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The Metaverse
Web 3.0 update – June 2022
13/06/2022
Web 3.0 is a term that is seemingly everywhere in 2022, but what is Web 3.0? Web 3.0 represents the next phase or development in the evolution of the web/internet. This shift is shaping up to be the biggest evolutionary development of the internet yet and is built upon the core concepts of decentralization, openness, and greater user utility.
June 2022 has seen some big news emerging from Web 3.0 and features many well known companies and people such as Samsung, Meta (Facebook) and Kanye West. In this article we will take a look at some of the biggest headlines relating to Web 3.0 from June 2022.
What is Web 3.0?
Some of the key features of Web 3.0 are the Metaverse, Non-Fungible Tokens and Decentralised Autonomous Organizations (DAOs).
For more information on these topics, please check out our articles on the following topics.
Web 3.0 is constantly evolving and there is always some exciting news and developments occurring. In this article we will take a look at some of the biggest developments to have happened over the past 2 weeks.
Samsung launches a Discord channel
Following Samsungs successful ventures in the Metaverse with the launch of a flagship branded store in Decentraland and Samsung Galaxy on Roblox, the South Korean tech company has announced the lauch of their Discord Channel.
Samsung hopes to use Discord to from deeper connections with consumers and cultivate a community of creators. They also hope to promote interaction between their users and provide exclusive access to products, events, non-fungible tokens (NFTs), and other Web3-based items.
Meta to launch Crayta
Meta (Facebook) has launched its new Web 3.0 experience ‘Crayta’ on Facebook Gaming. Crayta allows players to create, share, and play games with friends.
Crayta is coming to Facebook Gaming’s cloud-streaming service. The platform is built on the Unreal Engine 4 and features a library of thousands of unique games made by the players.
Crayta allows players to share their game with a single link, allowing their friends to be able to join and play together.
Web 3.0 could generate over $10 Trillion within the next decade
A new white paper recently published by the Analysis Group, entitled “The Potential Global Economic Impact of the Metaverse,” has claimed that the metaverse could eventually contribute over $10 Trillion to the global GDP within the next decade.
Kanye West to launch his own NFTs?
Kanye West appears to be about to enter the NFT game. Kanye West has recently filed trademarks with the USPTO, which includes references to “non-fungible assets” and “metaverse experiences.” One of the submitted filings references plans for “providing an online marketplace for buyers of crypto and/digital collectibles, currencies, tokens, and assets.”
The Weekends next tour to be powered by Crypto
Global superstar, The Weekend has announced that Binance will sponsor his ‘After Hours Til Dawn World Tour’, which begins in July. Binance released a statement saying this collaboration will be the first global concert tour to take advantage of Web3 technologies for fan experiences.
Reports suggest that Binance will work together with a company called HXOUSE community incubator to develop an NFT collection based on The Weeknd and the tour, along with co-branded merchandise. Concert-goers will also receive a virtual ticket stub that can be exchanged for commemorative NFTs.
New York property being sold as an NFT
A property in New York has become the first commercial property to be listed as an NFT. The owners of the property, Okada are selling 109-111 West 24th Street in Chelsea, NYC for 15,000 ETH (or approx $27.5M USD).
The NFT property has been listed on OpenSea and the listing will provide the Purchaser exclusive rights to acquire the building all its uses rights & related deed covenants.
Leading global financial institutions Citadel, Fidelity and Charles Schwab are creating a Crypto trading platform
Reports from Bloomberg have revealed that Citadel and Virtu Financial are building a crypto trading platform along with brokerages Fidelity Investments and Charles Schwab. The plan is to develop a crypto offering with help from Fidelity and Schwab that would increase access to digital assets.
In conclusion
The Metaverse continues to grow at an impressive rate and offers a great many opportunities for everyone including regular guests in the Metaverse and companies looking to expand. Big name brands are expected to keep embracing the Metaverse and more and more virtual experiences are expected to open.
If you are interested in learning more about how your business could get involved with the Metaverse, why not book a Consultation with one of our Blockchain experts here
Please note that this article is for information purposes only and does not constitute legal advice.
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