Lifeboat Foundation

Ask 50 people what the metaverse means, right now, and you’ll get 50 different answers. If a metaverse is where the real and virtual worlds collide, then Instagram is a metaverse: you create an avatar, curate your image, and use it to interact with other people. What everyone seems to agree on, however, is that it’s worth money. Epic Games and the recently rebranded Facebook are investing billions a year in this idea. When Microsoft bought video game publisher Activision for $70bn last week, it was described as “a bet on the metaverse”.

The tech world seems to be leaning towards some kind of early 00s conception of wearing a VR headset and haptic suit and driving a flying car towards your perfect pretend mansion in a soothingly sanitised alternate reality, where you can have anything you want as long as you can pay for it. Look at Mark Zuckerberg’s now-infamous presentation of the future of his company, with its bland cartoonish avatars and emptily pleasant environments. It is the future as envisioned by someone with precious little imagination.

I do not deny that some people want this vision. Ready Player One was a runaway hit. But the metaverse as envisioned by the people currently investing in it – by tech billionaires such as Zuckerberg and Activision CEO Bobby Kotick, by techbro hucksters selling astonishingly ugly generative-art NFTs and using words like “cryptoverse” – can only be described as spiritually bereft. It holds no interest for me.

China has designated some cities and entities to trial blockchain applications, underscoring the importance Beijing is attaching to this particular technology.

In 2019, President Xi Jinping called on China to “seize the opportunities” presented by blockchain, giving his personal backing to the technology.

The Chinese capital Beijing and mega city Shanghai as well as Guangzhou in the south are all part of the pilot projects. Local government departments, universities, banks, hospitals, car companies and power firms are among the 164 entities chosen by China to carry out trial blockchain applications.

Google/Alphabet is going into blockchain.

Google already provides services to blockchain companies such as Dapper Labs. It will be hiring experts to win more business in the emerging category.

No matter how big that number sounds, it isn’t much compared to standalone blockchain-based games. Axie Infinity, an NFT-focused video game developed on the Ethereum network, surpassed $1 billion in total trade volume in August 2021, perhaps the most prominent 30-day period in the history of NFTs.

With so much interest in NFTs, it’s only natural that developers have begun to develop the infrastructure necessary to handle what will undoubtedly become a massive secondary market for these assets. In addition, holders want real tangible benefits to holding NFTs, and in a crowded gaming market, new entrants need to differentiate to survive.

2022 is likely the year NFT games become more mainstream, especially now that many crypto investors own these assets. And real innovation, not just in NFTs but in gameplay and mechanics themselves, will be the driving force.

Major brands are also getting into the NFT mix, including Dolce & Gabbana, Coca-Cola, Adidas, and Nike. In the future, when you buy a physical world item from a company, you might also gain ownership of a linked NFT in the metaverse.

For example, when you buy that coveted name-brand outfit to wear to the real-world dance club, you might also become the owner of the crypto version of the outfit that your avatar can wear to the virtual Ariana Grande concert. And just as you could sell the physical outfit secondhand, you could also sell the NFT version for someone else’s avatar to wear.

Continue reading “The Metaverse Is Money and Crypto Is King—Why You’ll Be on a Blockchain When You’re Virtual-World Hopping” »

A new “crypto winter” could be around the corner after a huge crypto price crash has wiped $1.5 trillion from the combined cryptocurrency market —hitting bitcoin, ethereum, BNB, solana, cardano and XRP hard.

Subscribe now to Forbes’ CryptoAsset & Blockchain Advisor and discover hot new NFT and crypto blockbusters poised for 1,000% gains

The bitcoin price has this week fallen to levels not seen since July last year, losing 20% over the last week and dropping to half its all-time high of almost $70,000. Other top ten cryptocurrencies ethereum, BNB, solana, cardano and XRP have all lost between 20% and 30% from their price this past week (with Wall Street giant JPMorgan issuing a stark ethereum price warning).

It is clear to see that the variety of businesses, individuals, and entities that could potentially operate in the metaverse is vast. The widespread use and acceptance of decentralization through the growth of crypto, NFTs, and DeFi point to a fully-realized future operating outside of the parameters of today’s established markets.

Evidently, therefore, the metaverse is not a sci-fi fantasy conjured up in a dystopian novel, but a more tangible and natural progression for the current structuring of the internet. The founding principles of the metaverse have already been introduced in many ways. Now its development centers on blockchain technology and DeFi to propel it from the conceptual stage towards the implementation phase. This development will allow us to firmly realize the true extent that the metaverse will impact our lives.

The gaming industry is one such sector that stands to benefit greatly from developments arising in the metaverse. Gaming skins, which are in-game avatar outfits, are expected to trade at a level of $40 billion every year. Eighty-one percent of players aware of these skins want to trade them for real-world money, according to a report from DMarket. Currently, there is no method of transferring skins across gaming universes or trading them for currency. In the metaverse, however, as every separate gaming universe is connected through a decentralized economy, this would be possible. The use of metaverse-based banks would also enable transactions like these.

Tech companies continued to draw criticism for their roles in political and social scandals, most notably when whisteblower and former Facebook employee Frances Haugen testified to lawmakers. Undeterred, Facebook rebranded itself Meta and said it would now focus on building the metaverse. Twitter CEO Jack Dorsey stepped down and likewise changed the name of his company Square to Block in a not-so-subtle nod to the blockchain.

Meanwhile, volatile cryptocurrencies set new records, their prices jumping and crashing on a tweet. NFTs, a once-obscure type of cryptoasset, went on an eye-watering tear as redditors pushed meme stocks skyward. It was also the year of ever-bigger AI. Machine learning models surpassed a trillion parameters, designed computer chips, and tackled practical problems in biology, math, and chemistry. Elsewhere, billionaires went to space, regular folks bought 3D printed houses, fusion power attracted billions in investment, gene editing trials hit their stride, and “flying car” companies hit the New York Stock Exchange.

For this year’s list of fascinating stories in tech and science, we sifted our Saturday posts and selected articles that looked back to where it all began, glanced ahead to what’s coming, or otherwise stood out from the chatter to stand the test of time.