In this NFT update, we aim to bring you the latest and most relevant NFT news today. For this week of NFT news, Deezy takes a look at the first Bored Ape restaurant and how their owner believes NFT’s can be much more than just a JPEG. The recent Meta news update shows that they plan on ripping off NFT buyers through ridiculously high fees. The DOJ plans to crack down on rug pullers as they charge multiple NFT creators.
What We Discuss:
0:20 Bored Ape Burgers
0:49 Meta Prices
1:26 Frosties Busted
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The Future of the Metaverse
While the gaming industry has been the most receptive to the concept, the enterprise is lagging behind. The need for a metaverse is so great that companies such as Microsoft, Epic Games, Facebook, and Sony have been busy laying the groundwork for it. While these companies are competing for first-mover advantage, they must agree on how to work together to achieve full-fledged metaverse. Until then, here are some of the obstacles facing the future of the metaverse.
To understand how the metaverse works, it’s important to understand the nature of the real world and how it relates to the virtual world. While the physical world is the most real, the virtual world is often an abstract representation of it. One of the key features of the metaverse is its ability to mimic reality. This technology is known as digital twin, and it was first used by NASA in 2010.
Today, virtual worlds have become hugely popular thanks to the rise of virtual reality (VR). Facebook, which bought Oculus for $2.3 billion in 2014, has introduced a VR experience called Horizon Workrooms. Essentially, these virtual environments work like Zoom, but with legless avatars. The metaverse will include a shared virtual world that users can access on the Internet. Users will be assigned an avatar to represent themselves, and will be able to engage with others through their avatars.
Nonfungible tokens, which are not finite in value, also play a major role in the metaverse. These digital assets are based on the same blockchain technology as cryptocurrency. They can represent a piece of art, a song, or even digital real estate. Tokens can be bought and sold in the metaverse. Similarly, the gaming industry has already embraced the concept. In fact, some of the most popular NFTs are SecondLive, Decentraland, and Axie Infinity. Using Ethereum blockchain technology, Axies are non-fungible tokens. Their eponymous characters can breed up to seven times, and their offspring can be sold in the virtual world.