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In your nightly crypto news wrap-up, we bring you the top crypto stories. The SEC takes some heat as Grayscale sues for rejection of its spot ETF, Ethereum’s Ether token became deflationary following the merge; and at the end of this video, I’ll reveal how JPG Junkies broke into the top 5 less than one week after mint, and what’s next for NFT Alpha’s new project.
What We Discuss:
0:31 SEC Under Pressure
2:21 Market Watch
3:52 Ether Becomes Deflationary
4:34 JPG Junkies Make Moves
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What is the Metaverse?
The metaverse is a place where the real world meets the virtual world. It is populated by avatars, NFTs, and content. It is often involved with cryptography, which helps facilitate digital economies and virtual representations of legitimate ownership. Today’s metaverse resembles games such as Fortnite, Roblox, and others. In some cases, it requires users to wear clunky VR goggles.
Some projects have launched in response to the potential of the metaverse. Some have created in-house cryptocurrency or NFTs, while others have created lands in the virtual world. Other projects have adopted blockchain technology in their development. The Sandbox project, which combines virtual worlds with gaming, is a prime example.
Microsoft recently announced plans to develop its own metaverse. Users of its Teams app will be able to visit these virtual spaces as early as 2022. The technology behind the metaverse includes a combination of software and hardware, as well as blockchain technology. In addition to software, metaverses can be virtual data centers.
Facebook is betting big on the metaverse and has already invested $10 billion in the startup. This has helped to increase awareness of the virtual world.