Sheesha’s Sneak Peek: Lifetise
Welcome Sheesha Family to this week’s Sneak Peek, where we share exclusive insight into our amazing partners and get a real sense for how these high-potential projects are steadily building the future of blockchain technology.
Lifetise is the world’s first FinTech Metaverse, where players can simulate their real-life decisions in an immersive digital world. Whether you’re buying a new car, planning a vacation, or starting a family, Lifetise helps you to visualise your big decisions while offering expert guidance and support.
On Friday, we were joined by Nick Wasmuth, co-founder and COO, to talk about all things Lifetise.
We got some exclusive insight into the progress being made by our partner, and put it all into this article. Here’s a full recap of the AMA with Lifetise, just in case you missed it…
As it Happened
Could you please tell us a bit more about yourself, such as your background and what it was that attracted you to crypto in the first place?
I’m Nick Wasmuth, co-founder and COO at Lifetise. I was part of the team that grew Vitality into a billion dollar business using Play-to-Earn to improve people’s physical health, whilst reducing the cost of their health & life insurance. We’ve transferred that model to Lifetise as we use P2E to improve people’s financial health.
Lifetise started in traditional finance, giving people access to fiat financial products like mortgages and loans. And our users and community made it clear to us that they wanted us to also incorporate crypto and DeFi into the platform. We have 40,000 users and many of them hold crypto assets and some are starting to use some DeFi protocols, and they want to be able to use the Lifetise platform to see what options they have for financial products across crypto and TradFi.
We were always very interested in launching a Lifetise token. I saw the potential utility for how it could incentivise and reward users for becoming more financially healthy. We actually looked at doing an ICO back in 2017, but decided to wait to see how the first wave played out.
Can you tell us more about the origins of Lifetise?
Sure, Lifetise is basically a solution to the game of life — we wanted to build a consumer finance platform that genuinely reflected our generation’s lives. The traditional finance world is set up for baby boomers, but we need something different because our lives are very different to our parents.
Our generation has things like student loans, completely different career paths, crazy house prices and now a whole other financial system in crypto. This is all new and it’s really complex to figure out how to make it work financially. We can’t just copy the decisions of older generations — we have to do it differently.
So we realised there was this massive need for a platform that helps people navigate their financial lives.
Unlike most pre-IDO projects, we’re an established business with a successful track record.
We were part of Accenture’s prestigious fintech accelerator in 2019 and that helped us build our partnerships on the TradFi side. We have had an amazing response on the crypto/DeFi side. We’ve recently been designated as Top 10 Token Sale by CryptoGraph. And we’ve also received grant funding from both NEAR & Aave to integrate Lifetise into their protocols — which is a huge endorsement.
I saw first hand at Vitality how game mechanics could help people exercise more, eat better and stop smoking. So I thought why not create something similar to help people with their financial health?
So I combined the concepts together into a heavily gamified platform to help people plan and afford their lives — Lifetise is the Metaverse with a Purpose!
What can players expect when they step into the Lifetise metaverse for the first time?
Lifetise is a virtual life simulator. So you’re playing your own life (or the version of your life that you want to achieve!) and then the point of the platform is that we show you how to achieve it in real life.
You start by picking your goals. It could be buying a new laptop, or going on vacation, or saving for college, or getting a down payment to buy an apartment). Most people have a mix of smaller goals that they can achieve pretty quickly and then some longer term goals. Our metaverse creates a visualisation of those goals, so you can see what you’re working towards. So maybe you see the beachside house and the lamborghini — whatever the goals are that you’ve set yourself!!
We show you the affordability based on your current financial situation — how long it will take you to hit those goals. Then we give you all the steps to make it quicker, easier and cheaper — by staking and earning $LIFE tokens and by using products from our DeFi and TradFi partners.
What TradFi services have you integrated with Lifetise?
Lifetise members get access to a whole range of TradFi products. From mortgages from all the major banks in the UK, to life insurance, home and travel insurance, a really cool product called LoqBox that helps you build your credit score, pensions with PensionBee. We partner with best-in-class product providers that make it really easy to apply for their products online and have great customer service.
We’re now expanding that range globally.
Where do you see Lifetise in 3 years?
We have ambitious growth plans! We’re taking Lifetise global so we can help tens of millions of people plan their lives and build their financial future. There are 2.3 billion people worldwide in their 20s and 30s — all trying to make their lives better financially and we want to help make that happen.
We want to be the number one aggregator for both DeFi and TradFi products. So we will have integrations with partners across savings/yield, borrowing, investing and insurance. We want consumers to be able to access all the products and protocols they need to finance their lives in one place.
And we want to connect the DeFi ecosystem and make it more accessible to mainstream consumers, so that we drive billion dollar growth in TVL for our DeFi partners.
Wow that’s a big ambition! How are you planning to get there?
Yep, we’ve got a very exciting roadmap. And we get there with the amazing support of our community and our partners like Sheesha.
We have our launchpads ready in TrustPad, Occam and Corestarter, so as soon as the market looks good, we will be confirming our IDO date.
In the background, we are already working hard on getting functionality ready for launch.
Staking rewards will be available straight after IDO, making it easy for HODLers to stake and earn APY.
Then later in the year we will launch phase one of P2E mode, where users will earn $LIFE tokens for using the platform and being engaged in the community.
Being an aggregator means that we’ll be working with lots of big name DeFi partners and the L1s, so we can combine strengths and audiences to help us mutually grow quicker.
And yes, the plan is to become a global metaverse project, open to everyone everywhere in the world.
We have designed and architected the platform so that it can support people in many different countries worldwide.
You say you’re going to integrate with multiple DeFi partners. How do you choose which partners and how will you bring them onto the platform?
We’re taking the same approach that we took with our TradFi partners. We selected them based on the quality of their service, their customer reviews and how transparent they were with customers about things like fees.
With DeFi protocols, we’re onboarding projects which have a good track record, good TVL metrics and strong communities and teams. So projects like Aave that have proved their resilience when tested!
We will onboard a mix of DeFi projects, to give users a great choice of protocols for all their saving, earning, borrowing, investing and insurance goals. And we will be asking you, our community members, to recommend partners to bring into the ecosystem. If there are good DeFi projects that you think we should look at, please let us know.
Where does revenue come from in the project?
We’re pretty unique in this sense, because we have a dual revenue stream of both crypto revenue and fiat revenue. This makes us less exposed to fluctuations in either market.
Essentially, we get paid a transaction fee whenever we recommend one of our partner’s products to you and you choose to use that partner. So that’s fiat revenue from our TradFi partners and token revenue from our DeFi partners.
Where we also do things differently is that we will share our revenue with users. So when you use one of our partners, we’ll give you some $LIFE token as cashback. It’s our way of sharing the wealth that you help create for the ecosystem.
How will you attract users to your platform
Important question. We’ve already attracted tens of thousands.
In terms of growing the user base, we will focus on building communities in key markets where we’re seeing the demand for Lifetise is especially strong, including Southeast Asia and the US. We’ve got our go-to-market strategy in place that takes full advantage of native Web3 channels, from KOLs to community, partnerships and airdrops, in order to supercharge growth and loyalty.
As we are a DeFi aggregation platform, we will be partnering with other protocols and other partners in the ecosystem for co-marketing initiatives to mutually grow our user bases.
Partnerships include Near, Polygon, Aave, TrustPad & Occam. We also have planned partnerships with AllianceBlock, UniSwap and others TBA.
How would you rate your team compared to other DeFi projects? Coming from a Web2 background what makes you confident about delivering on the roadmap?
I always think it’s too easy for me as co-founder to say that we have an amazing team, so instead I will give you feedback that we got from one of the YGG founders who described our team as “one of the best I’ve seen in all of DeFi”!
We keep hearing the expression that there are a lot of projects in DeFi, but not many businesses and I think that’s why we stand out. The senior leadership team at Lifetise is very experienced in running businesses.
As I said at the beginning, I came from Vitality, which grew to be a billion dollar business.
Caroline, our CEO has worked in senior roles for big technology companies including Rakuten, Deliveroo and Blippar.
And Stefan our CTO has previously built telco, banking and fintech platforms in Canada and Europe.
We’re a team of 10 in total with very talented, creative and hard-working team members.
We’re very confident about delivering on the roadmap as we are already an established business, so we have all the pieces in place already.
We’ve got some fantastic advisors supporting the project, across DeFi and blockchain (from Occam.fi, Bitcoin.com, Currency.com), TradFi (from BlackRock and McKinsey) and the games industry (from Microsoft and Kwalee Games with over 500,000 downloads).
Plus we’ve hired incredibly experienced blockchain developers who have contributed to AllianceBlock, Tally, and the Graph.
Wow! Lifetise is an amazing project, and everyone here at Sheesha Finance is excited about your prospects moving forwards.
We’d like to say a big thank you to Nick for joining us today. Lifetise certainly has a lot of potential, and we here at Sheesha Finance are delighted to support you along your journey in the crypto space.
That’s all for now Sheeshans! Make sure to follow Lifetise on all their social platforms so you can stay up to date with everything they’re doing:
Why Stake with Sheesha?
Sheesha Finance is a leading DeFi Staking Platform. We provide benefits from a premium, diversified cryptocurrency portfolio, with a staking platform that rewards investors of any size, from small to large ticket holders.
We have built an Investment and Incubation platform, Sheesha Foundry, with an extensive network of partners who are thought leaders in the crypto space. This allows us to consistently discover promising projects in their early stages.
Our easily convertible assets can be used to maximise rewards and gain exposure to existing and upcoming DeFi projects. With plans to become a member-managed Decentralised Autonomous Organisation (DAO), Sheesha Finance is dedicated to upholding full transparency and integrity within the DeFi space.