It’s a star-studded week in the metaverse. With the integration of Web3 technologies at the MTV VMA, the adoption of metaverse formally becomes a part of pop culture. Read what more is oscillating in the metaverse this week.
Metaverse rules the stage at MTV VMAs
The music industry is on its high with Web3 tech integration, be it in the form of artist NFTs or exclusive concert events in the metaverse. Firing the momentum further, MTV hosted the first-ever immersive Video Music Awards show in the metaverse along with the physical event.
This year, MTV VMA added a new category 'Best Metaverse Performance' in the awards distribution. The nominations included major artists such as 'the Rift Tour' feat. Ariana Grande (Fortnite), Justin Bieber-An interactive virtual experience (Wave), and the K-pop group BTS, among others. 'Ready for Love' by the K-pop girl gang Blackpink (PUBG) won the award.
Adding festivities to the ceremony, hip-hop rock stars Eminem and Snoop Dogg performed live and as Bored Ape avatars in the metaverse and launched the exclusive music track of BAYC. The event attracted a viewership of 3.9 million, a rise of 3% from the last year.
Read more about it here: New York Post
OpenSea NFT trading volume crashes but not as much as what media promotes
The crypto market is facing the winter with prices down to lower than 55%. This has marked a significant impact on other related assets like NFTs as well. Once driven by FOMO, the NFT market is now slowing down and putting light on only the major long-term players. This week, NFT marketplace OpenSea was in the news after Dappradar reported that the platform has been facing a plunge of 99% in NFT trading volumes since May 1.
It is known that the marketplace had an all-time sales volume of $30.48 billion and 1,933,649 traders on the platform. While the recent report informs that OpenSea NFT marketplace recorded traffic of 24,020 and $9.34 million of sales on August 28. The widely popular NFTs such as Bored Ape Yacht Club (BAYC) have fallen by 53% and CryptoPunks is down by 19% after its all-time high of July. The question that might rise after this is which NFTs are going to die this winter or which of them will survive for a long-term game.
However, we think comparing the all-time high prices with the lowest price doesn’t seem a fair judgment of the market. OpenSea CEO clarified this in a tweet thread.
Strong NFT players are using this time creatively for building community and strong partnerships. BAYC is noticed to experiment with brand building and collaborating with corporates and celebrities for its metaverse.
Read more about how numbers were modified here: Fortune, TheBlock.co
Organizations are bringing metaverse with a purpose
With the tremendous growth and user engagement potential, the metaverse is becoming an important channel not just for gamers and artists, but also for any issue that needs attention. Multiple use cases are emerging across the world on raising awareness on issues like predicting the spread of wildfires, planting trees in Costa Rica, or experiencing the impact of war on the cultural heritage of Ukraine.
A recent survey for the World Economic Forum that found half of the adults across 29 countries are familiar with the Metaverse and have a positive feeling about engaging with it. However, the excitement for adoption is more in emerging countries than in most high-income countries.
Given the potential, the countries like Dubai which are openly looking for opportunities to explore the metaverse and supporting an ecosystem around it, are on the right track of futuristic progression.
Read more about it here: CoinTelegraph