Category: Metaverse

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30 Years After Coining the Term ‘Metaverse’, Neal Stephenson Launches Blockchain ‘Lamina1’

Thirty years ago, American cyberpunk science-fiction author Neal Stephenson conceived the term “metaverse” in his 1992 bestseller Snow Crash. Now he’s bringing the concept to life.

Stephenson and crypto trailblazer Peter Vessenes, original convenor of the Bitcoin Foundation, this week announced the joint creation of their metaverse-specific blockchain, Lamina1, with Vessenes named as CEO and Stephenson chairman of the project:

Testnet, Betanet Set for Later This Year

The testnet and betanet of Lamina1 are scheduled to be launched later this year, with the pair’s ultimate goal to create a fully immersive 3D open metaverse directly inspired by Stephenson’s novel.

The “provably carbon-negative” Lamina1 chain will offer high transaction volume and an economic design with new incentive mechanisms to help create what its architects describe as thriving, vibrant economies for creators and entrepreneurs.

Vessenes says the first iteration of the blockchain will be “somewhere between a friendly fork and partnership” of Avalanche, though nothing is set in stone as yet.

We Just Want to ‘Build Cool Stuff’

“When I look at the things that have made the top chains work, it’s really just how successful they’ve been at getting their communities all the resources they need, and just helping them succeed,” Vessenes adds. “What we’re wanting to do is bring in very, very high-quality IP partners, enterprise partners, help everybody meet each other and just build cool stuff.”

Financial backers of the project already named include Ethereum co-founder Joseph Lubin, PSL co-founder Geoff Entress, Bloq chairman Matthew Roszak, Transparent Systems president Patrick Murck and blockchain pioneer David Johnston.

The Multi-Trillion-Dollar Frontier

Last month, an Analysis Group report estimated that the metaverse could make a US$3 trillion GDP contribution in its first decade. Goldman Sachs is even more bullish, predicting as much as US$8 trillion in potential earnings. And JPMorgan – another global investment bank – believes the metaverse is likely to infiltrate every sector in coming years, having entered the Web3 space with its own virtual Decentraland lounge in February.

Of course, such continued exponential growth is only likely if the industry reaches its expected potential.

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Snoop Dogg to Open Bored Ape-Themed Dessert Restaurant

Superstar rapper, recording mogul and NFT enthusiast Snoop Dogg has linked up with the Food Fighters Universe team to launch “an immersive retail dessert experience” to be known as Dr Bombay’s Sweet Exploration.

Food Fighters Universe is the team behind Bored Ape Yacht Club-themed fast food restaurant Bored & Hungry, which opened in Los Angeles earlier this year.

A Bored Ape Eatery in All But Name

As the owner of a Bored Ape NFT, Snoop Dogg is lending the name of his BAYC avatar, Dr Bombay, to his eponymous sweets-only eatery. BAYC, created by Yuga Labs, grants its NFT holders the right to commercialise their owned images. So while Snoop’s project is not an “official” Bored Ape restaurant, the rapper is within his rights to attach his own NFT image to it and trade on BAYC goodwill.

Snoop rules the metaverse.

Like Bored & Hungry, Dr Bombay’s Sweet Exploration will feature branding and decor inspired by Bored Ape and Mutant Ape Yacht Club NFTs owned by the restaurant’s creators. Food Fighters Universe also plans to launch its own NFTs providing a range of benefits around its fast food outlets.

Last year, Snoop Dogg outed himself as the owner of an NFT collection worth US$17 million. In February, the rapper announced his acquisition of famous hip-hop recording entity Death Row Records, which he planned to turn into the world’s first NFT music label. “I want to be the first major in the metaverse,” Snoop said at the time.

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Australians Lag Developing Nations in Metaverse Awareness, Report

Compared to developing nations, a recent report by Ipsos has found that only 44 percent of Australians are familiar with the metaverse.

In a global survey on the state of new technologies around the world, Ipsos found that people across the planet have different levels of excitement around technology, however almost all agree that it has and will continue to profoundly impact their lives.

Less than half the Australian cohort surveyed (44 percent) expressed familiarity with the metaverse, while only 36 percent expressed positive feelings about engaging with the metaverse in their daily lives.

Zooming out, roughly 50 percent of adults across 29 countries said they were familiar with the metaverse and had positive things to say about engaging with it:

Ipsos
Percentage positive feelings engaging with “extended reality” in daily life. Source: Ipsos

Key Australian Findings

Some of the more interesting findings in relation to Australians surveyed include:

  • 80 percent said they were familiar with virtual reality (VR), compared to 51 percent of those familiar with augmented reality (AR);
  • males tended to be much more positive toward extended reality relative to females (42 percent vs 29 percent); and
  • over the next decade, participants surveyed saw the metaverse applications as having the biggest impact to include virtual learning (65 percent), digital health resources (61 percent), and digital entertainment in virtual reality (60 percent):
Metaverse applications in next decade. Source: Ipsos

Developing Nations Ahead of Australia

Unsurprisingly, there were vast differences in both metaverse familiarity and excitement, depending on demographics, nationality and socio-economic factors.

Interestingly, excitement about extended reality is significantly higher in emerging countries than it is in most high-income countries. In addition, levels of familiarity with VR, AR and the metaverse show a similar pattern. Ipsos’ Australian director, David Elliott, noted that:

The findings from this latest global survey show that Australia is well behind a lot of countries around the globe in terms of our familiarity with extended reality and our feelings towards it.

David Elliott, director, Ipsos Australia

Elliott added: “What we know from other research is that as familiarity improves, so too does the potential for trust and positivity. As we hear more about these technologies and learn more about them, it is likely we will become more positive about them and their potential to hopefully have a real impact on our lives.”

Despite Australians lagging behind in crypto awareness, according to one recent report, one forward-thinking indigenous community has embraced the metaverse in a big way and established its own cultural embassy and digital currency.

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Metaverse Presents a $3 Trillion Opportunity, According to Analysis Group Report

The metaverse is proving its popularity, according to data contained in a recent report from the Analysis Group that estimates the so-called “internet on steroids” could make a US$3 trillion GDP contribution in its first decade.

Augmented Reality and Visions of a Dystopian Metaverse - Digital Bodies https://www.digitalbodies.net/augmented-reality/augmented-reality-and-visions-of-a-dystopian-metaverse/
The metaverse, a $3 trillion opportunity in 3D.

Opportunity in the Metaverse

The report suggests that metaverse adoption could “contribute 2.8 percent of global GDP in the 10th year after the adoption begins”, providing adoption starts this year. However, such growth is only likely if the industry reaches its expected potential:

Analysis Group is not the only company assessing the latent profitability of the metaverse sector. Global investment bank Goldman Sachs predicts as much as US$8 trillion potential earnings. More conservatively, leading crypto asset manager Grayscale foresees a US$1 trillion opportunity. Regardless, JPMorgan – another global investment bank – believes the metaverse is likely to infiltrate every sector in coming years.

Metaverse Success Stories

Lately, the metaverse has been gaining traction through several differing channels. Most recently, Mark Zuckerberg’s Meta (formerly Facebook) launched a metaverse-themed store in San Francisco. The store incorporates wall-to-wall LED screens displaying what users could witness through VR headsets, with the aim of providing interactive demos to anyone interested.

Also this year, metaverse token ‘CEEK VR’ surged by 100 percent following the exposure it gained at the 2022 Grammy Awards. CEEK hosted a booth at the event which evidently attracted the attention of many investors, successfully driving sales.

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Crypto News Metaverse NFTs

Morgan Stanley Says NFTs Could Be Next After UST Collapse

Morgan Stanley has warned that NFTs could be next to collapse after seeing what went down with the collapse of UST.

The US multinational finance giant, which has admitted crypto isn’t just a fad and also recently proclaimed that the metaverse is the next big investment theme, issued its warning to holders of digital assets as the great crypto crash of 2022 continues:

Non-Fungible Tokens Next to Fall?

In a Fortune report issued last week, it was noted that steep declines in Bitcoin, Ethereum and other tokens were not associated with the decline in equity markets. Instead, prices were subject to investor “speculation, with limited real user demand”, according to crypto analyst Sheena Shah.

However, such speculation is not limited to cryptocurrencies, with both NFTs and digital real estate in the metaverse affected. Shah noted that most holders bought NFTs with the expectation that they would appreciate, but at the moment that is simply not happening.

Overall, this year has not been kind to the NFT market. Total NFT transaction activity declined from US$3.9 billion to US$964 million from mid-February to mid-March. That’s not to say all NFTs are suffering equally – recent high-profile NFT collections such as Moonbirds, and the metaverse land sale for Otherdeeds, have done major business.

According to Modesta Masiot, finance director at NFT raking platform DappRadar, most NFT trading was centred on “blue-chip” NFT collections such as CryptoPunks. She added: “NFTs look to be entering perhaps one of many maturity stages. We expected this and believe it’s a normal development in such technology.”

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Crypto News Metaverse NFTs Virtual Reality

Sony Partners with Theta Labs to Launch Interactive 3D NFTs

NFTs are set to go 3D as the result of a partnership between Sony and Theta Labs that has revolutionary ramifications for how future viewers engage with the metaverse.

The Theta Project will take the form of a decentralised video streaming and/or delivery network with its own native crypto asset, THETA. Associated NFTs will be crafted for the Sony Spatial Reality Display (SRD) and are designed for three-dimensional viewing. They will also be available in 2D versions:

Sony’s SRD is a tablet-like device that leverages technologies such as augmented reality and 3D enhancements. The Japanese multinational’s official YouTube channel has issued a video that showcases the device:

Nick Colsey, Sony’s VP of business development, believes NFTs will only enhance the SRD experience:

Immersive, three-dimensional NFTs are a great way to showcase the potential of Sony’s SRD for metaverse enthusiasts and collectors. Theta’s NFTs are the latest way we can show our rapid adoption of metaverse-friendly technology.

Nick Colsey, VP of business development, Sony Corporation

No Need For Designated 3D Eyewear

The revolutionary aspect of the SRD monitor is that it allows the viewer to partake in 3D experiences without the need for traditional 3D accessories such as glasses or goggles. Instead, the device tracks eye movement and automatically adjusts the 3D display as the viewer moves.

As Theta Labs’ co-founder and CEO Mitch Liu notes, “the metaverse is already 3D”, which opens up the need for users to be able to “visualise and showcase their NFTs in a way that has a physical presence”.

Release Date TBA

Sony and Theta will jointly release an NFT called ‘The Tiki Guy’, which takes the form of a 3D tiki mask. Only 10 of these NFTs will be minted. All NFTs (including the 2D versions) will be released on ThetaDrop, Theta Labs’ NFT marketplace. When? “Later this year” is as accurate as the forecast gets.

In February, Samsung’s South Korean customers who ordered the new Galaxy S22 smartphone or S8 tablet were able to collect Theta-based NFTs with their purchases. And almost a year ago, Sony Interactive Entertainment published a patent application for an eSports betting platform that would support Bitcoin payments.

It’s clear on the evidence of their latest partnership announcement that both Sony and Theta are marching deeper into crypto-based leisure territory. With Sony’s net profit down 12 percent year-on-year according to fiscal Q1 figures, perhaps Theta’s NFTs will prove just the tonic.

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Gucci to Begin Accepting Bitcoin in Some Stores

Luxury high-end international fashion brand Gucci is set to accept various cryptocurrencies including Bitcoin, Ether, and even Dogecoin in some of its stores in North America.

Gucci will start accepting cryptos in five of its stores across the US later this month. The locations are New York City (Wooster Street), Los Angeles (Rodeo Drive), Miami (Design District), Atlanta (Phipps Plaza), and Las Vegas (The Shops at Crystals).

The stores will accept include Bitcoin, Bitcoin Cash, Ethereum, Wrapped Bitcoin, Litecoin, Dogecoin, Shiba Inu, and five stablecoins that are pegged to the US dollar.

Crypto Provides an ‘Enhanced Customer Experience’

According to Marco Bizzarri, president and CEO of Gucci, the brand is “always looking to embrace new technologies when they can provide an enhanced experience for our customers”. He added:

Now that we are able to integrate cryptocurrencies within our payment system, it is a natural evolution for those customers who would like to have this option available to them.

Marco Bizzarri, president and CEO, Gucci

Gucci has been active in the Web3 and NFT space and recently established a Web3-focused team and released a couple of NFTs. The brand is also extending its crypto efforts to the metaverse where it is developing digital real estate in the decentralised blockchain game The Sandbox. Further, Gucci is building a virtual “Gucci Vault” for Gucci-themed NFTs.

More and More Companies Accept Crypto Payments

Gucci joins a raft of companies that accept crypto as payment. Last year, Crypto News Australia reported that a real estate company in Los Angeles would allow its tenants to rent properties with Bitcoin, starting with the Grove shopping centre and other LA properties.

Many companies in Australia are also accepting cryptocurrencies as payments. You can now order a custom-built PC, buy dog food, design a custom home, get solar power and pay for almost everything in Bitcoin.

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ApeCoin Integrates with Polygon After NFT Mint Disaster

ApeCoin (APE) has integrated with Polygon, an Ethereum sidechain known for delivering faster and cheaper transactions, as a direct consequence of Yuga Labs’ recent Otherdeeds NFT mint disaster:

This week, Crypto News Australia reported how Yuga Labs made more than US$550 million with the minting of its virtual lands called Otherdeeds, NFTs belonging to the company’s metaverse project, Otherside.

Ethereum Blockchain Brought to its Knees

However, the hype and demand for Otherdeeds caused massive congestion on the Ethereum network, leading to a sharp increase in gas fees and practically shutting down the entire Ethereum blockchain.

Some users reported paying up to US$10k to $14k in gas fees to obtain their Otherdeeds NFTs, but some others weren’t so lucky as they paid the gas fee but the transaction still failed. Yuga Labs said it would refund users who had experienced failed transactions for their gas:

‘You Messed Up,’ Says Community

Yuga Labs remarked that the demand was higher than expected, and that Ethereum’s capacity failed to meet the project’s size. However, the community started speculating that this was just a marketing stunt to show that ApeCoin needs its own chain.

ApeCoin DAO board member Yat Siu dismissed the allegations, saying Yuga Labs encourages its DAO to propose ideas for a new chain. Yet it seems the community is not buying it:

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Bored Ape Yacht Club Ethereum Metaverse NFTs

Yuga Labs To Offer Gas Refunds After ‘Otherside’ NFT Mint Burned $157 Million in ETH

ApeCoin (APE), the governance token of the Bored Ape Yacht Club (BAYC), has plunged as much as 11 percent after a catastrophic NFT sale by Yuga Labs.

Single NFT Collection Shuts Down Ethereum

The price drop came shortly after Yuga Labs (the company behind BAYC) made over US$550 million with the sale of “Otherdeeds“, a new Ethereum-based NFT collection that’s part of the Otherside metaverse.

However, the sale came with a few problems. The NFTs sold at a fixed price of 305 ApeCoin, or roughly US$7,000 each, but the high demand congested the Ethereum network to the point of rendering it practically useless:

Up to $14k in Gas Fees

Users reported paying gas fees from up to US$9,000 to $14,000, while others saw their transactions declined as a result of high network traffic. Yuga Labs said it would refund gas to affected users, but didn’t disclose when:

Over 71,000 ETH – approximately US$200 million at time of writing – was paid in gas fees, a new record for the Ethereum network. Fees were burned or destroyed, taking $200 million in liquidity out of the market.

While Ethereum gas fees are back to their usual levels, the price of ApeCoin dropped sharply after the event. At press time APE was trading at $14.19, down 4 percent from its recent weekly high, and trading volumes are still in the red with a 34.81 percent drop.

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Bored Apes Metaverse Project ‘Otherside’ Tops $561 Million in 24 Hours

Yuga Labs, creators of the Bored Ape Yacht Club (BAYC) series, has witnessed US$561 million in Otherside NFT sales within a matter of 24 hours. The craze led to the crash of Etherscan, and Ethereum gas fees blew out to thousands of dollars per transaction.

The highly anticipated Otherside metaverse mint on April 30 clogged the Ethereum mainnet, catapulting gas fees to shocking new heights. In less than a day, Yuga Labs generated most of its sales from just the Otherside’s “Otherdeed” NFT, intended as “the key to claiming land in Otherside”, Yuga’s upcoming metaverse game.

A total of 55,000 NFTs were minted at 305 APE each, which translates to about US$5,800 per Otherdeed, given Apecoin’s price at the time of the mint. From this mint alone, Yuga Labs raked in over US$318.7 million.

According to data from CryptoSlam, Otherdeed has already seen over US$242 million in secondary volume traded, and US$190 million of that was on OpenSea. APE pumped 55 percent last month following rumours of a land drop going viral.

High Demand Causes Etherscan Crash

Given the high number of NFTs and higher demand, the Otherdeed mint immediately caused a massive surge in Ethereum gas fees. Traffic on block explorer Etherscan also led to the site crashing. Gas wars, such as experienced in this mint, can occur on proof-of-work chains such as Ethereum when a sudden increase in demand for fast transactions clogs a network, sending fees soaring:

Gas fees on Ethereum saw extreme spikes up to thousands of dollars per transaction. While some were able to get their transactions processed within a few hours for a couple of hundred dollars in gas fees, others reported paying upwards of US$4,000 for a single transaction.

Given the context, the average price of Ethereum gas over the course of the night was more than US$6,000, about 100 to 200 times the normal fee. Data from Etherscan shows that users have paid around 64,000 ETH in gas fees, equalling in excess of US$175 million in 24 hours in relation to Otherside.

Gas Fees Could Have Been Averted

Will Papper, the co-founder of Syndicate DAO, has said that the contract had “nearly zero optimisations” and provided a few “tricks” that could have “saved many millions”:

Yuga Labs has addressed the gas fees issue, noting that the mint was “so large that Etherscan crashed”, and apologised for “turning off the lights on Ethereum for a while”:

There has been a lot of concern regarding Ethereum’s high gas fees, and many Ethereum layer 2 NFT marketplaces are aiming to effect reductions.