{"id":331299,"date":"2021-08-27T21:49:40","date_gmt":"2021-08-27T18:49:40","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/cointelegraph-consulting-going-down-the-metaverse\/"},"modified":"2021-08-27T21:49:40","modified_gmt":"2021-08-27T18:49:40","slug":"cointelegraph-consulting-going-down-the-metaverse","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/cointelegraph-consulting-going-down-the-metaverse\/","title":{"rendered":"# Cointelegraph Consulting: Going down the Metaverse"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a243d67c4f42\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a243d67c4f42\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/cointelegraph-consulting-going-down-the-metaverse\/#Metaverse_bandwagon\" >Metaverse bandwagon<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/cointelegraph-consulting-going-down-the-metaverse\/#Why_the_Metaverse\" >Why the Metaverse?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/cointelegraph-consulting-going-down-the-metaverse\/#Metaverses_and_NFTs\" >Metaverses and NFTs<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/buradabiliyorum.com\/en\/cointelegraph-consulting-going-down-the-metaverse\/#Metaverses_and_cryptocurrencies\" >Metaverses and cryptocurrencies<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/buradabiliyorum.com\/en\/cointelegraph-consulting-going-down-the-metaverse\/#Growth_of_Metaverses\" >Growth of Metaverses<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Cointelegraph Consulting: Going down the Metaverse <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-128018ef>As nonfungible token sales <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ear reanimated after a nearly two-month dry spell from their apex in May, a particular NFT application is gaining popularity more than ever: metaverses. Metaverses have gained their fair share of media attention lately, with big moves coming from companies like <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Facebook<\/a> and Epic <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/game\/\" data-internallinksmanager029f6b8e52c=\"7\" title=\"Game\" target=\"_blank\" rel=\"noopener\">game<\/a>s. However, not everyone \u2014 even those who have been in crypto for a long time \u2014 has caught on to what metaverses are, despite the hype. But as more companies, celebrities and artists venture into the space, it has become another domain that deserves some thorough consideration.<\/p>\n<p>The Metaverse is a network of virtual environments in which people can interact with each other, digital objectsand the physical world through their avatar. While definitions of the Metaverse vary, they orbit around technologies such as virtual reality, augmented reality, digital twins and blockchain. Herman Narula, CEO of Improbable, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.gamesindustry.biz\/articles\/2021-08-20-what-is-the-metaverse-and-why-is-it-worth-so-much-money\">described<\/a> the Metaverse as \u201csomething more than a game but less than the real world. The metaverse is to virtual worlds as a website is to the internet.&#8221;<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Metaverse_bandwagon\"><\/span>Metaverse bandwagon<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>For weeks, Mark Zuckerberg has been <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/investor.fb.com\/investor-news\/press-release-details\/2021\/Facebook-Reports-Second-Quarter-2021-Results\/default.aspx\">beating the drum for metaverses<\/a>. The Facebook founder views virtual worlds as the next iteration of human interaction online. Zuckerberg sees Facebook transitioning from a social media firm with a set of connected applications to a metaverse company with a set of interconnected experiences. And its recent move to <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/venturebeat.com\/2021\/08\/20\/facebooks-metaverse-for-work-draws-hope-but-mostly-skepticism\/\">introduce Horizon Workrooms<\/a> is a step in that direction. It\u2019s also in a prime spot to run after its metaverse objectives, as it has invested heavily in VR <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a> for several years.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"consulting_newsletter\"><\/template><\/p>\n<p>Another one bursting onto the scene is game and software developer Epic Games. Epic Games, of course, already has something to show for when it comes to metaverses, with the successful virtual concerts of<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/techcrunch.com\/2021\/08\/09\/fortnite-ariana-grande-concert-metaverse\/\"> Ariana Grande<\/a>, Travis Scott and Marshmello that were held inside its flagship game, Fortnite<strong>.<\/strong>\u00a0The <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.epicgames.com\/site\/en-US\/news\/announcing-a-1-billion-funding-round-to-support-epics-long-term-vision-for-the-metaverse\">$1 billion in funding<\/a> that it received in April, with an additional $200 million deal from Sony Group, will help it pursue long-term growth opportunities with metaverses, especially as it is already remodeling the future of live events.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Why_the_Metaverse\"><\/span>Why the Metaverse?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The Metaverse offers a vastly unique experience for everyone. It&#8217;s a way for artists to connect with fans more interactively and perhaps individually, which is a step up from the livestream format delivered by artists like Post Malone, Dua Lipa, Gorillaz and many others when the pandemic struck in 2020. <\/p>\n<p>On the other hand, Facebook&#8217;s Horizon Workroom is geared toward replacing boring Zoom call meetings with a more interactive environment \u2014 a virtual conference room, if you will \u2014 for remote workers. Others also see a wide variety of applications that the Metaverse is going to be useful for. Education systems, for one, can benefit by allowing students, particularly in the medical field, to receive simulation training as opposed to just a one-way communication where teachers merely deliver the lessons to the students.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Metaverses_and_NFTs\"><\/span>Metaverses and NFTs<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The tie-in between metaverses and nonfungible tokens (NFTs) comes from NFTs\u2019 capability of adding a certificate of ownership or authenticity to the assets belonging to the digital world. Projects like Decentraland, The Sandbox, Landemic, CryptoVoxels, and SuperWorld involve acquiring a piece of this digital asset, which is primarily virtual land. NFTs help in verifying its uniqueness, and even its provenance.<\/p>\n<p>For instance, Decentraland is based on the Ethereum blockchain and uses ERC-721 tokens called LAND to facilitate trading plots of virtual lands called parcels. This makes each land distinct and helps users establish ownership of a piece of the entire Decentraland real estate. This is built on its consensus layer, which maintains a ledger that tracks the ownership of each parcel.<\/p>\n<p>LAND tokens enable owners to do various things within their digital real estate, like hosting games or experiences, organizing contests and events, or even renting it. The same concept applies to The Sandbox, the second-largest metaverse NFT project in terms of sales to Decentraland.<\/p>\n<p><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/bit.ly\/CTC-market-insights-aug-12-aug-26-2021\"><strong><em>Download the 29th<\/em><\/strong><\/a><strong><em> issue<\/em><\/strong><strong><em> of Cointelegraph Consulting Bi-weekly <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a>letter in full, complete with charts, market signals, as well as news and overviews of fundraising events.<\/em><\/strong><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Metaverses_and_cryptocurrencies\"><\/span>Metaverses and cryptocurrencies<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Cryptocurrencies play the medium of exchange within the metaverse, allowing users to exchange virtual goods. The two metaverses mentioned above enable players to transact using cryptocurrencies. Decentraland\u2019s ERC-20 based token, MANNA, is the legal tender for users to purchase plots of digital land and SAND tokens for The Sandbox. Such coins also give users the opportunity to participate in its development. <\/p>\n<p>Users can use MANNA tokens to vote on policy updates, land auctions, and subsidies for new developments on Decentraland, while users can use SAND tokens for more or less the same purpose. Moreover, cryptocurrencies can further open up the possibility of transacting goods from different games or metaverses on interoperable marketplaces.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Growth_of_Metaverses\"><\/span>Growth of Metaverses<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>At this stage, metaverses haven\u2019t reached their full potential, and companies are just beginning to explore the ways they could penetrate the space. Facebook and Epic games are just the two most recent examples of big names jumping on the bandwagon. However, companies like <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/azure.microsoft.com\/en-us\/blog\/converging-the-physical-and-digital-with-digital-twins-mixed-reality-and-metaverse-apps\/\">Microsoft <\/a>and Amazon are also getting in on the act. Amazon, in particular, is developing a virtual<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.pymnts.com\/innovation\/2021\/the-attack-of-the-50-foot-metaverse\/\"> \u201cAmazon mall\u201d<\/a> where users can shop and interact with the products they want to buy. But whether or not these are going to support NFTs is still uncertain and maybe even unlikely.<\/p>\n<p>Nonetheless, NFT sales from metaverses are gradually gaining a strong foothold against other categories. In the second quarter, its weekly sales topped $8 million at one point.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-08\/b2a5e8cd-269f-49f9-ba1a-c6b195e70549.png\"><\/figure>\n<p>Source: Nonfungible.com<\/p>\n<p>Total sales from 2017 to August 2021 amounted to $138 million, which is enough to take a 6.77% share of NFT sales by category. This puts the Metaverse NFT category at third place in NFT sales behind digital collectibles and artwork.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-08\/bf0e6cb4-30d8-4345-9255-042a269c097e.png\"><\/figure>\n<p>Source: Nonfungible.com<\/p>\n<p>And as more and more well-known personalities and big companies take part in the trend, the numbers could very well improve before the end of the year. The growth of metaverses and NFTs, in <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">general<\/a>, is unprecedented, especially in 2021. Sales of NFTs in the metaverse are already up by 428% from 2020 and averaged 149% growth in the past four years. If this explosive growth keeps the same pace, it would not be hard to see sales breach the <strong>$120-million<\/strong> mark by early 2022.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-08\/56f6adee-de46-4d34-b0cc-9d56470e11d4.png\"><\/figure>\n<p><em>Cointelegraph\u2019s Market Insights Newsletter shares our knowledge on the fundamentals that move the digital asset market. The newsletter dives into the latest data on social media sentiment, on-chain metrics, and derivatives.<\/em><\/p>\n<p><em>We also review the industry\u2019s most important news, including mergers and acquisitions, changes in the regulatory landscape, and enterprise blockchain integrations. Sign up now to be the first to receive these insights. All past editions of Market Insights are also available on Cointelegraph.com.<\/em><\/p>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/cointelegraph-consulting-going-down-the-metaverse\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Cointelegraph Consulting: Going down the Metaverse &#8221; As nonfungible token sales appear reanimated after a nearly two-month dry spell from their apex in May, a particular NFT application is gaining popularity more than ever: metaverses. Metaverses have gained their fair share of media attention lately, with big moves coming from companies like Facebook and&#8230;<\/p>\n","protected":false},"author":1,"featured_media":331300,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDgvODJhYTgyN2YtM2U4Yy00OGQ4LTg4YzctYzQyOTNlNjRjNThkLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74894,75952,91498,95118,89067,4974,5077,4965],"class_list":["post-331299","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-blockchain","tag-cointelegraph-consulting","tag-metaverse","tag-nft","tag-sandbox","tag-facebook","tag-mark-zuckerberg","tag-technology"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/331299","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=331299"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/331299\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/331300"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=331299"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=331299"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=331299"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}