Billi & the Metaverse
At Billi, our goal has always been to transform abstract data into meaningful information and empower people to make informed decisions about their money. Since more than half of Canadians bank at multiple institutions, use different credit cards, and hold diverse investment portfolios, it can be difficult to understand how your money is performing and where it is going.
Now that cryptocurrency is becoming a key financial instrument and investment vehicle, there is more fragmentation in the financial landscape now than ever before. This presents an even greater challenge when it comes to making smart decisions and understanding how your money is performing.
Including crypto in Billi is something that has been on the idea board for a while. It is also one of the top feature requests coming in from our members.
To me, it seems like a natural progression for Billi to introduce crypto as an asset class we are providing insights for. It’s part of our users portfolio, and the app is always going to feel incomplete without insights across an entire portfolio of holdings.
If 2020 was the year of DeFi in crypto, and 2021 was the year for NFTs, then 2022 will be the year of the DAO. The space is growing at a rapid pace and will demand improvements in how information flows and the decision support tools available.
Granted, there are various tools and platforms on the market right now that allow users to group and value these assets. While most focus on the currency aspect, a few are starting to incorporate NFTs at a high level.
In the NFT market, the Floor Price is generally the lowest price you are able to buy or sell your position in that NFT project. This becomes the liquidation price of a given asset. When tracking these floor prices, the value you buy and sell becomes extremely complex as your portfolio grows. Knowing the liquidation value becomes a key metric to have insight on. There are tools out there that serve this purpose but they are dedicated to specific chains. Floored Ape is an example for ERC-20 NFTs, which is under development by a team out of Alberta. There does not seem to be a simple cross-chain solution for this yet, although I’m sure this is on some roadmaps.
The opportunity seems ripe for platforms like Billi to come in and bring together all your Crypto, NFT, DAO, holdings, across-chain, and alongside your Fiat. Everyone I have spoken with that has a significant challenge achieving this, either resorts to an excel spreadsheet or does not bother tracking at all.
To bring our members the best experience in Billi, we need to provide a high-level overview of their entire financial portfolio so they understand where their money is. Ideally this includes a visual way to see breakdowns and percentages of current holdings in each class.
Insights like this will help our members make more informed decisions about their portfolio and their money.
The possibility of adding a quick and easy way to rebalance your portfolio, if you have a target or get too heavy or light in an area you want more or less exposure to in the market, would be a unique and attractive feature, too.
As we enter the early stages of designing the crypto experience in Billi, we want to know what you would like to see.