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news – Metaverse
This week in Web 3.0: February 2022
18/02/2022
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. The current internet is defined as Web 2.0, but we are now seeing the shift towards Web 3.0. 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.
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.
JPMorgan has become the first bank to embrace the Metaverse
The largest bank in the USA, JP Morgan, has become the first bank to establish a presence in the Metaverse. JP Morgan has officially opened the Onyx lounge for their users in one of the largest Metaverses, Decentraland.
JPMorgan also released a white paper exploring how businesses can find and take advantage of the opportunities available within the Metaverse.
The Marshall Islands officially recognizes DAOs as legal entities
The Republic of the Marshall Islands, a country in the Pacific Ocean, has passed legislation which formally recognizes Decentralized Autonomous Organizations (DAOs), as legal entities. By becoming the first country to pass such legislation and legally recognize a DAO as a legal entity, collectively owned and managed blockchain projects such as DAOs have been granted formal recognition on the global stage.
This legislation passed by the Marshall Islands will allows any DAO to register and establish operations in the Marshall Islands.
Fast food chain, McDonald’s has officially filed trademarks for virtual restaurants in the Metaverse
McDonald’s has recently filed ten trademark applications to the US Patent and Trademark Office (USPTO) for their brands McDonald’s and McCafe.
The trademark applications filed by McDonalds cover virtual food and beverage products, which take the form of an NFT. McDonalds plans to open a virtual restaurant online which features the possibility of home delivery. The trademark application also suggests that McDonald’s are planning to host their own online actual and virtual concerts in the Metaverse.
Shiba Inu will release virtual land in the metaverse
The team behind the Cryptocurrency, Shiba Inu are set to offer plots of virtual land for sale in a soon to be released metaverse.
A quarter of people will have spent time in the Metaverse by 2026
Leading research company Gardner has been studying the Metaverse and its expected effect. Their recent study expects that one in four people will spend at least one hour a day in the metaverse by 2026. This hour will be spent either working or socialising.
Furthermore, by 2026 Gartner expects that 30 percent of the organisations in the world will have products and services ready or available for use in the Metaverse.
Samsung launch their new flagship phone, the Galaxy S22 at a launch event in Decentraland
Electronics giant Samsung have unveiled their new flagship phone, the Galaxy S22 at an event help in its virtual Samsung 837X space in Decentraland.
There were over 100,000 users in attendance at the “Samsung Unpacked 2022: The Epic Standard of Smartphone Experiences”. This event is one of the most visited events in Decentraland’s history.
Miller Lite opens a virtual bar in the Metaverse
One of the most popular beers in the United States, Miller Lite has opened the very first branded bar in Decentraland. This experience was designed as a way to advertise Miller Lights during the Super Bowl without needing to buy a TV commercial, which costs millions of dollars.
Gucci buys land in The Sandbox
Luxury fashion brand, Gucci announced that they have purchased land on the popular Metaverse, The Sandbox. The amount of land purchased by Gucci has not been disclosed.
Gucci plan to use this land to create themed experiences on The Sandbox inspired by its “Gucci Vault” platform. The Gucci Vault will feature items like Gucci-themed NFTs and vintage bags.
In conclusion
The Metaverse continues to grow at an impressive rate and offers a great many opportunities for potential for everyone including regular guests in the Metaverse and companies. 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
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