Justin Halladay feels fortunate to have been involved in several entrepreneurial ventures in his career to date. Currently self-employed in the information technology industry, Halladay has also founded companies in the fields of education and sales. His work in IT has taken him in many different directions including software development and IT support. He has also provided his services to everything from small startups with few employees to multi-million dollar companies like Morgan Stanley.
A few months ago, Halladay announced that he was working on several new projects that would transform the world of non-fungible tokens (NFT). NFTs are blockchain assets that are cryptographic and contain unique metadata and identification codes to distinguish them.
Halladay is excited about the possibilities that changes to NFTs will create in the alternative currency world. He is currently focusing on three main areas and will soon be releasing the full details of his plans. These include:
- Creation of a new precious metals company to complete NFTs.
- Creating an educational system and eBooks that provide insightful and valuable content for investors and young entrepreneurs. Halladay hopes the book and course materials will inspire investors and entrepreneurs to find their own unique path to success.
- Release of new components related to real estate and games in the metaverse.
On the last point, Justin Halladay describes real estate in the metaverse as an online network made up of multiple virtual worlds. He intends the vast digital environment he creates to support both commercial and social activities. Here are just a few examples of what Halladay can expect to do in the metaverse:
- Interactive virtual socializing
- Play individually or challenge others in the online network
- Read, download or listen to online content
- Watch digital concerts
Virtual worlds of the kind Halladay envisions already exist. He simply uses his expertise as a tech entrepreneur to spot this promising trend and get in early by acquiring virtual real estate of his own. Virtual real estate sales are projected to double from $500 million in 2021 to $1 billion in 2022. About a dozen online platforms are already selling virtual real estate.
“Location, location, location” is the real estate agent’s battle cry in the physical real estate space. However, location is far less important in the Metaverse. When asked for an explanation, Halladay explains that what an investor does with their online properties is far more important than where they are located. For example, early investors have already rented their online properties to others to build virtual storefronts, create digital experiences, or display advertisements.
Halladay describes two well-known companies that rent online space from virtual real estate owners. One of these is auction house Sotheby’s, which has rented a building in Decentraland to welcome avatars. Once inside the room, the avatars walked around making mental notes about the items for sale. The other company was Miller Lite Beer. During the 2022 Super Bowl, Miller Lite opened its online leased space, Decentraland, to allow 20,000 avatars to interact at a virtual bar.
Another example of the use of rented virtual real estate comes from Nike, the shoe company that also invented the game Roblox. Avatars can play Roblox, try on different pieces of Nike gear, or just spend time socializing.
What excites Justin Halladay most about real estate in the metaverse is that the opportunities to create something unique and generate income are nearly endless. He does not face the constraints of physical space as he would in a concert hall or football stadium. People visiting his new online virtual worlds can use NFTs to pay for games or goods.
Teach others in the same way he learned from his mentors
As a man of deep Christian faith, it is important to Halladay to share what he has learned with others so they can achieve the same financial independence he has. He describes himself as very fortunate to have had some excellent and caring mentors. According to Halladay, his early mentors gave so much of themselves to help him become the man and business professional he is today. He feels it’s only right if he pays it up front.
Halladay also sees the benefits of being part of a business ecosystem that includes a two-way flow of buying and selling. He sums up this philosophy in three simple words: learn, master and teach. All three measures are equally important for an ecosystem founded and run by entrepreneurs to continue to thrive.
Justin Halladay’s offers insightful advice for new entrepreneurs
Halladay believes that the Bible offers answers to some of life’s toughest questions, regardless of what belief system the reader ascribes to or whether they have any belief at all. He recommends that all new startup entrepreneurs build a strong spiritual foundation. Personally, Halladay begins each day with a Bible study and takes time to check in with his wife and three sons. Participating in these activities helps him put things in perspective and reminds him why he worked so hard in the first place.
For Justin Halladay, building consistency is the next step to business success. He recommends setting small goals first and writing down the steps needed to achieve each one. Halladay recalls the immense sense of satisfaction he felt as a new entrepreneur as he achieved his initial goals. By achieving small goals early on, Halladay developed the confidence to create new ones that became increasingly challenging.
Another piece of advice Halladay would give to new self-employed people is to discipline yourself to avoid wasting time on distractions like TV, personal text messages, and social media. While there’s nothing wrong with all of these things in moderation, they can divert attention from work and become a great excuse for procrastination. Fortunately, there are tools for people who are tempted. They can turn off text notifications, mute social media at certain times, or simply not have a TV in their workspace.
Justin Halladay offers additional thoughts on the importance of business mentors
Business people who have already achieved goals that the founder hopes to achieve in the future are often willing to share what they have learned. Justin Halladay certainly fits that description.
When looking for a mentor, Halladay recommends new entrepreneurs look to someone in the same industry. These mentors have the most practical advice because they have overcome many of the same obstacles that the mentee faces. LinkedIn, the local chamber of commerce, and entrepreneurs announcing in their social circles that they are looking for a mentor are ideal places to find a good partner.
Along the same lines, Justin Halladay urges new entrepreneurs to surround themselves with positive, ambitious people. Even a single negative person on a work team can bring down everyone around them. He also urges young business people to invest in people and relationships. Jobs and circumstances change, and he believes that ultimately it’s the connection we have with others that gives meaning to life.
Think beyond accumulating personal wealth to make a real difference in the world
Justin Halladay loves to give to others. While building personal wealth early in life was certainly rewarding, he finds the greatest joy in giving away much of his wealth. He advises anyone working for themselves to make an effort to donate regularly to causes that mean the most to them. The specific causes will be different for everyone, but the important thing is to identify them and proceed with supporting charities and non-profit organizations that aim to improve the quality of life of those they serve.
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