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Demystifying Metaverse, NFTs and other crypto assets

Did you know that the term “Metaverse” was first used by author Neal Stephenson in his dystopian novel ‘Snow Crash’ (1992) to portray a virtual world? Cut to 2022, India saw its first-ever wedding reception in the metaverse on January 11. Punjabi pop singer Daler Mehndi performed live in the metaverse, making it the world’s largest concert by drawing 20 million spectators globally.

That is the power of Metaverse, a universal virtual world consisting of 3D virtual spaces based on social connection. The technology interests millennials and generation Z, who are bored with static internet pages and social media platforms.

Having experienced AR (Augmented Reality), VR (Virtual Reality), and MR (Mixed Reality), they are more excited about the 3D virtual world that provides real interactions and interesting visuals. Metaverse transports them to an entirely live and interconnected world.

Recently, Facebook rebranded itself as Meta and brought the technology to the mainstream by hiring 10,000 people. By creating a metaverse infrastructure, the company intends to transform itself into something futuristic.

Through the immersive world of Metaverse, users spend time socializing, learning, working, and entertaining, among other things. It is a blend of AR, VR, and MR. It has components of gaming, crypto, and social media embedded into it. For example, Metaverse allows its users to play online games on various avatars. Through VR headsets, they can enjoy an immersive experience that is delightful visually.

Non-FungibleTokens (NFTs)

NFTs are digital products such as art, music, and videos that can be traded by utilizing blockchain technology. Because they are non-fungible, unlike crypto tokens, there exists only one original of an NFT.

NFTs are distinct, having exclusive identifying codes. This is in contrast with most digital items, which are usually unlimited in supply. Removing the stock should ideally raise the worth of a given resource because of its popularity. But in the early days, numerous NFTs were digital creations that existed elsewhere. For example, famous video cuts from NBA games or securitized variants of digital art circulated on Instagram.

Although NFTs have been there since 2014, they started making news in 2021 when an online auction site Christie’s, saw an NFT of $69 million for a digital creation titled “The First 5,000 Days” by artist Mike Winkelmann aka Beeple. They also started making a buzz in the music world when artists such as Kings of Leon, Shawn Mendes, and Grimes released songs in the NFT format.

Since then, NFTs are making their presence felt everywhere, including in the gaming industry. Even something as intangible as a tweet by Twitter co-founder, Jack Dorsey, was sold for over $2.9 million in 2021.

It was his first-ever tweet posted on March 21, 2006. Dolce & Gabbana and Nike have designed apparel and footwear that come with their own NFTs.

The global NFT market size is expected to grow from $3.0 billion in 2022 to $13.6 billion by 2027, at a compound Annual Growth Rate (CAGR) of 35% from 2022 to 2027, according to ReportLinker.com.

But the question arises: Why are people eager to shell out millions of creations they could easily take a screenshot of or download? That is because an NFT allows the shopper to own the unique item. Moreover, the creation also holds an in-built authentication that provides ownership validation.

Crypto assets

These are digital assets that utilize blockchain ledgers to facilitate transactions. They use cryptography, shared networks, and distributed ledger technology (DLT). They can have various roles and features, including being utilized as a mechanism of trade, a method to store value, or for other business uses. When it comes to operations, crypto assets have no dependency on a national/central bank or government.


Common crypto assets include:

Crypto Coins:

This is a digital unit of value and a popular kind of crypto asset that is used to send and receive payments as well as international money transfers easily. They are extremely low-cost, effective, and faster than traditional methods.

India is gradually opening up to the idea of accepting cryptocurrency as a legit payment method. A Bitcoin trading site Unocoin, allows users to buy vouchers from over 90 brands via Bitcoins.

Unocoin’s registered users can use Bitcoin worth anywhere, between Rs 100 to Rs 5,000, to avail of these vouchers and buy anything from brands such as Domino’s Pizza, Baskin Robbins, Himalaya, and Prestige.

Digital currencies such as Monero, Zcash, and PIVX allow their users to make financial transactions that are 100% private and anonymous. This implies that individuals have the freedom to maintain privacy without having to reveal the reason for sending or receiving money.

Utility Tokens

Utility tokens allow users to perform transactions within a certain ecosystem. For example, the BAT token is a utility token that allows users to perform transactions on the Brave Browser.

Like all crypto transactions, Utility token transactions are verified on blockchain ledgers. The supplier of the products or services provides tokens that must be utilized within the supplier’s network.

Security Tokens

These are digital, liquid contracts for parts of any asset that have value, for example, real estate, a vehicle, or corporate stock. Using security tokens implies that investors’ ownership stake is safely preserved on the blockchain ledger.

Some examples of security tokens include Siafunds (used on the Sia Network for revenue sharing) and BCAP Tokens (these are Ethereum-based smart contract digital tokens launched in 2017).

Security tokens are usually sold or auctioned in an Initial Coin Offering (ICO) or an Initial Token Offering (ITO) that permits organizations to fund-raise to finance an idea. The business offers security tokens in return for government-issued currency or other crypto assets.

The security token also provides added advantages such as casting ballot rights, benefit-sharing, or profits.

Web3 is another technology that has evolved over a period of time. Born due to a lack of trust in the internet, Web3 is your answer to unfaithful social media platforms where you cannot keep anything private.

This next-generation internet allows its users to create, control and own their identity. With better tools, Web3 will allow its users and firms to create unique content. It will enable intelligent creation that is tailored to every user.

This would give rise to content distribution platforms that help in making Web3 profitable.

Moreover, personalization would make way for more content interaction, thus, allowing brands and their audiences to ideate new co-creation tools. As these new-age technologies continue to transform various industry sectors, it is an exciting time to see their impact on the future of businesses.

(The author is CEO, Zebpay. Recommendations, suggestions, views and opinions are his own. These do not represent the views of Economic Times)


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Gamers say ‘No’ to advertising, cryptocurrency in the metaverse, new survey shows

As originally envisioned in Neal Stephenson’s novel Snow Crash, the metaverse combines virtual spaces with socialization and transactions. However, the metaverse wants to bring the element of monetisation fueled by the power of cryptocurrency and advertisements. But, not many gamers want to see advertisements in the metaverse, revealed a new survey by Globant.

According to the survey, over 35 per cent of respondents said they were comfortable with advertising in a metaverse space, while 25 per cent said they were undecided, and 40 per cent were uncomfortable.  The survey was conducted in May 2022 and includes responses from 1,000 adult PC, console, and/or mobile gamers in the United States.

The big question is: Does “free” make a difference in the metaverse? Maybe. Of those surveyed, just under half (44 per cent) would accept advertising in the metaverse if it provides free access to apps, games, or places

Users in the metaverse are also concerned with their privacy. The report notes that when questioned specifically about the tracking of the eye and head movements, nearly half (46 per cent) of respondents said they would feel uncomfortable with these measurements.

The Metaverse Awareness Survey detailed other findings focusing on play-to-earn games. According to the survey, about half of gamers are more interested in “playing” than “earning” within metaverse games, but a significant number of gamers see value in mixing playing and earning together.  But at least 49 per cent are more interested in playing, and only 11 per cent are more interested in earning. Nearly 40 per cent would like some mix of both playing and earning within metaverse games.

Just over half (52 per cent) of gamers believe the metaverse will change the video game industry and a plurality (41 per cent) think that the metaverse will have a positive impact on the industry (vs. 25 per cent who disagree). In fact, 40 per cent say the buzz around metaverse gaming is warranted, although nearly one-third (30 per cent) were undecided on that subject.

Meanwhile, the vast majority (81 per cent) of respondents have not purchased NFTs, with just 16 per cent saying they have done so.  Slightly more than one-third of respondents expressed interest in completing cryptocurrency transactions while nearly half were not interested. Men and 18-44 year-olds expressed higher levels of interest in these transactions.




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Gamers say ‘No’ to advertising, cryptocurrency in the metaverse, new survey shows

According to the survey, over 35 per cent of respondents said they were comfortable with advertising in a metaverse space

NFTs are mostly associated with digital arts and metaverse with VRs, so there might be some confusion whether there is any common ground between them in the first place. (Photo: Reuters)

As originally envisioned in Neal Stephenson’s novel Snow Crash, the metaverse combines virtual spaces with socialization and transactions. However, the metaverse wants to bring the element of monetisation fueled by the power of cryptocurrency and advertisements. But, not many gamers want to see advertisements in the metaverse, revealed a new survey by Globant.

According to the survey, over 35 per cent of respondents said they were comfortable with advertising in a metaverse space, while 25 per cent said they were undecided, and 40 per cent were uncomfortable.  The survey was conducted in May 2022 and includes responses from 1,000 adult PC, console, and/or mobile gamers in the United States.

The big question is: Does “free” make a difference in the metaverse? Maybe. Of those surveyed, just under half (44 per cent) would accept advertising in the metaverse if it provides free access to apps, games, or places

Users in the metaverse are also concerned with their privacy. The report notes that when questioned specifically about the tracking of the eye and head movements, nearly half (46 per cent) of respondents said they would feel uncomfortable with these measurements.

The Metaverse Awareness Survey detailed other findings focusing on play-to-earn games. According to the survey, about half of gamers are more interested in “playing” than “earning” within metaverse games, but a significant number of gamers see value in mixing playing and earning together.  But at least 49 per cent are more interested in playing, and only 11 per cent are more interested in earning. Nearly 40 per cent would like some mix of both playing and earning within metaverse games.

Just over half (52 per cent) of gamers believe the metaverse will change the video game industry and a plurality (41 per cent) think that the metaverse will have a positive impact on the industry (vs. 25 per cent who disagree). In fact, 40 per cent say the buzz around metaverse gaming is warranted, although nearly one-third (30 per cent) were undecided on that subject.

Meanwhile, the vast majority (81 per cent) of respondents have not purchased NFTs, with just 16 per cent saying they have done so.  Slightly more than one-third of respondents expressed interest in completing cryptocurrency transactions while nearly half were not interested. Men and 18-44 year-olds expressed higher levels of interest in these transactions.

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Will cryptocurrency market in India continue its winning streak, as investment rose 15.5x to $438.18 million in CY21

Cryptocurrency market in India posted a 15.5x increase in investment to $438.18 million in CY2021 from $28.10 million in CY2020, reveals data from start-up tracking firm Tracxn. The sector has received investment worth $139.33 million, year till date. However the sector can see a slowdown or a decline as well. “In 2022, with the law of 30% taxation and 1% tax deductible at source (TDS) being implemented the growth of cryptocurrency startups and trading volume of day-to-day traders will decline,”Avinash Shekhar, CEO, ZebPay, a cryptocurrency exchange, told FE Digital Currency. 

Furthermore, according to the World Economic Forum, while the return from bitcoin was 59.8% in 2020, the cryptocurrency sector’s total market capitalisation grew by 187.5%. 

Meanwhile, the non-fungible token (NFT) category and metaverse market received investments worth $65.60 million and $0.84 million in CY2021, respectively. This is the first year of investment for both the categories, hence comparable data isn’t available. To be sure, the sector has seen a huge interest among consumers. A study by one of the NFT companies Nonfungible.com stated that the overall trading scenario witnessed a 2,1000% spike in 2021. “NFTs and metaverse have allowed the proof of ownership for users on blockchain. In 2021, the Indian digital asset market came up with various NFT drops, as we saw Indian celebrities and brands endorsing the NFT and metaverse culture,” Ramkumar Subramaniam, co-founder and CEO, GuardianLink, a blockchain based, research and development organisation, said. 

Industry experts opined that in 2022, NFT and metaverse market will provide for more utility-oriented and user-based projects. The concept of play-to-earn will also have an impact. Besides, NFT and metaverse is expected to play a part in various government based initiatives.

Moreover, investment in the global market for cryptocurrency, NFT and metaverse market stood at $14270.38 million, $5005.67 million and $661.33 million in CY21, respectively. According to Nilesh Jahargirdar, vice-president of marketing, [x]cube LABS, a software company, India needs more investments in the blockchain technology space for it to be a global financial technology leader. “With the digital currency initiative that was announced in the budget session of 2022, I feel that the strength of Indians entering the global digital currency scenario will increase. I believe that the Indian metaverse scenario has still not become a virtual hub for all kinds of shopping and transactions,” he added.




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Cryptocurrency Arbitrage Platform Mosdex Raises $20 Million For Global Expansion | News

Helsinki, June 15, 2022 (GLOBE NEWSWIRE) — Finland-based startup Mosdex is preparing to offer a global crypto arbitrage platform with a newly raised $20 million. Mosdex raised $20 million for global expansion of its cryptocurrency arbitrage platform. Mosdex plans to expand its operations by purchasing other blockchain-based companies.

The cryptocurrency arbitrage platform Mosdex has raised $20 million for global expansion and plans to open up offices in New York, Hong Kong, Singapore, London, Tokyo and Dubai. “This funding round brings us our best balance at this time,” says Lodurr, Mosdex CEO. “It provides us with an opportunity to grow quickly as we continue our focus on product excellence and innovation in order to meet growing customer needs. We look forward to continuing to be part of the next wave of global crypto adoption.”

The team behind Mosdex plans to expand its business across Europe and beyond. Its initial markets include Germany, Poland, Czech Republic, Slovakia and Hungary, while a new office will be opened in London next year. “We have been building up our international footprint over the last year and are proud that Mosdex is now ready and able to take advantage of the opportunities available within these regions,” says co-founder and CEO. Crypto arbitrage platform startup Mosdex has raised $20 million as it expands into Europe. 

Official Announcements About Mosdex

According to the announcement, a new round of investment is aimed at responding to the growing global demand for crypto services as the crypto industry surges like a parabola with a market capitalization of $1.5 trillion. Andvari, Mosdex’s Managing Director and Chief Digital Assets Officer (CDO), said in a Medium post, “It’s easy to see the importance of Mosdex’s Crypto Arbitrage Program (MOSDEX).”

With the newly raised funds, Mosdex plans to begin expanding internationally in 2022. Mosdex spokesperson said the company wants to take advantage of the European market as its first destination. The company will also launch a cryptocurrency arbitrage solution in line with European cryptocurrency regulations later this year. The Mosdex company boasts an “unique way to buy and sell digital currencies without impacting the current price or order flow.”

Mosdex’s cryptocurrency arbitrage platform, launched in 2022, is designed to automate cryptocurrency arbitrage platforms for cryptocurrency exchanges, consumers and institutions. Developed by a group of developers with expertise in finance, machine learning, and blockchain engineering software, the solution allows users to easily conduct cryptocurrency arbitrage.

The Mosdex arbitrage platform is pushing ahead with the private blockchain era, and in the second half of this blockchain era, the platform is stable and can handle excessive transactions. Mosdex platform is a well-developed cryptocurrency exchange arbitrage platform worldwide in the cryptocurrency ecosystem.

According to the Medium article, Mosdex secured funding in a Series A round led by Evli Bank PLC. Additional investors included the venture division of Lifeline Ventures, leading industrial companies such as NordicNinja VC, and private cryptocurrency investors such as Petteri Suorsa, Magnus Eskelinen and Jouni Väisänen.

“We worked hard to create our own gadgets and improved the richness of the platform. We are constantly updating our utilities to make sure we have purchased the goods and are selling well and accurate,” says a spokersperson at the company.

The next Mosdex milestone is to prepare a variety of products, budgets, and derivative tools for the market. MOSDEX aims to provide investors with an arbitrage strategy that is consistent with market trends. 

support@mosdex.com

Copyright 2022 GlobeNewswire, Inc.


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‘META’ Tarding Ticker For Meta Platforms From June 9; Metaverse Rebrand

'META' Tarding Ticker For Meta Platforms From June 9; Metaverse Rebrand

Meta Platforms to trade under ‘META’ ticker from June 9

Meta Platforms Inc said on Tuesday its Class A common stock will begin trading on the Nasdaq under the ticker symbol ‘META’ prior to market open on June 9, replacing its current ticker symbol ‘FB’.

The company changed its name from Facebook Inc to Meta Platform Inc in October last year in a rebrand that focuses on building the “metaverse,” a shared virtual environment that it bets will be the successor to the mobile internet.

The current ticker ‘FB’ has been in use since the company’s initial public offering in 2012.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)


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NASA to Develop Martian Metaverse to Help in Training Exercises

US space agency NASA recently partnered with American video game company, Epic Games, and Buendea to create a new Virtual Reality (XR) research, development, and testing environment for preparing for the experiences and situations that will be encountered on real Mars. Buendea is a group dedicated to technical innovation and breakthroughs in real-time graphics for XR simulation, training, and education. NASA has posted the entire process of attracting developers to help build Martian metaverse experience as a challenge on Herox website. Herox is a crowdsourcing problem-solving platform.
The challenge seeks to achieve the following goals:
– The challenge will involve developers to create new assets and perform tasks like designing essential environments for Martian astronauts .
+ This would mean developing Mars XR Operations Support System (XOSS) environment, using Epic Games’ Unreal Engine 5.
+ Epic Games’ Unreal Engine is the world’s most open and advanced real-time 3D tool which is used by creators across various sectors to deliver cutting-edge content.
– The challenge seeks to populate the already existing Mars XR world having 400 km2 of realistic, researched Mars terrain, realistic weather conditions with Martian gravity and existing assets, such as suits and rovers.
– The challenge will include various tasks, including designing several key environments for Martian astronauts, which will be rendered using Epic Games’ Unreal Engine 5 to provide a realistic environment.
– It calls for developers who can facilitate NASA in building Virtual Reality (XR) assets and scenarios.
– These will be used by NASA in research focused on extravehicular activities (EVAs) on the surface of Mars that will be used to check procedures and plan for conditions while on Mars.
– The goal is to create an immersive, engaging, and realistic experience.
– The participants can take part in 5 different categories which are Set Up Camp, Scientific Research, Maintenance, Exploration and Blow Our Minds.
– Each category will have four prizes, with the overall category winner receiving $6,000.
– The total prize amount for the challenge is $70,000, shared between twenty 20 individual prizes.
The challenge has attracted 36 teams and 324 innovators who are working on building the Martian environment according to the Herox website.
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Standard Chartered Bank becomes the latest major bank to enter metaverse

The subsidiary of British multinational banking and financial services company, Standard Chartered Bank Hong Kong (SCBHK) recently became the latest major bank to embrace the technology of metaverse. The bank has partnered with decentralized virtual gaming company Sandbox for creating metaverse experiences. SCBHK acquired virtual land at the Sandbox metaverse’s Mega City district, a culture hub based on or inspired by Hong Kong talents. The bank announced the partnership on its website on April 25.
The announcement laid open the following information about the recent metaverse deal of SCBHK:
– SCBHK aims to experiment and build new experiences for clients besides bringing the local sports and art communities into the metaverse through its partnership with Sandbox.
– It will be supervised by SC Ventures, Standard Chartered Group’s innovation, fintech investment and ventures arm to engage actively with its clients, partners, staff, and the tech community.
– SCBHK, along with SC ventures, will search for co-creation opportunities in metaverse.
– SC Ventures has been investing in disruptive financial technology and exploring alternative business models for the Bank.
– The announcement confirmed that SCBHK is the first bank to acquire virtual land at The Sandbox metaverse’s Mega City district.
HSBC was the first financial services holding company to partner with The Sandbox in March 2022. Other major global banking entities that followed the trend were JPMorgan and Fidelity Investments. JP Morgan opened a lounge in the blockchain-based virtual world, Decentraland in February thai year, and Fidelity Investments launched multi-level learning centers in Decentraland.
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Trending Metaverse 3D Design Experience NFT Artist in the kn…

(MENAFN– EIN Presswire)

Kaballah Tree of life NFT Design Experience designs for the metaverse

Seven Seafarers of the Seven Seas

3D experience designs by Claude Edwin Theriault of MBF-Lifestyle East Coast

Metaverse NFT Creator Brand Logo trends to watch after Ethereum 2.0 update June 2022.

The science of Influence and the Influence of Science” — Claude Edwin TheriaultST BERNARD, NS, CANADA, April 14, 2022 /EINPresswire.com / — With the history-making Ethereum2.0 Serenity Merge soon to be finalized and transferred from proof of work to proof of stake Beacon chain it’s all gonna shine.
Since people are now paying more to flaunt their wealth in a virtual world than they are in the real world. NFTs facilitate e-commerce between the real world and virtual worlds hence the reason they are so very much in the brokerage news.

Influencers in pursuit of experience design Brand logos possessing that elusive“Je ne Sais quoi” quality of the mystic and intrigue; with a good visual narrative has on us all. Via the emotional or spiritual value attributed to a work of art because of its beauty; and its capacity to bring pleasure to the viewer, hence it’s provenance.

Like digital property rights to the artworks, Claude Edwin Theriault of MBF-Lifestyle East Coast has been doing for close to half a century.
Platinum winner of the 3D motion Graphics award in the competitive Hermes Creative Design Award competition, that introduced design with meaning
to a worldwide audience looking for BlockFi Personalized Yield-like ROI.

With an ever-growing circle of savvy minds discovering their massive transformational value.
In the shifting mainstream Art Gallery scene that is in need of a Fourth Turning Reboot.

This can be done with fractionalization where one can do an ICO Initial Coin offering and have investors buy shares or fractions of an art piece, like Initial public offerings offering a share of a company.
These Blue chip NFTs have risen to the same level of provenance and prominence as the physical art created by the most famous artist in history; in a fraction of the time.
Due to Reg CT which has been a game-changer for regular investors.Who now have a safe way to invest in early private market deals, via the lucrative equity crowdfunding deals at Wefunder; who helped write the JOBS Act.
NFT Plaza news will tell you Virtual Blockchain Worlds (VBWs) are the new social platforms they are not games. they are owned players and investors not one company.
In the past companies that created centralized virtual worlds and games owned all of the content hosted non their servers. When players paid for in-game features they could only use them there, now players can bring their own NFT property into the sphere own it, and even the virtual real estate“land” it is built on; then even resell it if they wish. It is a form of democratic freedom mainstream media does not have to offer. Hence the reason for their inevitable demise of mainstream media by this very disruptive game-changer technology.

The role of blockchain technology is managing the true ownership of the Intellectual NFT property and preventing forgeries, hence the MBF-Lifestyle interest in this sphere.
Virtual real estate land is like purchasing 3D web 3.0 space a form of website hosting in the former Web 2.0 world. Instead of overpriced yearly hosting fees, you have a one-time deploy fee that is much lower and lasts forever, in your new Decentraland, Somnium, or Cryptovoxels VR worlds to discover.

A good guide to help navigate its realm is the ancient Hermetic Axiom that states. The All is Mind; the Universe is Mental. This first principle embodies the truth that ‘All is Mind. ‘ Meaning, the Universe itself, at an underlying and foundational level, is Mental. That all phenomena of life, matter, and energy of the material universe are thoughts of an infinite and universal, living Mind.Something to be conscious of in navigating this new VR and AR world
Also As above, so below; as below, so above. It is of prime importance to have a relevant mindset to remain stable in the evolving metaverse trends.
Due to its very immersive nature, it will swallow a lot of people alive, keep them in immersive PODs like in the matrix movie. Where we attain singularity in time with Artificial Intelligence becoming smarter than Humans Intelligence.

Resulting in an intelligence explosion, an upgradable intelligent agent will eventually enter a ‘runaway reaction’ of self-improvement cycles, each new and more intelligent generation appearing more and more rapidly, causing an ‘explosion’ in intelligence and creativity.
Leaving it up to you to change your mood or mental state—as well as change your vibration so as to prepare yourself for the meta-reality. Replacing the Take-Make-Break-Dispose model with a more circular recycle cycle to it.
So take a deep breath and prepare for visual impact with the virtual VR-AR NFT design artist in the meta-reality of the new SapientX A..I am voice savvy
Metaverse.

This progress we are seeing can be attributed to the ever-improving NVIDIA Omniverse real-time graphic processing (GPU0 units, the stunning vistas found in 3D Photorealistic Engine 5, faster content generation through Volumetric Video tools like Arcturus enabling creative artist types to edit and stream volumetrically captured experiences with live-action performances like never before.
AI-driven Virtual Characters in world.ai are all part of the increasing prevalence of cloud computing and 5G, as well as more sophisticated and better-understood blockchain infrastructure.
VR and AR headsets are on track to surpass global gaming shipments with the mass adoption is revolutionizing the human digital experience and is the entry point of choice to the metaverse. Rendering the proverbial handheld smartphones practically obsolete

So buyers and consumers need to beware in choosing your Talisman Mojo archetypal power sources; via NFT Design artwork galleries in the know; beyond the realm of shallow Influencers falling by the wayside in the shift of the Fourth Turning Winter season cycle we are in until 2027-2030 A.D.

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Meta Seemingly Creating ‘Zuck Bucks’ But It’s Not a Cryptocurrency

Meta (formerly Facebook) had once planned to launch its own cryptocurrency named Libra. While the Libra project has faded below other projects like the metaverse, the company has not given up on the whole blockchain space with its metaverse and NFT plans for Facebook and Instagram. According to a report in Financial Times, the Facebook parent company is working on a virtual currency that the employees are calling “Zuck Bucks,” named after Meta CEO and founder Mark Zuckerberg.

According the report, Zuck Bucks are unlikely to be a cryptocurrency. It says that Meta is leaning towards in-app tokens that will be centrally controlled by the company, similar to those used in games like Roblox. The popular children’s game Roblox has an in-game currency named Robux and the gaming company has built a huge business selling Robux. The Instagram parent company may try to emulate some of that success on its own platforms.

ALSO READ: Facebook Owner Meta Briefly Blocks Hashtags Tied to Bucha Killings

The report in FT, citing a memo, says that Meta may be planning to launch a pilot for posting and sharing NFTs on Facebook in mid-May. Soon after, Meta will test allowing membership of Facebook groups based on NFT ownership and another for minting NFTs. Zuckerberg announced in March that the company is bringing NFTs on Instagram as well. Further, the report says that Meta is exploring “social tokens” or “reputation tokens” which could be issued as rewards for meaningful contribution in Facebook groups.

In a statement to The Verge, a Meta spokesperson said that the company has no update to share as of now, but it continously considers new product innovations for people, businesses, and creators. The spokesperson also stressed on the company’s focus on building the metaverse as of now.

ALSO READ: Meta Says COVID Booster Shots Not Needed for Employees in U.S. Offices

WATCH VIDEO: Why Smartphones Are Becoming Expensive In India, Explains Xiaomi India COO Muralikrishnan B

This means that we will have to wait to find out what this Zuck Bucks project will bring – if it will be a cryptocurrency only or an in-app token, as predicted by the Financial Times report.

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