Metaverse Weekly: Disney Sends The Imagineers

Welcome to PYMNTS ‘new weekly report on Metaverset, the largest and most hyped part of the crypto universe.

So what is a metaverse? The short answer is an immersive, 3D, shared virtual experience where people can create avatars that function much like first-person game characters in a world full of entertainment, marketing and commerce. Which is not really a very short answer.

Also see: What is a metaverse and why do we organize a fashion show?

But another answer is that it is very little at this point. Proponents of Web3, a hypothetical next-generation network based on blockchain, see technology as the ideal platform for virtual worlds free of enterprise control, but not for marketing or commerce.

Some metavers have been developed, including Decentraland and The Sandbox, but they are still at an early stage of work. Dencentraland, for example, does not yet have 3D virtual reality (VR) capabilities.

But lots of people are spending money on creating metavers for trucks, and brands ranging from Gucci to Wendy’s are struggling to set up shop. Without further ado, here’s a look at what’s happening in Metaverse this week.

When he renamed Facebook to reflect his belief that Metaverse is the future of social media, Meta CEO Mark Zuckerberg became the biggest player in the rush to create a working version. During Meta’s first quarter earnings call last week, it announced the first steps in that direction with plans to launch an online version of their Horizon VR gaming world online.

The goal, he said, is to enable “people to easily access metaverse experiences from many more platforms, even without the need for a headset.”

Read more: Meta launches Horizon Metaverse in 2022

But Zuckerberg also announced a plan to create a next-generation headset that goes beyond providing a 360-degree viewing experience capable of handling things like eye-tracking and facial expressions – all ultimately crucial. if metavers are to succeed in becoming places where people interact.

The three main functions of the metaverse will be social interaction, commerce, and entertainment, and all of them will require a certain amount of storytelling, not just the latter. Disney knows all three and knows how to get them to work together.

And if you’ve ever tried to cross the narrow lava bridge in the “Star Wars” VR attraction that opened at Disney World about five years ago, you know they’ll be very, very good at it.domain.

Related: Disney describes its metavers as ‘next-gen storytelling’

Therefore, Disney’s reported interest in Metaverse as a “third dimension of the canvas” for creatives building “next-gen storytelling” is a big deal. Depending on what project you are talking about, real metavers are pretty much at a stage somewhere between infant and vaporware. Disney Imagineers wants a field day.

Meanwhile, Bored Ape Yacht Club developer Yuga Labs was not particularly boring this week. A highly publicized and abused sale of non-fungible tokens (NFTs) that allows the owner to purchase virtual plots of land in his just-announced Otherside metaverse has raised $ 320 million – and has shown that the Ethereum blockchain has serious problems to solve in addition to low scalability as a payment channel.

The sale managed to slow down Ethereum and get one-time $ 10,000 one-time transaction fees. The sale of 55,000 NFTs cost $ 200 million in transaction fees, but it also showed how much speculation was going on when buying into the meta-verse.

Also see: Bored Apes NFT Rampage raises the transaction fee to $ 200 million for 55,000 sales

But the Bored Ape avatars are not the only animals running wild in the Land of Metaverse Development. The developers of the dog head shiba inu memecoin, a scam / better version of dogecoin, have executive order their own sale of virtual land to SHIB: The Metaverse – which, like Otherside, is just a twinkle in the eye of its developers (and marketers).

Crypto-entrepreneurs have been asking regulators around the world for innovation-friendly regulatory sandboxes to play in for years now. As such, it seems appropriate that the Dubai Virtual Assets Regulatory Authority (VARA) announced that it plans to build a virtual headquarters in The Sandbox, a leading blockchain-based metaverse.

MetaHQ is a symbol of the country’s willingness to become a leader in virtual assets, the country’s Crown Prince said in an interview on 3 May.

“Dubai is creating a prototype of a decentralized governor model,” Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum told the United Arab Emirates’ official news agency, inviting international opinion leaders to participate, exchange knowledge and solve problems in Community”.

Read more: Dubai Virtual Assets Regulator opens Sandbox-based Metaverse headquarters

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April study PYMNTS 1

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