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📣 Global Metaverse Market to Grow at a CAGR of 40.5% during Forecast Period
North America accounts for the largest revenue share owing to the customers and users in the region that are adopting the new and more complex technology. The growing number of start-ups focusing on establishing metaverse platforms for commercialization is another factor projected. Asia Pacific region is expected to register a strong CAGR over the forecast period. A growing number of start-ups and organizations, such as The Sandbox (Hong Kong), Bolly Heroes (India), Axie Infinity (Singapore), NextMeet (India), GuildFi (Thailand), and miHoYo Co., Ltd. in China, are projected to drive market expansion in the Asia Pacific region. These metaverse platforms offer an immersive experience.
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📣 Doodles CEO says brand is 'ready to grow up,’ aims for Disney-level brand recognition
Ask Doodles new CEO Julian Holguin what he envisions for his upstart NFT brand, and he boasts of his company aspiring to challenge entertainment giants such as Disney, Amazon or Netflix.Doodles started as a scrappy NFT brand, ideated by Evan Keast (aka Tulip) and Scott Martin (aka Burnt Toast), the founders of another well-established NFT. Now, Holguin wants to thrust the blue-chip NFT project into global consciousness. On the starting blocks, he already had an impressive roster of celebrity power. The pastel NFTs have ridden a wave of hype into the mainstream, with pop heartthrobs Justin Bieber and Liam Payne (formerly in One Direction) have joining the ranks of Doodlers in the last year. Pharrell Williams was brought on in September as its chief brand officer.
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⚡️ Metaverse Commerce Will Fundamentally Disrupt the Retail Ecosystem
Prime real estate has always been an important factor for most retailers before starting a business, but things might be different with the emergence of a new virtual platform. The metaverse is a platform combining multiple technologies to enable social and economic activity in a digital world connected to the physical one. With the effects of metaverse commerce adoption. Info-Tech's research indicates that retailers often struggle to adapt to the evolving needs of virtual shoppers, which can include the use of cryptocurrencies or NFTs. Shopping in the metaverse works differently than in the real world, which has shifted more online since the onset of the pandemic.
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📣 Meta Prepares Large-Scale Layoffs as Metaverse Interest Cools Off
Facebook parent company Meta is planning to shed a large portion lot of staff beginning this week. It’s the latest tech giant to lay off employees, following Twitter last week. Meta added more than 27,000 employees in 2020 and 2021 combined. Now that some semblance of normality is returning. On Nov. 6, the WSJ cited people familiar with the matter, reporting several thousand employees could be affected. Meta is expected to make an official announcement this week, it added. The earnings report came as a sting for Meta. It reported a painful 52% drop in net income, to $4.4 billion from $9.2 billion last year.
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⌚️ Luxury watchmaker Rolex enters metaverse with crypto and NFT trademark applications
Rolex has filed trademark applications related to cryptocurrencies, metaverse, and non-fungible tokens (NFTs), according to the data published by trademark and patent attorney Michael Kondoudis (The Law Office of Michael E. Kondoudis) on November 7. According to the documents, the trademark was filed with the United States Patent and Trademark Office (USPTO) on October 31. Rolex is another in the long line of famous watch brands that have recognized the appeal of the crypto sector and implemented cryptocurrencies and blockchain technology into their products and operations.
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📣 OpenSea creates tool to help NFT collections enforce royalties on-chain
Marketplace giant OpenSea laid out the first of a suite of tools for its users this weekend, allowing creators of new NFT collections to enforce royalties on-chain. Debuting on Nov. 8, the company said it wants to "take a thoughtful, principled approach to this topic," following a protracted debate among players in the market about the correct course of action on enforcing payments to creators. The code to which it is giving creators access restricts NFT sales to marketplaces that enforce creator fees. The company is considering a range of approaches. These may include continuing to enforce off-chain fees for some subsets of collections, allowing optional creator fees or collaborating on other on-chain enforcement options for creators. The smart contracts of some existing collections may already allow OpenSea's upgrade, which would enforce royalties on-chain.
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⚡️ Animoca Brands CEO: 'There Is No Metaverse Without Web3'
The metaverse means many things to many people, whether that be Meta's virtual reality "office," Fortnite's combination of gameplay and social space, or Decentraland's NFT-powered virtual world. But to Robby Yung, CEO of metaverse investment firm and game publisher Animoca Brands, one fact is inescapable. There is no metaverse without Web3, because you need to have that transaction layer so that you have interoperability between content and you can bring it from place to place," he said in a panel discussion at Web Summit in Lisbon, Portugal. We as an industry are working on setting standards for that," he added. "We've set up some various consortiums to try to address those issues.
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📣 Solana NFT Sales Surge 170% as y00ts Completes Delayed Rollout
Sales of NFTs on the Solana blockchain fell by 50% in October following a strong September, which had been aided by the initial launch of buzzy profile picture (PFP) project, y00ts. But November could see a return to fervent activity if today’s early trading is any indication, following the delayed reveal of the y00ts artwork. Trading volume for NFTs minted on Solana has jumped 170% over the past 24 hours compared to the previous span, per data from Tiexo, up to about 229,000 SOL across the market. That’s over $7.5 million worth. The vast majority of that trading revolves around y00ts, the successor to the popular DeGods project on Solana.
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📣 Nexo-backed NFT technology provider, MetaQuants, launches real-time appraisal algorithm for NFTs
The alpha version of the new algorithm product is designed to aid NFT lending, market, overpricing, and market manipulation penalties, according to a press release shared with CryptoSlate. This thus makes the algorithm product suitable to Nexo’s upcoming non-custodial infrastructure. Worth noting, Nexo, as a leading regulated institution for digital assets, believes in a real-time mark-to-market NFT algorithm that offers efficient valuation estimates for assets that are vulnerable to market manipulation for its retail and corporate customers. Notably, the new solution by MetaQuants enables the execution of such a technique and may be embraced by Nexo.
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🚨 Monkey Drainer steals 7 CryptoPunks, 20 Otherdeed NFTs
Prominent blockchain security firm PeckshieldAlert and onchain sleuth Zachxbt revealed on Nov. 4 that a phishing scammer operating under the pseudonym Monkey Drainer had stolen 7 Cryptopunks and 20 Otherdeed NFTs. The news was first reported by self-acclaimed 2D scam detector ZackXBT, who estimated the stolen collectibles were worth 520 ETH — roughly $824,200. The recent theft represents the second exploit by the Monkey drainer within ten days. On Oct. 25, the exploiter ripped off 700 ETH ($1 million) over 24 hours from several victims. Two of the largest victims lost $370,000 by signing transactions on malicious phishing sites operated by Monkey Drainer.
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📣 Boson Protocol revamps redeemable NFT marketplace
Boson Protocol launched a revamped version of its NFT platform that allows people to sell real items — in the form of nonfungible tokens — that can be burned and redeemed for the actual product within a certain time period, it announced at NFT.London. The idea is that buyers can then trade, gift and transfer these NFTs without actually ever possessing the physical item. The platform will be geared towards luxury goods."We've got a number of projects where they're tokenizing luxury wine and luxury whiskey," explained co-founder Justin Banon. "Someone will get a redeemable NFT that they can hold or trade for five or 10 years while the whiskey matures," he continued, adding that "those sort of items would create a commodities market for luxury whiskey.".
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📈 Arweave teams up with Meta for NFT storage, AR token spikes 61%
Arweave is partnering with Meta to store non-fungible tokens (NFTs) on Instagram, the protocol’s CEO and co-founder Sam Williams announced on Twitter. In response, AR saw 61% gains over the last 24 hours to lead the top 100 tokens. A local top of $17.85 was hit at 03:30 (UTC) on Nov. 3, leading to a gradual trickle-down to $16.26 as of press time. The internet is made up of information and data that is subject to change, redaction, and removal at the hands of centralized entities. Arweave sees value in solving the issue of web data impermanence. Underpinning Arweave’s system is “the blockweave” — a mechanism that cost-efficiently enables scalable on-chain storage.
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📣 Meta to use decentralized data storage protocol Arweave to store NFTs from Instagram
Instagram users are now able to issue digital collectibles for their posts, stored on Arweave," Sam Williams, founder of Arweave, tweeted on Thursday. Meta's lead of commerce, fintech and web3, Stephane Kasriel, also confirmed the Arweave protocol integration in a separate tweet. Earlier this week, Meta announced that creators will soon be able to make their own digital collectibles on Instagram and sell them to fans, both on and off Instagram. Meta will support different blockchains for NFT issuance, starting with Polygon and Solana.
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📣 Goblin Sax DAO to offer instant NFT-backed loans
Goblin Sax, a decentralized autonomous organization for NFT finance, is launching an instant loans service. It acquired instant loans app Fluid, which it will rebrand as Goblin Lend, to build out the product alongside its already existing peer-to-peer NFT lending service. Formerly known as Gringotts DAO, Goblin Sax is one of several NFT loan platforms that have popped up over the last year that targets NFT holders looking to unlock liquidity without selling their nonfungible tokens. Among them, South African company NFTfi raised a $5 million seed round late last year. In November, it issued a loan for $1.4 million over 30 days at 9.69% APR.
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📣 GameStop Partners With Immutable X To Launch Its Ethereum-Based NFT Marketplace
GameStop, a leading video games retailer, has stepped into the web3 ecosystem with an all-new NFT marketplace that supports trading assets from games on the web3 platform Immutable X. These utilities include tradable tokenized items, including customizable plots, digital trading cards, and several others. Immutable X is an Ethereum by-product, but it’s relatively faster and less expensive than Ethereum, which becomes slow on certain network traffic conditions. It can allow users to perform NFT interactions faster by offloading several transactions to a layer-2 blockchain.
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📣 Bored Apes founders propose new model for NFT creator royalties
The BAYC founders want an NFT creator royalties model that ensures transferring NFTs between wallets remains free and encourages creators to remain within the NFT ecosystem. The founder of Bored Ape Yacht Club (BAYC) has weighed in on the ongoing nonfungible token (NFT) creator royalties debate. BAYC co-founder Wylie Aronow — co-signed by co-founders Greg Solano and Kerem Atalay — shared that they regard creator royalties as “the single most important factor that brought them [creators and artists] into the ecosystem.”.
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📣 NFT.London's inaugural event attracts 2,500 with BAYC food truck, free NFTs and puppies
NFT.London’s two-day inaugural stint saw over 2,500 registered attendees and 800 speakers. It was a collaboration between frozen potato product corporation McCain’s — which recently launched a Roblox game where children can farm metaverse potatoes. The event was substantially smaller than the 15,000-strong NFT.NYC, which is run by the same group. But its cosier feel and lack of the usual conference circuit speakers — many of whom spent that week at WebSummit in Lisbon instead — gave it the relaxed community atmosphere that NFT collections always seem to be striving for. From NFT t-shirt printers and new metaverse platforms to tables littered with QR codes advertising whitelists for upcoming mints.
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📣 Adam Neumann's a16z-backed startup launches carbon-offsetting NFT project
Flowcarbon, a blockchain startup created by WeWork co-founder Adam Neumann, will launch an NFT project that uses a majority of its proceeds to buy carbon offsets. The rest of the funds will go to the artists and service providers, a Flowcarbon spokesperson told The Block. While carbon offsets remain a controversial climate mitigation tool, more and more crypto firms look to offsets to mitigate their climate impact. SkyBridge Capital, Gemini and Greenidge Generations are among the firms that have looked to offsets to lower their net emissions.
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📉 OpenSea NFT Creator Royalties Plan Faces Backlash While Volume Remains Low
The largest NFT marketplace, OpenSea, incorporated steps to help creators regarding fees and royalties while rival marketplaces cut creator fees or make them optional. Nonetheless, the reception was hostile. OpenSea, in a Nov. 6 tweet, finally commented on the ongoing discussion regarding creator-set royalties or fees. To do so, OpenSea plans to implement a tool for on-chain enhancements of creators’ fees for new collections starting on Nov. 8. This would ‘balance the scales by putting more power in the creators’ hands. OpenSea won’t make any changes to existing collections (yet).
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📉 Solana Token Down Double-Digits as NFT Growth Plummets
Solana’s Breakpoint event wraps up, so too has the token’s bullish price action. Despite news that Google Cloud would begin running a Solana validator, the token backing the speedy layer-1 blockchain has plummeted double-digits. The so-called Ethereum Killer’s native token, SOL, has dropped nearly 12%. Solana is a proof-of-stake (PoS) layer-1 blockchain that offers many of the same operations as Ethereum, including decentralized finance (DeFi) applications and non-fungible tokens (NFTs). SOL dropped from $36.29 to $31.02 early Monday morning. It has since staged a modest rally to $31.80 at press time. Trading volumes also saw a 19.22% dip to $2.77 billion over the same period. SOL is still down 87.8% from its all-time high of $259.96, recorded a year before.
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📣 Beeple Is Bringing 'Immersive 3D NFTs' to Solana
Stephen Hess, CEO of Metaplex Studios—the creator of Solana’s NFT standard—broke the news today at Solana's Breakpoint conference in Lisbon, Portugal. “In partnership with the Render Network, we’re excited to welcome Beeple to Metaplex and Solana,” Hess announced, adding that Beeple. Beeple is already closely involved with Render Network, having served as an advisor to the platform, which provides creators with a decentralized, peer-to-peer network that lets users tap into remote rendering power. Details of the collaboration were thin on the ground, with a further announcement to come on Monday. But a slide accompanying Hess’s announcement provided some clues; users will be invited to “create your own unique NFT with a Beeple Everyday,” .
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📣 NFTs bridge music communities across genres and blockchain ecosystems
Nonfungible tokens (NFTs) are stepping into the next wave of Web3 with utility capabilities and community building at the forefront. A new collection from the Mint NFT marketplace and metaverse entertainment platform Animal Concerts does this across the musical genre spectrum an blockchain networks. The collection, “A Hard Working Man,” features the crypto-savvy hip-hop star Snoop Dogg in combination with country music icons Billy Ray Cyrus and the Avila Brothers. The collection features highlight phygital experiences with digital artwork alongside in-person concert perks.
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📣 Pharrell Williams 'Integral' to Ethereum NFT Project Doodles, Says CEO
Naming famed musician and producer Pharrell Williams as the chief brand officer of Ethereum NFT project Doodles might have seemed like a stunt to some observers. However, the company’s CEO claims that Williams is actually key to the project’s growing mainstream push. At WebSummit in Lisbon today, Doodles CEO Julian Holguin spoke on the subject and others during an onstage discussion with Katelin Holloway, founding partner at VC firm Seven Seven Six and member of the Doodles board, alongside Williams. Seven Seven Six, which was co-founded by Reddit co-founder Alexis Ohanian, led Doodles’ recent $54 million seed round.
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🇨🇳 Chinese Government Releases VR Research Plan Including Metaverse and Odor Simulation
The Chinese government has presented a plan of action regarding the inclusion of virtual reality (VR) and augmented reality (AR) in the lives of the Chinese people. The plan contemplates research of several technologies, including the development of an open metaverse platform for its citizens and research on odor simulation technology. Chinese government presented a plan that outlines the development of virtual reality (VR), augmented reality (AR), and metaverse technologies in the country for the next four years. The plan, which mentions 25 million headset devices to be produced each year until 2026.
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📣 Immutable unveils tool to enforce NFT royalties on Ethereum
Immutable is rolling out a product on Ethereum that it says will help enforce the payment of creator royalties. NFT creators will be able to use these lists to control the smart contracts which can transfer or receive NFTs from their collection, ensuring that users will only be able to trade. The solution is already in use on ImmutableX, the company’s Ethereum-scaling Layer 2 NFT platform. The lists will be controlled by IMX token holders. Immutable co-founder Robbie Ferguson has come out in support of NFT royalties even as major marketplaces began to make them optional.
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📣 iMining Signs a Deal to Launch Wani Perfumes in the Decentraland Metaverse
iMining Technologies Inc. (TSXV: IMIN) (the "Company" or "iMining") is pleased to announce that its wholly-owned subsidiary, Metaverse Advisory Group Inc. ("MAG"), has entered into an agreement with the co-founders of Wani Perfumes ("Wani"), to assist Wani in developing and executing its digital and metaverse-related strategy. MAG will provide Wani with an online, AI-enabled, e-commerce-based retail platform for their operations in the Metaverse. Wani is a based in Oman with operations in North America and is an innovative perfumery looking to become one of the leaders in this space by launching the world's first Metaverse house of luxury perfumes.
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📣 Crypto exchange Kraken's NFT marketplace goes live in beta
Crypto exchange Kraken's non-fungible token (NFTs) marketplace will go live in private beta today to customers on the waitlist. The marketplace will offer customers access to more than 70 NFT collections across the Ethereum and Solana ecosystems in the beta launch, a Kraken spokesperson said. Royalties will remain a mandatory component within the marketplace. Royalties are fees that go back to the creator of collection on every sale of their NFT. NFT creators can secure a regular income via royalties, which are a key reason why many creators have flocked to NFTs.
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📣 The Sandbox co-founder explains how the metaverse has evolved for brands: Web Summit 2022
According to a co-founder of The Sandbox, the future of the metaverse is in a state of evolution, with both brands and users as important catalysts of growth. The building of the metaverse is an ongoing process. Sebastien Borget, co-founder of The Sandbox metaverse, even called the future of the metaverse evolving. Speaking to Cointelegraph’s Gareth Jenkinson at the Web Summit tech conference in Portugal on Nov. 3, Borget said that what we see today in The Sandbox is “the natural evolution of things” after almost a decade of work. The evolution of the metaverse, particularly the way brands engage with users, has accelerated at rapid speed.
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📣 MetaMask partners with NFTBank for improved NFT price tracking
NFTBank, a firm building tools to improve NFT value and data visibility, has partnered with major web3 wallet provider MetaMask. Through this collaboration, MetaMask is launching a new NFT portfolio tool that informs users of the changing price value for their NFTs using NFTBank’s valuation engine. The need for understanding the appropriate price of NFTs has become ever more clear with many learning the dramatic volatility of NFT markets the hard way, and simultaneously learning the potential of NFTs as a new digital asset class,” Daniel Kim, the CEO of NFTBank.
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📣 Epazz Metaverse On-site Remotes Assist Product Deploying With Beta Customers This Quarter
Epazz Inc. (OTC Pink: EPAZ), a mission-critical provider of metaverse solutions, blockchain cryptocurrency mobile apps, and cloud-based business software solutions, announced today that it would start deploying the On-site Remote Assist (OSRA) product to its beta customers this quarter. Onsite Remote Assist (OSRA) allows field or remote technicians the ability to make onsite video calls to bring in experts via remote assistance. This technology will allow maintenance specialists, plumbers, and field workers to perform hands-free work using smart data glasses allowing access to local and distributed knowledge objects, automated expert mapping, and company-specific configuration.
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