The Future Of Social Media In The Metaverse

Social media is the archetypal web2 application – the enabler of the “user-generated web”. But that doesn’t mean it will die out with the onset of the metaverse and web3. In the metaverse, features and functionalities we’ve all become accustomed to – "liking," "sharing," and the “for you” page – are no longer confined to social applications. They are there when we are gaming, working, learning, or whatever other activities we are getting up to within connected, virtual worlds.

How the Metaverse Is So Much More Than a Gaming World

It's obvious that big brands have come public with their support for the metaverse, but what 'exactly' is metaverse?

The metaverse continues to push forward in the technological realm as more individuals and brands have caught wind of its overwhelming potential. Despite its newfound popularity, the idea of the metaverse is far from being a brand-new concept. Until recently, it was merely an idea that had been introduced and toggled with, but it was never officially created as past attempts lost traction over time.

Much of its recent rise in popularity can be directly attributed to Facebook's rebranding to 'Meta' back in October of 2021. The social media platform cited plans to invest $10 billion into the metaverse last year alone and make a full transition into it within the next five years. Along with Facebook, big names such as Microsoft have begun crafting their own metaverse vision as well.

The metaverse explained

It's obvious that big brands have come public with their support for the metaverse, but what 'exactly' is it? The answer is quite a bit more complex than one might expect, but, no, it's not an alternate universe that humans can physically transport to (like some movies and science fiction novels might suggest).

The term metaverse can be credited to author, Neal Stephenson, in his 1992 science fiction novel "Snow Crash," a book about a hacker who goes back and forth between Los Angeles and a virtual reality called the metaverse.

Since then, the term metaverse has largely expanded to being a virtual world that includes augmented reality, 3D avatars, and virtual reality. The metaverse is essentially a world that allows its users to do things like socially interact with one another, conduct transactions, and play games.

Companies are utilizing the metaverse as a growth strategy

Bloomberg has reported that the digital environment is going to grow to 800 million by 2025 and will multiply to 2.5 trillion by 2030. With that in mind, it's no surprise that companies, especially the tech-savvy ones, are seeing value in the metaverse.

For one, it has two major areas of distinction: interactivity and interoperability. From users communicating and interacting with one another to shopping and trying on clothes, the possibilities are truly endless. Some companies, such as Adidas, have even created their own NFTs that give holders exclusive access to their products. Shortly after launch, Addidas managed to sell $22 million worth of NFTs in one afternoon.

Metaverse projects and their offerings

Below are some projects that bring incredible value within the metaverse. This not only includes gaming but a variety of other uses.

Decentraland

Decentraland is a 3D virtual world that allows its users to buy virtual plots of land and other objects as NFTs using MANA, which is located on the Ethereum blockchain.

The project has laid out a variety of other offerings since its launch, including its first music festival organized by BEAR NFT back in 2021. More recently, the project opened a virtual shopping mall in March of this year that includes luxury fashion brand Dolce and Gabbana along with web3 brands like FangGang.

Sandbox

Like Decentraland, Sandbox is basically a gaming platform on steroids. Users can buy their own land using the above-mentioned method.

In contrast to Decentraland, one of Sandbox's most interesting features is called VoxEdit, which allows its users to create their own NFTs. After being created, users can upload, publish, and sell their creations via the Sandbox NFT marketplace. In addition, the platform has a feature called The Sandbox Game Maker that allows users to build their very own 3D games without having any prior coding experience.

A prominent piece of the Sandbox puzzle is the SAND token, which is required to do things like play games, conduct transactions, and customize avatars.

GAMA

GAMA s unique in its approach to create a one-of-a-kind user experience through multi-layerd entertainment events, games and graphic storytelling formats that have been previously introduced in the form of both physical and digital collectibles.

While the project focuses on building an immersive entertainment experience for its community, it also takes it one step further. GAMA aims to expand its metaverse offering through other forms of collaborations with talent and brands that are looking for a metaverse offering with the opportunity to reach a vast global community. These formats are laying the foundation for future immersive experiences that can be built and played within a universal metaverse.

Unlike platforms like Sandbox and Roblox, GAMA aims to give users a realistic experience instead of a pixelated appearance that's commonly integrated with early metaverse platforms. They execute this strategy using the computer graphics game engine, Unreal 5. This engine, which was developed by Epic Games, is used by high-end games and has also been adopted by the television and film industry.

Most recently, GAMA showcased aspects of its platform offerings through live events at NYC.NFT and at San Diego Comic-Con. Attendees were able to get a first look at the upgraded GSS metaverse while getting access to exclusive opportunities by attending. Features such as private living quarters and space-themed zero gravity areas lend themselves to creating a futuristic environment for every user while delivering unique value through NFTs.

Gaming, transactions, and so much more

Metaverses are most often seen in the same light as video games. While many are geared towards gamers, the concept opens itself to a wide number of possibilities in and outside of the gaming industry. In fact, metaverses are most defined by the social aspect; it brings users together within a virtual space.

There's much more to the metaverse than what meets the eye. It's a virtual world that has endless possibilities and use cases, especially for brands longing to see scaling and growth. It's going to be incredibly interesting to see how the metaverse evolves over the next decade. It certainly has the potential to transform the way people interact in the digital world.

Note: Investment in cryptocurrency and crypto assets is subject to financial risk and readers should do their own due diligence. Entrepreneur Media does not endorse any such investment.

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Article resource: https://www.entrepreneur.com/article/432705 

Known as 'The Sherlock Holmes of Crypto', Max Handler has already led or assisted with over 500 private cryptocurrency investigations to trace and recover lost funds

As a highly-successful crypto investor and blockchain enthusiast, Max Handler has seen over-and-over how novice crypto investors can fall victim to sophisticated crypto scams.

This knowledge inspired Max to co-found a cryptocurrency tracing and consulting company called the Coin Dispute Network that empowers budding crypto users on how to safely use crypto wallets and fight back against common scams, all while protecting their life savings.

What is blockchain and what does it mean for your business?

The technology behind Bitcoin has the potential to revolutionize how business is conducted. It’s called blockchain, and there’s a race on to develop applications for it across a wide array of industries.

BDC senior economist Gillian Elias answers 5 common questions about blockchain and how it can impact doing business.

1. What is blockchain and how does it work?

Simply put, blockchain is a continuously updated digital record of who holds what. Information about transactions—the time, date, dollar value and the participants involved—is encrypted into a “block” that is linked to other blocks to form a chain.

There is no one central authority controlling the blockchain and that’s one of the reasons why Bitcoin and other cryptocurrencies are so fascinating. Everyone in a blockchain has access to the same information, providing transparency and continuous reconciliation.

Because it exists on many computers, there is no centralized version of the information for a hacker to attack. This means it’s no longer necessary to have a trusted third party verify information about you and a transaction you want to make.

2. What are some real-world examples of blockchain technology?

The financial services industry is beginning to use blockchain to develop new services and save on costs. For example, the Australian stock exchange recently announced it would begin using blockchain to settle transactions. The technology will be used to record shareholdings and manage the clearing and settlement of equity transactions.

Another example of blockchain in financial services comes from a firm called Abra. It’s a money transfer platform that allows workers abroad to send money home in 54 different currencies. Workers can send money back home quickly and more cheaply by using the platform, compared with a traditional service provider such as Western Union, which charges fees that average 7% of the amount sent, according to the World Bank.

Another blockchain project involves the World Wildlife Fund and three companies that are collaborating to sustainably source tuna in the Pacific Ocean. ConsenSys (a blockchain company), TraSeable (an IT firm) and SeaQuest Fiji (a tuna fishing and processing company) are using a blockchain to track where, when and how tuna are caught and sold.

From fishers to brokers to your local fishmonger or grocery store, each transaction is recorded on a blockchain. This allows consumers to be sure that they are buying good-quality, legally caught, sustainably fished tuna.

3. What does it mean for entrepreneurs?

Several major corporations are investing in blockchain, including Microsoft, IBM (with more than 400 blockchain projectsaround the world), Unilever and Toyota. But blockchains won’t impact just large corporations; your company may be affected in the not-too-distant future.

If you’re in the business of verifying transactions of any kind, investigate how blockchain could impact your company. Just consider the threat to the business of clearing and settling stock trades to see that the disruption to many back-office functions and other services could be substantial.

Assuming you belong to some sort of supply chain, your partners may ask you to start digitally tracking your processes. Especially if you’re a supplier to large companies, start thinking about where you fit into your customers’ supply chains and how you might be asked to participate in a blockchain.

If you’re a supplier to either consumers or other businesses, could you benefit from tracing your products back to their source? Think of the premium prices that a fishmonger selling guaranteed sustainable tuna might be able to charge.

4. How can it help track goods and make payments?

In supply chain logistics, the combination of blockchain, smart contracts, and the Internet of Things will allow companies to track shipments and make payments when certain conditions are met (i.e., a product is delivered). Maersk, the world’s largest shipping company, began testing blockchain a year ago to track its cargo in conjunction with Dutch customs, the U.S. Department of Homeland Security and the company sending the goods.

Smaller companies could use this technology as well. Imagine a grocery store whose inventories are getting low. Smart containers holding the goods could be programmed to inform a wholesaler that they need to be restocked. The wholesaler would notify a trucking company to pick up the goods and deliver them to the retailer. Each step would be recorded and payments made via a blockchain because all would be verified.

5. Does blockchain have the potential to be widely used?

Despite all this potential, we are still in the early days of the blockchain. Three key issues need to be resolved before it goes mainstream. They include energy use, processing speed and interoperability across blockchains.

Verifying transactions to add to the blockchain is energy-intensive because of the computer power required to do all the computations, solving equations by trial and error. Technology firms are working on solutions to maintain the security but reduce the energy consumption.

Because of all the computations involved, the processing time is slow. But researchers are working on ways to simplify calculations and increase the number of transactions.

Currently there are many blockchains—some public, some private—that don’t talk to one another. The next generation of blockchain technology will likely address this issue.

Blockchain has the potential to transform many industries. As a stand-alone technology, it can verify and track transactions. In conjunction with the Internet of Things and smart contracts, it can speed up transactions.

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Article source: https://www.bdc.ca/en/articles-tools/blog/what-is-blockchain-what-does-it-mean-for-your-business

10 Predictions For Blockchain, Crypto Assets, DeFi, And NFTs For 2022

Frankfurt, January 12, 2022 - Last year, the market capitalization of cryptocurrencies reached $3 trillion USD for the first time. At the beginning of the 2021, it was less than $800 billion USD. DeFi now has a total value locked (TVL) of $100 billion USD on Ethereum alone. But NFTs have been the most surprising, flanked by complementary areas like metaverse and GameFi. Who can claim to have foreseen these developments? Looking into the future is notoriously difficult. Nevertheless, we dare to make predictions for the year 2022. It will be exciting to see whether they come true.

1. Bitcoin price reaches $100,000 USD and the crypto asset market grows in breadth and depth

Rising inflation rates make scarce assets like Bitcoins (BTCs) increasingly attractive. Bitcoin is not only the oldest, most decentralized, and best-known cryptocurrency - a distinctive feature compared to other cryptocurrencies is its limited supply of 21 million BTCs. Against the backdrop of Bitcoin's institutional adoption and the greater demand that comes with it, it is very much within the realm of possibility that the BTC price will rise to more than $100,000 USD this year.

Blockchain: Regulatory Trends

Enterprises work within the privacy rules governed by regulation and customers trust them with their sensitive information but with blockchain, the data is not private. The slow-paced approach of regulators in enforcing regulations for new technologies such as blockchain creates barriers to their adoption.

Listed below are the key regulatory trends impacting the blockchain theme, as identified by GlobalData.

Regulatory clarification

A substantial lack of regulatory clarity exists regarding the underlying blockchain technology, which acts as a significant barrier to broader adoption. Regulations have struggled to keep up with advances in technology, which is particularly true with blockchain. 

How Africa can lead the financial and crypto revolution

With its mass adoption of new technologies, Africa has the opportunity to create the next disruptive startups and the global leaders of tomorrow.

The effects of the fourth industrial revolution in Africa have been taking everyone by surprise. While all eyes were turned to the US, Europe, and China, Africa was silently growing much faster than anyone anticipated, especially in financial technologies.

The combination of mass adoption of recent technologies in the region, without big monopolies nor outdated infrastructures, creates a never-seen-before opportunity for Africa to create the next disruptive startups and the global leaders of tomorrow.

Blockchain Payments Platform Chia on an ‘Accelerated Timeline’ to IPO

Blockchain Payments Platform Chia on an ‘Accelerated Timeline’ to IPO

Chia Network is on “an accelerated timeline” to issue its initial public offering, the company’s chief operating officer and president said Monday.

What is Blockchain? We explain the technology of blockchains

What is Blockchain? We explain the technology of blockchains

As a secure, distributed ledger, well-designed Blockchain technology not only eliminates intermediaries, reduces costs, and increases speed and reach, but also offers greater transparency and traceability for many financial processes.

Expect More Bitcoin On Balance Sheets, As Paypal, MicroStrategy Fidelity And Walmart Sound Off On Blockchain

Building on its relatively new service letting Paypal’s 375 million customers buy, hold and sell cryptocurrency directly from their accounts, Dan Schulman, Paypal CEO, said on Tuesday that the company’s recently launched “Checkout With Crypto” service, which encourages purchases with bitcoin, ether, and other cryptocurrencies, will easily reach $200 million transaction volume within months.

The future of cryptocurrency

The evolution of currency

Some time ago, people traded goods and services, directly, through a system of bartering. Over time, and in order to speed up and standardise transactions, currencies began to form.

4 Blockchain ETFs For 2021

Blockchain has been riding the bitcoin wave in 2021, but some blockchain ETFs are better than others.

With bitcoin prices soaring, ethereum producing even bigger gains and dogecoin becoming Elon Musk's digital coin of choice, the spotlight on cryptocurrencies have perhaps never been higher.

Six Skills You Need to Succeed in Cybersecurity

Six Skills You Need to Succeed in Cybersecurity

One reason companies can’t find the experienced cybersecurity professionals they need: there just aren’t many tech pros who have mastered not only the necessary technical abilities, but also “soft skills” (such as clear communication)—and those who have, well, they’re already employed (often with hefty salaries and benefits designed to keep them in place for the long term).

10 COVID-19-related lessons for future-ready cybersecurity

10 COVID-19-related lessons for future-ready cybersecurity

In 2020, we experienced wave after wave of COVID-19 surges and watched failure after failure at practicing what we knew were effective preventative measures. Similarly, in December 2020, the Russia-backed SolarWinds malware attack resulted in the compromise of as many as 18,000 systems and countless confidential records.

Five Software Development Challenges In The Financial Industry

The investment in new technologies within any industry will have its challenges. In this article, we'll take a closer look at the financial industry specifically. Over the past few years, there's been an exponential increase in the adoption of cloud technologies, SaaS and modern tooling that stems from a desire by many large financial institutions to remain at the top of their game. 

Early vs. Late-Stage DevOps Testing: The Benefits of Both

Early vs. Late-Stage DevOps Testing: The Benefits of Both

Companies that are working toward optimizing DevOps processes have over the past few years adopted a practice of testing throughout the software application design, development and production phases—a practice of continuous testing throughout the product life cycle. This includes shifting testing operations “left,” i.e. beginning testing earlier in the life cycle, to catch any software malfunctions or errors as early in development as possible.

On CRM: Pipedrive Makes 400 Million Leads Available, Because It's All About The Data

In the end, and regardless of what all the vendors of customer relationship management software say, these things are just databases. Plain and simple.

Sure, there are features for managing leads, opportunities, services, marketing, emails and activities. But they all rely on data. Good data. It's the data that drives the value of a good CRM system. But when it comes to the data there are generally two big problems.

DOS AND DON’TS OF WORKING WITH AN OUTSOURCED DEVELOPMENT TEAM

 

DOS AND DON’TS OF WORKING WITH AN OUTSOURCED DEVELOPMENT TEAM

When you’re looking outside of your in-house team for your software development needs, it can be hard to know exactly where to start. Should you go with onshore, offshore, or nearshore developers? Is an integrated or independent approach a better fit for your company? How do you find the right team in the first place?

No matter which models and methods you choose, there are some important guidelines you can follow to keep the software development process moving and flowing. Here are some of the most important ones.

 

How outsourcing can boost your profits

 Embracing new technology and outsourcing saves time, allowing you to focus on the most important tasks within your business

How outsourcing can boost your profits?

Administrative tasks can be time-consuming – especially if you aren't an expert – and while they're all essential, they can stand in the way of running your business. While turning to specialists is one solution, we have made full use of new software and technology that allows businesses to free themselves from the mercy of expensive consultants.

Top Ten Ways to Reduce Your Digital Footprint

Top Ten Ways to Reduce Your Digital Footprint

The headlines around the collection and processing of Facebook user data by Cambridge Analytica further demonstrated that what you put online stays online and further grows your digital footprint. The news that dating apps were sharing user data with third parties and the fact that there are more opportunities for federated logins results in even more data available on you, which consequently makes it easier for companies to share that data and target sales.

Techopedia defines digital identity as combining elements such as usernames, online search activities, electronic transactions, date of birth and purchasing history or behavior.