In tonight’s crypto news wrap up, Morgan looks into the current happenings in the crypto landscape, including the UK prime minister stepping down, Binance’s big swap, Walmart in the Metaverse, and astronomical ETH gas prices.
0:22 UK Crypto in Danger?
0:55 Frankie Candles
2:14 Binance’s Big Swap
2:55 Meta Mart
3:26 Ethereum Error
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The Future of Cryptocurrency and NFTs
Metaverse is an online community that enables users to inhabit a digital space that they can share with other users. Within this virtual space, users can communicate, interact, shop, and learn about new ideas. They can also own and sell virtual property in the metaverse. Metaverse is a promising new technology that could revolutionize the way we live and work.
The development of the Metaverse ecosystem is largely driven by blockchain technology. Incentives for users to share content is essential for the success of this community-built platform. Animoca Brands, which owns popular gaming brands like The Sandbox and CryptoKitties, has a large stake in Metaverse. Dapper Labs, which created the NBA Top Shot video game, is another investor in the industry.
Many brands have built in-house marketplaces and monetization systems for their metaverses. For instance, The Sandbox has partnered with Lionsgate to create a “Hellboy” themed metaverse destination. Metaverse games run on the Ethereum blockchain, which provides top-level security, but also high gas fees. Users can use a powerful editor to create avatars, graphics, and virtual worlds.
Blockchain supports the metaverse economy and protects data and digital assets, incentivizing users to engage in commerce and trade. Internet of Things (IoE) technology is also used to facilitate network connection. Cryptography is essential to the future of the metaverse economy, as it enables the development of Dapps and NFTs.