf offers are similar to a Lydia mix, PayPal or even bank transfer. The only difference is the type of products one can buy, which can be video game items and NFTs. By offering its offer a dematerialized payment card that can be used in 30 seconds, Zelf has already begun to widen the gap.

Combine in 30 seconds
Combine in 30 seconds

But what really does the magic of this neo-bank 3.0 is its use in the world’s most widespread means of communication, instant messaging applications. It’s everywhere: by 2021, 5.3 billion people will have a mobile phone. Among them, more than 3 billion use such applications. WhatsApp, Telegram, Facebook Messenger. Here Zelf is deployed to offer an NFT payment, transfer and purchase system. Far from specialist sites, it is always very complicated for beginners, which represents a major obstacle to the adoption of new technologies and the growth of this market.

Elliot Goykhman doesn’t want to stop there. If messaging applications are not used by 100% of mobile phone users, we can assume that everyone uses the phone to communicate. And that’s what Zelf wants:The ultimate goal is a completely channel-agnostic banking experience, a truly integrated banking, from the oldest SMS interfaces to messaging bots and full voice interaction powered by AI. »

So Zelf is the first company in the world to use the power of SMS for financial exchange. He is also the first bank in the world to allow borrowing money thanks to his expertise in a video game. If the transition from classic game to format Play-to-Earn be conditional for not for this success, the reward will be great. Develop unique experiences for users, bring new players to studios that lack innovation, streamline money transfers, and most of all reign in this new world.

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