metaverse – CetoEX News Inform Trends & Happenings

Web3 Gaming Continues to Dominate Defi Despite 8% Plunge

Howdy — Sun, 09 Jul 2023 02:03:18 +0000

Cetoex News – According to a report by DappRadar, Web3 gaming has continued to dominate the Defi (decentralized finance) ecosystem. As per the analysis firm, gaming accounted for 37% of the market dominance in Q2 of 2023. However, the sector saw an 8% dip from Q1’s 45% dominance. Despite the fall, gaming continued to be the largest market in Defi.

Source: DappRadar

Blockchain-based gaming has gained significant ground in the last few years. According to market research, Web3 gaming received over $4.5 billion in funding in 2022. This number is only expected to grow over the next few years.

The blockchain-based gaming sector has also survived industry disasters, such as the collapse of Terra (LUNA) and FTX. This is attributed to the fact that most gamers are in it for recreational purposes and hence are not impacted by market volatility.

Are firms optimistic about Web3 gaming?

Source: Polemos

Gaming is a diverse industry. It is also one of the fastest-growing sectors out there. At a 4.9% CAGR (compound annual growth rate), the market for mobile games is anticipated to reach $223 billion by 2024. Therefore, there is no ignoring this behemoth of an industry.

Animoca Brands co-founder Yat Siu recently said that the firm is optimistic about the blockchain and Web3 gaming sector. Siu anticipated that several ‘AAA’ titles in which the company has invested will be available by the end of 2023 or early in the following year. The designation “AAA Games” is used in the video game business to denote high-budget and high-profile games.

However, not everyone shares the same enthusiasm. Sega, one of the most reputed gaming companies, is unsure about Web3 gaming. According to Sega’s COO P2E (Play-to-earn) games are boring. The business announced that it will put a stop to its plans to build GameFi because of its concerns about blockchain technology. Sega previously stated that it would remove its intellectual property from blockchain games, but it still expected to let third-party developers create them.

Hence, even though Sega’s COO is not sold on blockchain-based gaming, the firm is expected to allow third-party development, hinting that there may be a future in the sector.

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China Launches Government-Backed Metaverse Platform

Howdy — Thu, 25 May 2023 06:14:31 +0000

Cetoex News – The capital city of China’s Jiangsu province, Nanjing, has launched a new government-backed metaverse platform. Specifically, the China Metaverse Technology and Application Innovation Platform is set to advance development in the sector across the country.

The new program is being headed by the Nanjing University of Information and Science Technology (NUIST). Moreover, an official announcement noted the founding members of the platform. All representing various academic institutions and metaverse-centered companies throughout the county.

China Presents State-Backed Metaverse Platform

In a very interesting development for the industry and the country, China launched a government-backed metaverse platform. Moreover, it is set to combine the resources of various academic enterprises and institutions throughout the country. Subsequently, in hopes of more development of the sector.

The metaverse is a virtual space containing a host of virtual worlds and experiences. Moreover, it often includes augmented reality and virtual reality aspects for users. Additionally, the digital space allows those users to interact with one another in a digital setting.

Source: Productsup

China has sought to make significant strides in its metaverse development in recent years. Specifically, in February 2023, the city revealed a massive metaverse strategy. Designed to create an industry that could collect revenues that exceed 130 billion yuan at the end of 2025.

In addition to Nanjing, Shanghai is also seeking to develop its metaverse industry. Moreover, the city is seeking development in the sector for similar financial reasons. Conversely, China maintains a very strict regulatory standard for digital assets and NFTS. However, it has also been vocal about the power of Web3, and the potential of the digital technology industry.

NEWS BY – CETOEX NEWS

SHIB Metaverse Gets WAGMI Temple Alpha Preview from Lead Developer

Howdy — Thu, 16 Mar 2023 02:04:00 +0000

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credit – Marca

Cetoex News – Shiba Inu lead developer, Shytoshi Kusama, has just unveiled the SHIB Metaverse WAGMI Temple Alpha Preview. Moreover, as the Shiba Inu ecosystem is gaining a plethora of developments, the development team has released another sneak peek into the promising virtual reality program.

Just last week, the SHIB Army was finally treated with the arrival of the Shibarium beta phase. Thus, satisfying what had been nearly a year of rumors and anticipation. Now, with the SHIB Metaverse just on the horizon, the community got its first look at what’s to come.

SHIB Metaverse Gets New Teaser

The launch of Shibarium was the talk of the crypto industry, as the protocol upgrade had been promised for some time. Subsequently, the Shiba Inu ecosystem is set to get another large boost, as its virtual reality plans are coming to fruition.

Specifically, lead developer Shytoshi Kusama has announced the SHIB metaverse WAGMI Temple Alpha Preview in a recent tweet. Moreover, the meme coin creator has announced that the purchase of lands in the SHIB metaverse is “as easy as a 1-2-3.”

Source: @Shibtoken

The new preview showcases a menu that makes the purchase of land easy while observing the entire map. Additionally, a piece of virtual land will only cost metaverse users 0.2 ETH. Conversely, a new trailer for the SHIB Metaverse has been launched on the new Shib.io website.

The subsequent teaser showcases a flyover of the virtual land, with some beautiful environmental factors to observe. Then, it reveals the WAGMI Temple, adorned with statues of Shiba Inu. It is one of the 11 hubs that will be unlocked when the metaverse officially goes live.

NEWS BY – CETOEX NEWS

Seoul Government Officially Launches its First Metaverse Project

Howdy — Tue, 17 Jan 2023 02:32:22 +0000

Cetoex News – 2022 was not the best year for metaverse developments and adoption. Many have even considered that the metaverse hype is dead. Nonetheless, during its peak, top companies from various ecosystems began filing for metaverse trademarks. However, the prolonged bear market in 2022 proved not to be the best year for the metaverse and the general crypto market.

The metaverse community is opening up to positive news in 2023 as the Seoul Metropolitan Government launches its first public metaverse project.

The Metaverse will be a place of communication for citizens

According to the details from the press release released on January 16 by the Seoul Government, the first public launch is followed by the beta testing of the metaverse project. The newly launched metaverse will be a place of communication for the citizens of Seoul.

It will also allow the citizens to virtually go to any tourist attraction, access official documents, file complaints, and request answers on municipal tax filings. The first phase of the metaverse project consumed almost $1.6 million, according to the latest reports.

The second phase of this project will focus on the senior citizens who’ll have difficulties traveling back and forth for different office purposes. Even though metaverse adoption was on the lower side in 2022, a positive market outlook can probably improve it in 2023.

NEWS BY – CETOEX NEWS

NFT and Metaverse – What to Expect Moving Forward in 2023?

Howdy — Sat, 07 Jan 2023 02:34:51 +0000

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credit – Productsup.com

It is obvious that the bears have been in control of the cryptocurrency market for the majority of 2022. As a result, the business has become fairly monotonous. NFTs, which first attracted attention in 2021, were anticipated to gain popularity in the future, but the bear market disproved predictions.

NFT sales were on a downward trend throughout 2022. Major NFT collections’ prices fell, leaving owners in the red. Even public figures and well-known brands released their own NFT collections due to the hype surrounding NFTs. However, since most holders were losing money, the declining prices were not in their favor. The BAYC and CryptoPunks were two well-known collections, and their prices were also plunging.

The same goes for the metaverse, as both of these technologies were at a point where they seemed less relevant. Moving forward in 2023, what can we expect from the NFT and Metaverse industries? Let us find out.

Source: Pixabay

Is it the end of the NFT hype?

The prominence and relevance that NFTs had during their inception and through 2021 has seemed to diminish recently. Even though for the past two months there has been a spike in the NFT trading volume due to the release of the Donald trump NFT collection and a few others, they were not sustainable.

The same goes for the metaverse industry, where prominent tech and social media firms, including Facebook and Mark Zuckerberg, placed it under the spotlight.

NFT sales at one time were mind-blowing at times, when people sold NFTs for hundreds of thousands of dollars. But, all that noise seems to have settled now. Is the storm over? Before we dive deeper into the specifics, let us understand the basics.

Source: Engadget

NFT in a nutshell

Even though NFTs are a part of the whole cryptocurrency realm, they are quite different from traditional crypto assets. NFTs, short for non-fungible tokens, are nothing but certificates of ownership of an image, music, or any other digital content stored on the blockchain.

However, NFTs really started gaining traction when some notable NFTs were sold for numbers that were mind-boggling. This hype soon began spreading like wildfire, and artists and celebrities started jumping on the bandwagon.

On the flip side, several artists also thought this was a great opportunity to elevate their careers and reach a wider audience globally.

Source: VentureBeat

Metaverse in a nutshell

When the metaverse gained popularity in 2021, there were some key features that set it apart and made it so popular. The metaverse provided users with a 3D virtual experience where they could do literally anything, including shopping, singing, dancing, and eating while sitting at home.

The Metaverse is unique in that your avatar would roam the space while interacting with other avatars. Neal Stephenson coined the phrase in his 1992 book, “Snow Crash”. Additionally, in 2021 and 2022, a variety of media outlets referred to a wide range of Web3 social interaction platforms collectively as the “Metaverse.”

Metaverse hype soon began gaining traction, and almost all of the top brands started filing for trademarks, setting up shops, and doing all sorts of things in the virtual world.

Source: Security Magazine

Will NFT and Metaverse resurrect in 2023?

It should be noted that 2022 has been one of the worst years for the cryptocurrency industry. The prolonged bear market, accompanied by the fall of the Terra ecosystem in May and the recent fall of FTX, made things worse.

The extended bear market has had a negative effect on the prices of cryptocurrencies, and it has also been bad for investors and cryptocurrency businesses. The falling popularity of NFTs and Metaverse can also be attributed to the “crypto winter”.

Source: The New Stack

The NFT and metaverse industries are massive, and they are not likely to go away anytime soon. Even amidst the troubled market conditions, Binance recently announced a new NFT staking program for BAYC-issued NFTs. The new staking program allowed owners of BAYC and MAYC NFTs to stake their NFTs and earn rewards.

Looking forward to 2023, positive market conditions and the bullish rally of cryptocurrencies will definitely be the best for the industry as a whole. The NFT and Metaverse industries are likely to gain traction and resurrect if the markets turn bullish. This could also help in pumping up the prices of major NFT collections, which will also attract other potential artists to release new collections and new companies to come up with new developments for the metaverse.

NEWS BY – CETOEX NEWS

Mark Zuckerberg Still Has “Long-Term Optimism” for his Metaverse

Howdy — Thu, 01 Dec 2022 01:37:02 +0000

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Speaking at the DealBook Summit today, Meta CEO Mark Zuckerberg says he still has “long-term optimism for the Metaverse.” Moreover, he isn’t phased by skepticism around the model’s current state.

At a gathering of some of the biggest names in the financial sector, Zuckerberg was asked about growing concerns over the Metaverse. His response assured listeners that his faith remains strong. Additionally, he shared the vision for where the development can go from here.

credit – hindustantime.com

Zuckerberg Still Beleives

Since its announcement, the Metaverse has had its fair share of naysayers and skeptics. Yet, those voices don’t seem to penetrate the thought process of Meta’s CEO who spoke glowingly about its future prospects via Coindesk.

“The way we communicate gets richer and more immersive,” Zuckerberg stated. Subsequently, he shared with attendees that Meta is optimistic about how the platform will develop along the “Five-to-ten-year horizon.”

The statements surely seem like Zuckerberg is doubling down on the augmented reality project that has generated billions of dollars of loss for the company. However, the Facebook founder is adamant that progress is moving in the right direction.

“Skepticism doesn’t bother me too much,” the CEO stated, “We’ve had doubters the whole time.” Conversely, he admitted to listeners that Meta required “more efficiency and discipline” in the short term. Especially following economic realities that will impact how the platform is developed amidst macroeconomic circumstances.

Conclusively, Zuckerberg shared that 80% of Meta’s time is spent on its media suite, working on its host of applications, including Facebook, Instagram, WhatsApp, and more. Thus, the rest of the time is spent on developing the Metaverse.