In this week’s NFT wrap-up, Coinbase takes a shot at OpenSea, NBA NFTs continue to grow even in the face of an NFT bear market, and the Bored Ape Yacht Club is dethroned. Follow NFT Alpha for the latest news and updates on NFTs.
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0:00 Intro
0:17 Coinbase NFTs
2:03 NBA The Association
3:41 Moonbirds Dethrone BAYC
The Metaverse and Facebook’s Teams
In the next decade, the metaverse will reach 5 billion users, according to a recent report by Citi GPS. The report also notes that the metaverse is still a developing technology, with its many dark sides, including money laundering and counterfeit NFTs. In addition, most cryptocurrencies are volatile, which may discourage investors. Big firms are an advantage in the metaverse, as they can invest in the technology, and have the necessary budget and security measures in place to protect their users’ data.
Microsoft announced that it plans to create its own metaverse, which it hopes to make available to Teams users as early as 2022. Metaverse systems will be a combination of software and hardware, data centers, and blockchain technology. The company expects this technology to help developers build an augmented reality environment. If successful, the metaverse will be able to provide users with a better experience than the real world. But there are many questions that remain.
Neal Stephenson coined the term metaverse in 1992, as a way to describe virtual space. Since then, the concept of the metaverse has become more mainstream through technology such as augmented reality, virtual reality, and even cryptocurrency. In fact, Ernest Cline’s book, Ready Player One, introduced virtual reality to a wide audience. The novel became an international bestseller and became a hit movie in 2018. Facebook also purchased the VR hardware and software company Oculus.
