Oscillating in Metaverse #3
Top metaverse news for this week (Aug 19 to Aug 25)
In this week’s edition, we embrace the news from the government and organizations on the successes of creators, brands, and technology. Let’s dig in to celebrate!
Decentraland’s Metaverse Art Week 2022: a fascinating world for art lovers
Decentraland is organizing Metaverse Art Week starting August 24 to August 28. As per the announcement on their official website, the theme of the event is The World is Made of Code.
Like the patterns, sequences, and formulas that make up the natural world, code is elemental in a virtual world like Decentraland.
This ongoing event explores how the human spirit is hardwired to elicit an emotional response when presented with art inspired by mathematical designs present in nature. It showcases how metaverse technology is pushing the boundaries of programmatic art and redefining immersive experiences.
This annual event is in its third-year edition. This year, it features audio-guided art walks for the first time, never-seen-before art pieces from Frida Kahlo, the first jewelry sculpture in the metaverse by Sotheby's, impromptu poetry reading, performance art, OpenSea's Infinite Gallery of NFTs, and Latin American masters of the 1960s, such as Julio le Parc, Beto Ressano, Eduardo MacEntyre, and Gyula Kosice. The event will also feature corporate participation with brands such as Estee` Lauder.
For more information read: Decentraland.org
Nike wins gold in the NFT brand wars
Investing in blockchain technology is benefitting Nike in leaps and bounds. A new report by Dune Analytics has revealed that the sportswear giant has made $185 million in revenue from the sale of its NFTs, outperforming other fashion brands by a heavy margin.
The report features data on Nike brand NFT primary sales ($93.1 m), secondary transactions ($67.54k) and volumes ($1.3 billion), and royalties ($92.25m). The report also features data from other brands including Dolce & Gabbana, Tiffany, Budweiser, and Nickelodeon. It is to be noted that the close rival Adidas of the American shoemaker is nowhere close with total NFT revenue of $10.95m.
Also, due to the ongoing crypto winter, the NFT market is plunging. As per the NFT data aggregator CryptoSlam, the sales volumes of NFT across the Ethereum blockchain have dropped to around USD 10 million, which is a downward trend of about 98.5% compared to the all-time high of USD 628 million recorded in May 2022.
For more information read: The Coin Republic
Chinese Government Shows Support to Web3 Technologies
After Shanghai, the Chinese local government body announced a two-year plan for embracing web3 innovation in Beijing. All districts of Beijing will come under the Beijing Sub-Urban Metaverse Innovation and Development Action Plan (2022-2024).
As per the official announcement, to systematically promote the development of Metaverse-related industries in the sub-center of the city, create an urban technological innovation highland with distinctive digital characteristics, and help Beijing build a benchmark city for the digital economy, this action plan is specially formulated.
The rising interest of the Chinese government in web3 technologies could lay a roadmap for wider adoption in the country and can set an example for the world.
For more information read: Coin Telegraph