In tonight’s crypto news wrap-up I take a look at the current happenings in the crypto landscape, including Cardano’s bear market surge, Coinbase cutting a chunk of its staff, and the ever-growing inflation rocking the world.
0:17 Can’t Kill Cardano
2:03 Coinbase Cuts (brown)
2:47 Inflate-Gate (green)
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Facebook, Instagram, and WhatsApp Are All Changing Their Names to Meta
The concept of the metaverse has recently been the talk of Silicon Valley. Facebook, Instagram, and WhatsApp are all renaming themselves Meta, as the founder Mark Zuckerberg has announced his plans to develop an AR and VR virtual world where people can meet, work, and relax. Some of these companies have broken down the worlds of their games by utilizing NFTs, or non-traditional technology, to create an environment that mimics reality. And others have begun building their own virtual worlds.
Popular metaverses include SecondLive, Axie Infinity, and Decentraland. The latter two are based on the Ethereum blockchain, and Axies are non-fungible tokens. They are constructed from more than 500 parts, and can breed up to seven times. Their offspring can be sold on the gaming platform. And the world will never run out of fun and new ways to explore the metaverse. The metaverse is a great way to bond with other players and earn money.
According to Citi GPS, Metaverse users will number five billion by 2030. The company cited several potential drawbacks, including high volatility, regulatory uncertainty, counterfeit NFTs, and trading scams. However, the upcoming name change has prompted industry leaders to take notice. Some say it’s an opportunity for businesses. Big firms have an advantage over smaller startups as they can spend millions to market their products. They also have the budget, trust, and data privacy in place to invest in the project.