Web3 is an idea for a new iteration of WWW that incorporates concepts such as decentralization, blockchain technologies and token-based economy. “Web1 was read-only, Web2 is read-write, Web3 will be read-write-only.”
Strong traction around the Metaverse
One sector in particular has benefited from strong traction from the video game sector in recent months: the metaverse. By 2021, according to McKinsey, startups identified as being related to the metaverse sector raised more than $57 billion. Record increases in the sector have also been achieved, such as Epic Games in April 2021 with $1 billion raised. In July 2022, Animoca Brands raised $110 million despite a downturn in the cryptocurrency and NFT industry, providing funds for its acquisition strategy. Also according to McKinsey, the investments dedicated to metaverse are much higher than that of AI. At the same maturity stage, in 2016, AI had raised only $39 billion in one year and remained lower in 2021 at $93 billion.
Discover concepts in the metaverse
During InnoTrans, visitors could experience digital concepts and solutions for the transport industry in the Metaverse (in a virtual three-dimensional space) at the T-Systems stand. As avatars, they embark on a virtual train journey and get off at stops with specific topics to experience the digital future of train travel. Among other things, they learn about intelligent handling of damaged wagons, which can reduce downtimes for freight wagons and the length of repair times. The basis for this is so-called “data lakes” (large data pools), in which all relevant data about a defective vehicle flows for analysis and central repair management. Another topic of virtual train travel is “edge computing”: Here, the analysis of data in the train and near the tracks creates the basis for autonomous trains, among other things.
South Korea: principles to govern the metaverse
South Korea’s Ministry of Science and ICT (MSIT) recently unveiled the first draft of the core ethical principles fundamental to growing and participating in the Metaverse. The Ministry of Science’s three values for Metaverse participants are intact self-identity, safe enjoyment and lasting prosperity.
To put the three values into practice, the department proposes eight principles to uphold while participating in the metaverse ecosystem: authenticity, autonomy, reciprocity, privacy, fairness, data protection, inclusion, and accountability. MSIT plans to incorporate input from relevant departments, experts, industries and civil organizations to finalize the draft by the end of this year so that the principles can be applied to real use cases of Metaverse. The ministry wrote in its press release that there are growing concerns about interaction on the virtual platform regarding the protection of young people, personal information and copyright.
(8 Principles of Practice) Principles that ecosystem participants should use as a basis for decision-making and action to practice the “Three Values”
The Metaverse a journey of more than 10 years
Gartner predicted that by 2026, a quarter of people will spend at least an hour a day in the metaverse for work, shopping, education, social activities and recreation. And 30% of organizations want metaverse-ready products and services. Given the length of the journey, Gartner cautions companies against committing too much to one platform. Instead, it encourages learning, exploration and preparation.
It’s always fun to see how previous Gartner predictions have turned out. Looking ahead to 2021, NFTs and DIDs are at the peak of the hype cycle. However, Web3 and the metaverse were not on the radar. When it comes to technology, timing is everything…
NFTs are pretty much becoming a fundamental part of the game and the metaverse to come. To empower the players, access must be fast, cheap and safe for the masses. GameStop, in collaboration with Loopring, has the opportunity to position itself at the forefront of this new paradigm and become one of the destinations for the world’s digital economies. To do this, the Marketplace, built on top of Loopring L2, ensures that users receive digital property rights anchored in a secure, decentralized and trust-neutral environment like Ethereum, while removing expensive gas fees. You can now mint NFTs directly on Loopring L2 for less than $1 while inheriting Ethereum L1 security!
Over the past decade, the world has gradually shifted from traditional methods of monetization to the gig economy. This decision was hastened by the COVID-19 pandemic, which caused people to look for other sources of money on Web3. The X-to-earn paradigm is shaping the new future of GameFi, and it could change the way we work, play, socialize, create and learn. The movement’s origins can be traced back to play-to-win programs like Axie Infinity and Sandbox. Within a few years, it branched out into several subdivisions, giving individuals additional opportunities to earn money through simple activities such as playing games or taking online courses.
Play to earn, Move to earn, Bet to earn, Learn to earn, Create to earn, Join to earn, Work to earn, etc. What must be remembered is that the player’s behavior or otherwise is linked to the product of the project to build a financial connection and make the product work. Many of the models have players create value for items through various behaviors while receiving rewards.
Gameplay Galaxy web3 game ecosystem
Gameplay Galaxy announced that it has raised $12.8 million in funding for its Web3 decentralized gaming ecosystem. The company plans to use the funds to develop more features for the platform as well as new games. It also intends to offer its portfolio to users, as well as facilitate the integration of Web2 users. Gameplay Galaxy users will be able to earn money by participating in Trial Xtreme races and contests and will also be able to earn their own in-game assets, including NFTs. The startup also reminded that users who don’t want to engage with these mechanisms can enjoy the race on their own.
Gameplay Galaxy was founded by the creators of the popular Trail Xtreme game series, which as a franchise has had over 250 million downloads worldwide. Web 3 in games should in many cases reshape how users (or players) have the opportunity to participate in the ownership of the game or any other business, and actually participate in the revenue or profit or whatever the product generates.
Revolving game, cardboard on polygon
Founded in 2020, Los Angeles-based Revolving Games spent two years developing game publishing tools to build and launch Web3 games. The studio unveiled its first product in June, a Battlestar Galactica-themed blockchain game developed in partnership with Gala Games and NBCUniversal.
Game development studio Web3 Revolving Games has raised $25 million in a funding round led by crypto-focused investment giant Pantera Capital. The capital will be used to develop scalable decentralized gaming experiences for in-house titles and with global franchise partners. The game claimed a record 60% of blockchain (Polygon) activity in July, according to a recent DappRadar report. The gaming sector has proven largely immune to the crypto bear market, which has driven down the prices of digital assets and non-fungible tokens (NFTs).
Pixel Vault multi-franchise ecosystem
Pioneering the intersection of crypto, culture and community, Pixel Vault aims to elevate crypto-native assets across TV, film, NFTs, video games and sports. After a year, Pixel Vault’s ecosystem is now so large that it spans a dozen different collections and thousands of NFTs. It’s a recent trend for NFT ventures to cross over into mainstream entertainment media such as TV and film, as Pixel Vault is currently expanding its brand into gaming and also aims to expand into podcasting, TV and the cinema.
One of the startup universes, MetaHero, which leverages blockchain technologies and combines gaming and social networking elements with DeFi and NFTs to create an interactive environment where users and planet holders can play to win through several different community-driven initiatives. Another project, Punk Comics, has surpassed 41,000 ETH in secondary volume on OpenSea with this franchise, which is over $120 million at current ETH prices, and aims to continue using its IP creatively.
“How would you quickly define @pixelvault_ ?”
A great question from last week’s community call and one that I’ve tried to address in this video.
Listen up! 🔊
More details in my thread below. 🧵👇 pic.twitter.com/QNqY3PniYz
— bevs.eth (@bevs809) 19 July 2022
NFT distribution models
Most NFT distribution models today are broken.
🔸 Large supply goes unnoticed
🔸 Extreme price volatility by mint
🔸 Slow bleed after the initial hype wears off
Here’s why and what we can do about it 👇 pic.twitter.com/pxQPquuBaG
— Teng ⛩ (@0xPrismatic) 6 September 2022
The song about the day 5000
#Sad5000 is a collaboration of over 100 singers, dancers, rappers, musicians and others from inside and outside the Ethereum community.
We are now 3 days away from Song A Day 5000.
For reasons obvious to anyone who has been here since April ’21, 5000 is a ✨lucky✨ number.
Most people point to @beeple‘s Christie’s sale as catalyst for ’21’s NFT mania.
—Jonathan Mann (@songadaymann) 6 September 2022