In your nightly crypto news wrap-up, we bring you the top crypto stories. Brazil spends some serious dough on crypto, SoRare teams up with the NBA to make a web3 basketball game and despite the bear market starting to show it’s ugly side, there are some still some positive things to hold on to as long as you keep a long term mindset.
What We Discuss:
0:31 Brazilian Bulls on Parade
1:48 Market Watch
3:16 Sports and Web3
4:10 Hold On for Dear Life
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What is the Metaverse?
The metaverse is a virtual world that leverages virtual reality and other technologies to bring people closer together. It is similar to the movies Avatar and Ready Player One and enables users to fully immerse themselves in a digital space. The metaverse works hand-in-hand with cryptocurrency, which can be used to buy digital assets in the virtual world.
Unlike the real world, the metaverse is a virtual world that has no boundaries and always exists. It is populated by avatars and decorated with NFTs. It is often facilitated by cryptography, which facilitates a digital economy and enables virtual representations of legitimate ownership. In today’s metaverse, the avatars are primarily from video games, such as Roblox. It can be accessed via the internet or through VR goggles.
Some popular metaverses offer users the chance to own their own virtual land. These virtual worlds also allow users to earn money by playing games. Some of the most popular ones are SecondLive, Axie Infinity, and Decentraland. The Axie Infinity metaverse is based on the Ethereum blockchain. Users are able to earn Axies, which are non-fungible tokens. Axies can breed with other Axies and have up to seven offspring. Those offspring can be sold on the metaverse’s marketplace.
Microsoft, NVIDIA, and Epic Games have announced plans to explore the metaverse. Besides these companies, popular brands have also jumped on the bandwagon. Recently, Gucci collaborated with the popular online game platform Roblox. Coca-Cola is selling digital tokens to help people access the metaverse.