Metaverse Financial News

'Metaverse' shortlisted for the Oxford Word of The Year 2022

The metaverse has the potential to generate an additional $800 billion to $1.4 trillion to Asia’s gross domestic product (GDP) per year by 2035, growing into a market worth up to $13 trillion annually by 2030, according to a recent report by international consultancy Deloitte. 

An accounting firm that touts itself as the first to open its headquarters in the metaverse was accused in a lawsuit of turning a blind eye to a pattern of racketeering at FTX, the cryptocurrency exchange that collapsed causing billions of dollars in losses.

Recent job postings by Apple suggest that the tech giant aims to build a 3D world for its yet-to-be-announced mixed-reality headset.

Yuga Labs, creators of Bored Ape Yacht Club (BAYC), have acquired 10KTF; the NFT game founded by digital artist Michael Winkelmann, also known as Beeple.

The blockchain technology developer Elrond announced it will redefine itself as a new brand with a focus on the metaverse.

Interpol says metaverse opens up new world of cybercrime

Monetizing Web3 projects requires a look beyond technical updates —a new team of experienced advisors helps businesses get off Web3 on the right foot.

Big Five technology player Meta is still burning cash through its Metaverse research and development arm Reality Labs with a $3.67 billion loss posted for the third quarter of 2022, stating those losses will further deepen next year.

The Brønnøysund Register Center, a Norwegian governmental agency, partnered with Big Four accounting firm Ernst & Young (EY) to step into the metaverse with a new virtual office location. 

An initial interpretation of DappRadar numbers on Oct. 11 reported extremely low engagement numbers for Decentraland, one of Web3’s most-hyped metaverses. The numbers shocked the community, as the platform has a current market evaluation of $1.2 billion.

Awash in a seemingly endless stream of bad news, the public’s appetite for that which is not of this world has increased. Perhaps nowhere is this more evident than in the explosion of the metaverse movement. From huge concerts and virtual real estate rushes to the rapidly expanding GameFi sphere, digital reality is now where it’s at.

Third-quarter trading volume for the top 10 Metaverse projects may have fallen 80% compared to the second quarter, but analytics firm Dappradar suggests that interest in virtual worlds still remains.

Nonfungible token (NFT) sleuths have dug up an old wallet from 2017 that minted 141 CryptoPunks for 0.02 ETH, which was around $7 at the time when the project launched. According to the Twitter user Nansen Intern from the analytics platform the wallet is now valued at 11,300 ETH, or around $14.7 million at current prices.

Anime-inspired nonfungible token (NFT) project Azuki has released a Physical Backed Token (PBT) — an open-source token standard that ties a physical item to a digital token on the Ethereum blockchain.  

Walmart’s global chief technology officer (CTO) Suresh Kumar has tipped cryptocurrency to become a "major" area of disruption, particularly in how customers pay for virtual and physical goods in the future. 

Together Labs subsidiary MetaJuice has announced the closure of the presale of ERC-20 token VCORE, backed by investors including Animoca Brands, Meta Impact Capital and BITKRAFT Ventures. The investment will fuel the development of VCORE, which in turn will power the future of the metaverse by rewarding active, international players, creators, and earners, the company said in a statement. “We feel very fortunate to have VCORE and our move to Web3 backed by the leaders in the crypto-metaverse, crypto-gaming and blockchain assets spaces,” said John Burris, President, and Founder of MetaJuice. “With the support of these strategic VCORE buyers, we feel very confident in our ability to bring VCORE to one of the largest social metaverse platforms in the world — IMVU.”

Major toy manufacturing company Mattel announced the launch of the official Masters of the Universe (MOTU) digital collection in collaboration with the non-fungible token (NFT)-native digital toy company Cryptoys. The first batch of heroes and villains comes on November 9.

Crypto enthusiasts love to party — And now, a new project has been launched that caters exclusively to clubbers.

Metaverse technology has continued to be the rage among big-name brands that are now dolling out million-dollar paychecks to so-called "chief metaverse officers" to think up their metaverse adoption strategy. 

Blockchain company Zilliqa is launching a Web3 focused console with a cryptocurrency wallet and mining capabilities, along with featuring gaming titles from the company.