Doodles has joined forces with Crocs to merge the physical and digital realms .
Spearheading the collection is a set of exclusive Doodles x Crocs Classic Clogs and accompanying Jibbitz charms crafted by Burnt toast, the co-founder of Doodles.
Each Doodles x Crocs Classic Clog Bundle comes with a redeemable “Crocs Box” digital collectible.
While the collection will be available to buy on August 29, Doodles’ OG holders will be granted exclusive access a day prior, on Monday, August 28.
Doodles holders will get a discounted price of $99 and the price will be $120 for non-holders.
Spearheading the collection is a set of exclusive Doodles x Crocs Classic Clogs and accompanying Jibbitz charms crafted by Burnt toast, the co-founder of Doodles.
Each Doodles x Crocs Classic Clog Bundle comes with a redeemable “Crocs Box” digital collectible.
While the collection will be available to buy on August 29, Doodles’ OG holders will be granted exclusive access a day prior, on Monday, August 28.
Doodles holders will get a discounted price of $99 and the price will be $120 for non-holders.
🖼 IRS Sets Sights On Decentralized Exchanges and NFTs With Proposed Tax Rules
The DeFi community is up in arms over new tax guidance from the U.S. Treasury Department for crypto exchanges, hosted wallet providers, and payment processors. On Aug. 25, The Treasury Department released a nearly 300-page-long document in response to the 2021 Infrastructure Investment and Jobs Act, which outlined crypto token reporting requirements for various ecosystem participants. The proposed changes are slated to take effect for the 2025 tax year. The rules make an effort to provide clarity, with definitions for what businesses constitute crypto brokers as well as a new tax form, 1099-DA, that such brokers will be required to file. Decentralized exchanges (DEXs), NFT trading platforms, and wallet providers that offer services related to the trading of digital assets appear to be deemed brokers, meaning they would be required to comply with the proposed regulations. The proposed rules impose reporting requirements for brokers of all types of digital assets, including stablecoins, cryptocurrencies, and non-fungible tokens (NFTs). These intermediaries would also be required to collect and share information about their customers with the IRS.
The DeFi community is up in arms over new tax guidance from the U.S. Treasury Department for crypto exchanges, hosted wallet providers, and payment processors. On Aug. 25, The Treasury Department released a nearly 300-page-long document in response to the 2021 Infrastructure Investment and Jobs Act, which outlined crypto token reporting requirements for various ecosystem participants. The proposed changes are slated to take effect for the 2025 tax year. The rules make an effort to provide clarity, with definitions for what businesses constitute crypto brokers as well as a new tax form, 1099-DA, that such brokers will be required to file. Decentralized exchanges (DEXs), NFT trading platforms, and wallet providers that offer services related to the trading of digital assets appear to be deemed brokers, meaning they would be required to comply with the proposed regulations. The proposed rules impose reporting requirements for brokers of all types of digital assets, including stablecoins, cryptocurrencies, and non-fungible tokens (NFTs). These intermediaries would also be required to collect and share information about their customers with the IRS.
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A federal judge in Washington D.C. has made a ruling that states copyright cannot be granted to art created solely by AI without human input.
This means only art created by humans can be copyrighted.
The case was brought to court after the U.S. Copyright Office denied Stephan Thaler's copyright requests for his AI-generated image.
The judge's explanation was that AI-generated art does not meet the necessary criteria for copyright protection, as it lacks human creativity.
With AI's growing role in art creation, copyright issues are expected to become more prevalent.
This means only art created by humans can be copyrighted.
The case was brought to court after the U.S. Copyright Office denied Stephan Thaler's copyright requests for his AI-generated image.
The judge's explanation was that AI-generated art does not meet the necessary criteria for copyright protection, as it lacks human creativity.
With AI's growing role in art creation, copyright issues are expected to become more prevalent.
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🖼 Blue-Chip NFTs Struggle, Floor Prices Drop Over 25% in 30 Days: Report
Although the NFT market has recorded significant losses in recent months, the sector has gained adoption in several real-world use cases. Data analyzed by the on-chain analytics platform Nansen shows that blue-chip non-fungible tokens (NFTs) are struggling, and their floor prices have plunged significantly. According to the firm, the floor prices of most blue-chip NFTs crashed by more than 25% in the last 30 days. At the same time, the prices of a few collections recorded significant growth. Blue-chip NFTs are collectibles expected to have sustainable long-term value because of their cultural significance, historical trading activity, collector demand, rarity, and strong fundamentals. An NFT floor price is the lowest amount for which an asset within a collection can be bought or sold. It is updated in real-time, recorded in ether (ETH), and gives insight into the activity and health of an NFT. The past month has been unkind to top NFT collections like the Bored Ape Yacht Club (BAYC), DeGods, CryptoPunks, Azuki, Mutant Ape Yacht Club (MAYC), and Moonbirds. DeGods was hit the hardest with a 55% crash, while collections like Azuki Elementals and BAYC followed with 48% and 27% declines, respectively. The floor price of CryptoPunks recorded a minimal plunge of 4.26%. MAYC and Moonbirds also saw declines of 20% and 26%.
Although the NFT market has recorded significant losses in recent months, the sector has gained adoption in several real-world use cases. Data analyzed by the on-chain analytics platform Nansen shows that blue-chip non-fungible tokens (NFTs) are struggling, and their floor prices have plunged significantly. According to the firm, the floor prices of most blue-chip NFTs crashed by more than 25% in the last 30 days. At the same time, the prices of a few collections recorded significant growth. Blue-chip NFTs are collectibles expected to have sustainable long-term value because of their cultural significance, historical trading activity, collector demand, rarity, and strong fundamentals. An NFT floor price is the lowest amount for which an asset within a collection can be bought or sold. It is updated in real-time, recorded in ether (ETH), and gives insight into the activity and health of an NFT. The past month has been unkind to top NFT collections like the Bored Ape Yacht Club (BAYC), DeGods, CryptoPunks, Azuki, Mutant Ape Yacht Club (MAYC), and Moonbirds. DeGods was hit the hardest with a 55% crash, while collections like Azuki Elementals and BAYC followed with 48% and 27% declines, respectively. The floor price of CryptoPunks recorded a minimal plunge of 4.26%. MAYC and Moonbirds also saw declines of 20% and 26%.
Sol Network Record $1.3 Million NFT Sales in 24 Hours
The Solana season is upon us as the blockchain records some mad sales volume in the past 24 hours and the seven-day sales. Apparently, more traders are participating in the network and making more sales. This is after the terrible market crash that saw Bitcoin decrease by more than 9%. Let’s jump in and see how Solana achieved these impressive feats. The Solana blockchain is seeing a massive increase in NFT sales.
Over one week, the Solana network recorded a whopping over $10 million in sales in NFTs. Moreover, this represents more than an 8% increase in the weekly sales volume. Apparently, the only place Solana is missing out is the 30-day sales volume in the NFT market. Solana and Polygon continue to battle each other over the 30-day sales volume. But it seems the Solana season is having a huge impact.
The Solana season is upon us as the blockchain records some mad sales volume in the past 24 hours and the seven-day sales. Apparently, more traders are participating in the network and making more sales. This is after the terrible market crash that saw Bitcoin decrease by more than 9%. Let’s jump in and see how Solana achieved these impressive feats. The Solana blockchain is seeing a massive increase in NFT sales.
Over one week, the Solana network recorded a whopping over $10 million in sales in NFTs. Moreover, this represents more than an 8% increase in the weekly sales volume. Apparently, the only place Solana is missing out is the 30-day sales volume in the NFT market. Solana and Polygon continue to battle each other over the 30-day sales volume. But it seems the Solana season is having a huge impact.
🖼 Starknet’s Quantum Leap NFT Drop Sparks Aug 30 Commemorative Frenzy!
Starknet has just unveiled an exciting plan on platform X that is set to captivate enthusiasts and collectors alike. The Starknet community is gearing up to release a special commemorative NFT, heralding the remarkable “quantum leap” achieved by the Starknet mainnet. This commemorative NFT release is poised to mark a significant milestone in the platform’s journey. Scheduled for release on August 30, it holds the promise of being a coveted piece in the world of digital collectibles. The “quantum leap” signifies a monumental achievement for SN’s mainnet, and the decision to celebrate it with an NFT showcases the community’s innovative and creative spirit. NFTs have surged in popularity due to their uniqueness and ability to encapsulate moments in a blockchain-based format, making them highly sought-after among crypto aficionados. Starknet’s move to commemorate their “quantum leap” with an NFT is a testament to the broader trend within the blockchain space. It underscores the technology’s capacity to document achievements and milestones in an innovative and engaging manner. The NFT not only symbolizes technological progress but also serves as a token of the community’s journey and accomplishments.
Starknet has just unveiled an exciting plan on platform X that is set to captivate enthusiasts and collectors alike. The Starknet community is gearing up to release a special commemorative NFT, heralding the remarkable “quantum leap” achieved by the Starknet mainnet. This commemorative NFT release is poised to mark a significant milestone in the platform’s journey. Scheduled for release on August 30, it holds the promise of being a coveted piece in the world of digital collectibles. The “quantum leap” signifies a monumental achievement for SN’s mainnet, and the decision to celebrate it with an NFT showcases the community’s innovative and creative spirit. NFTs have surged in popularity due to their uniqueness and ability to encapsulate moments in a blockchain-based format, making them highly sought-after among crypto aficionados. Starknet’s move to commemorate their “quantum leap” with an NFT is a testament to the broader trend within the blockchain space. It underscores the technology’s capacity to document achievements and milestones in an innovative and engaging manner. The NFT not only symbolizes technological progress but also serves as a token of the community’s journey and accomplishments.
Investors of $PEPE were (understandably) alarmed on August 24th after millions of dollars worth of $PEPE were suddenly transferred to crypto exchanges, including Binance, OKX, and Bybit.
Thursday’s sudden surge of over 16 trillion $PEPE tokens naturally created apprehension among investors, also causing a subsequent drop in its trading price.
This strangely followed what appears to be an even more alarming phenomenon – changing the number of required crypto wallets required to “sign off” on a transaction that authorizes the crypto transaction to go through.
PEPE's multi-sig wallet previously required approval from five out of eight designated wallets (5/8 signatures) to authorize any given transaction. The threshold was reduced to just 2/8 signatures.
On Friday (Aug. 25), the official PEPE Twitter account posted a lengthy explanation, claiming that three ex-team members had stolen the funds.
Thursday’s sudden surge of over 16 trillion $PEPE tokens naturally created apprehension among investors, also causing a subsequent drop in its trading price.
This strangely followed what appears to be an even more alarming phenomenon – changing the number of required crypto wallets required to “sign off” on a transaction that authorizes the crypto transaction to go through.
PEPE's multi-sig wallet previously required approval from five out of eight designated wallets (5/8 signatures) to authorize any given transaction. The threshold was reduced to just 2/8 signatures.
On Friday (Aug. 25), the official PEPE Twitter account posted a lengthy explanation, claiming that three ex-team members had stolen the funds.
💰 Blur Dominates 60% of the NFT Market on Ethereum: Messari Report
Messari, a platform that analyzes blockchain data, recently shared a new report. The report discusses Blur as a significant player in the NFT market on Ethereum. Blur is responsible for about 60% of all NFT transactions on Ethereum. This boost is largely due to an event where Blur gave away free tokens (airdrop) in February 2023. This event and ongoing activities have made Blur’s NFT marketplace very popular. Blur launched in October 2022, and it quickly got even more attention than the leading OpeaSea, a much bigger and famous platform. Blur became even more well-known after the airdrop on February 14. Before the airdrop, Blur was doing 48% of the trading on the NFT market. After the airdrop, Blur’s share went up to 78%. OpenSea’s share fell by 21% after this remarkable rise of Blur. As of today, Data from Dune Analytics shows that Blur has more daily NFT transactions than OpenSea. Despite the overall decline and fall of the NFT market, people are no longer interested in NFTS. But Blur has maintained its pace among other famous platforms. Over the course of the past year, there has been a great decline in the amount of interest shown in NFTs. The interest rate reached its highest point around February. Afterwards, The market capitalization of NFTs and sales volume has been decreasing.
Messari, a platform that analyzes blockchain data, recently shared a new report. The report discusses Blur as a significant player in the NFT market on Ethereum. Blur is responsible for about 60% of all NFT transactions on Ethereum. This boost is largely due to an event where Blur gave away free tokens (airdrop) in February 2023. This event and ongoing activities have made Blur’s NFT marketplace very popular. Blur launched in October 2022, and it quickly got even more attention than the leading OpeaSea, a much bigger and famous platform. Blur became even more well-known after the airdrop on February 14. Before the airdrop, Blur was doing 48% of the trading on the NFT market. After the airdrop, Blur’s share went up to 78%. OpenSea’s share fell by 21% after this remarkable rise of Blur. As of today, Data from Dune Analytics shows that Blur has more daily NFT transactions than OpenSea. Despite the overall decline and fall of the NFT market, people are no longer interested in NFTS. But Blur has maintained its pace among other famous platforms. Over the course of the past year, there has been a great decline in the amount of interest shown in NFTs. The interest rate reached its highest point around February. Afterwards, The market capitalization of NFTs and sales volume has been decreasing.
🖼 NFTs, down to $73M in weekly volumes, embrace ‘ownership model’
NFTs were one of the biggest buzzwords in early 2021. Digital artwork by up-and-coming creators sold for millions of dollars. Beeple boomed. And “The Merge” attracted over 30,000 collectors, who paid a total of $91.8 million to mint the collection. The floor price of “The Merge” has since dipped from roughly 25 ether (ETH) to 1.1 ETH today. Its demise is part of a much larger trend: Trading volume for all NFTs has dropped significantly, from a weekly volume of $1.8 billion in August 2021 to roughly $73 million today. One could argue that the NFT boom is over and that a comeback would be difficult, but a handful of projects remain faithful to their potential. One team building in the NFT gaming space is Martian Premier League (MPL). To participate in MPL, users can mint an MPL NFT and enter the gaming world, where they must build their own football team on a virtual Mars. “Without that sense of ownership model that NFTs have allowed us to take, we wouldn’t have a good enough ‘why’ to come to market,” Eleanor Nugent, the founder of MPL, said in an X space. Gaming is not the only area in which NFTs are being used. The team at Maya Spirits is hoping to use their NFT mints to champion gender equality and environmental protection in Mexico through donations.
NFTs were one of the biggest buzzwords in early 2021. Digital artwork by up-and-coming creators sold for millions of dollars. Beeple boomed. And “The Merge” attracted over 30,000 collectors, who paid a total of $91.8 million to mint the collection. The floor price of “The Merge” has since dipped from roughly 25 ether (ETH) to 1.1 ETH today. Its demise is part of a much larger trend: Trading volume for all NFTs has dropped significantly, from a weekly volume of $1.8 billion in August 2021 to roughly $73 million today. One could argue that the NFT boom is over and that a comeback would be difficult, but a handful of projects remain faithful to their potential. One team building in the NFT gaming space is Martian Premier League (MPL). To participate in MPL, users can mint an MPL NFT and enter the gaming world, where they must build their own football team on a virtual Mars. “Without that sense of ownership model that NFTs have allowed us to take, we wouldn’t have a good enough ‘why’ to come to market,” Eleanor Nugent, the founder of MPL, said in an X space. Gaming is not the only area in which NFTs are being used. The team at Maya Spirits is hoping to use their NFT mints to champion gender equality and environmental protection in Mexico through donations.
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MoonPay has unveiled its investment arm, MoonPay Ventures.
The company aims to help nurture early-stage startups spanning Web3, gaming, and adjacent fintech sectors.
MoonPay Ventures will allocate investments ranging from $100,000 to $1 million, specifically targeting seed and Series A funding rounds.
With a portfolio boasting over 25 companies, including names like BCB Group, Ledger, BRUT, and Mythical Games, MoonPay Ventures is demonstrating its commitment to backing pioneering ventures in this dynamic landscape.
The company aims to help nurture early-stage startups spanning Web3, gaming, and adjacent fintech sectors.
MoonPay Ventures will allocate investments ranging from $100,000 to $1 million, specifically targeting seed and Series A funding rounds.
With a portfolio boasting over 25 companies, including names like BCB Group, Ledger, BRUT, and Mythical Games, MoonPay Ventures is demonstrating its commitment to backing pioneering ventures in this dynamic landscape.
🔵 Ethereum NFT trading volume hit two-year low in August
The monthly trading volume of Ethereum-based NFTs hit its lowest level in two years last month as activity on marketplaces OpenSea, Blur, LooksRare and X2Y2 dried up. Trading volume fell to $407 million in August, according to The Block’s data dashboard — a 32% decline from July’s $599 million and marking the lowest trading volume since June 2021. X2Y2 led the decline, falling 40% month-over-month — with Blur, OpenSea and LooksRare trading volumes dropping 38%, 18% and 8%, respectively. OpenSea — which once dominated the NFT marketplace landscape and fielded investment offers at a $10 billion valuation — also saw its lowest active-user count since July 2021, according to Dune Analytics. OpenSea active users fell 12% to 126,000 in August. While the broader crypto market has suffered significant trading volume declines, NFTs have been hit particularly hard since the 2021 market peak — indicating falling interest. The Bitwise Blue-Chip NFT Collections Index — constituting some of the largest NFT collections, such as CryptoPunks, Bored Ape Yacht Club, Azuki and DeGods — is down 37% year-to-date, a period in which ether has appreciated 37%.
The monthly trading volume of Ethereum-based NFTs hit its lowest level in two years last month as activity on marketplaces OpenSea, Blur, LooksRare and X2Y2 dried up. Trading volume fell to $407 million in August, according to The Block’s data dashboard — a 32% decline from July’s $599 million and marking the lowest trading volume since June 2021. X2Y2 led the decline, falling 40% month-over-month — with Blur, OpenSea and LooksRare trading volumes dropping 38%, 18% and 8%, respectively. OpenSea — which once dominated the NFT marketplace landscape and fielded investment offers at a $10 billion valuation — also saw its lowest active-user count since July 2021, according to Dune Analytics. OpenSea active users fell 12% to 126,000 in August. While the broader crypto market has suffered significant trading volume declines, NFTs have been hit particularly hard since the 2021 market peak — indicating falling interest. The Bitwise Blue-Chip NFT Collections Index — constituting some of the largest NFT collections, such as CryptoPunks, Bored Ape Yacht Club, Azuki and DeGods — is down 37% year-to-date, a period in which ether has appreciated 37%.
Sphere, the world’s largest LED screen, will soon play host to Refik Anadol’s AI data sculpture, “Machine Hallucinations: Sphere.”
Hailed as the world’s largest spherical structure, the 366-foot tall globe-shaped structure, located in Las Vegas, also contains the world’s highest-resolution wraparound LED screen.
Beginning on September 1 as part of a four-month AI-generated art residency, Anadol’s sculptures will mark the inaugural use of MSG Sphere’s “Exosphere,” an awe-inspiring programmable digital canvas covering, spanning an astonishing 580,000 square feet with around 1.2 million “hockey puck-sized” LEDs.
The astonishing Las Vegas entertainment venue officially opens on September 29 with a powerhouse series of 25 performances by U2. The sphere was fully illuminated for the first time on the Fourth of July.
Hailed as the world’s largest spherical structure, the 366-foot tall globe-shaped structure, located in Las Vegas, also contains the world’s highest-resolution wraparound LED screen.
Beginning on September 1 as part of a four-month AI-generated art residency, Anadol’s sculptures will mark the inaugural use of MSG Sphere’s “Exosphere,” an awe-inspiring programmable digital canvas covering, spanning an astonishing 580,000 square feet with around 1.2 million “hockey puck-sized” LEDs.
The astonishing Las Vegas entertainment venue officially opens on September 29 with a powerhouse series of 25 performances by U2. The sphere was fully illuminated for the first time on the Fourth of July.
🔵 OpenSea’s Monthly USD Volume Hits Rock Bottom at $106M in Ethereum Trades
OpenSea faced a significant dip in its trading volume and active user count in August 2023. This drop in trading volume coincided with a decline in the number of active users, which stood at 125,000 for the month. This represents a significant decrease and is also a monthly low within the past year. The reasons behind this decline in trading activity and user engagement on the Ethereum network are multifaceted, including factors such as increased gas fees and market sentiment. Moreover, OpenSea’s expansion to other blockchain networks, including Polygon, did not fare much better in August. The transaction volume on the Polygon network was reported to be a mere $7.02 million, demonstrating a sharp decrease compared to previous months. Similarly, the number of active users on Polygon also saw a significant decline, with only 96,000 users participating on the platform during the same period. Both these metrics represented lows within the past nine months, indicating a challenging period for OpenSea’s expansion efforts. Despite these challenges, the NFT space remains a dynamic and evolving sector within the broader blockchain ecosystem, and the future of OpenSea will depend on its ability to innovate and meet the evolving demands of its users.
OpenSea faced a significant dip in its trading volume and active user count in August 2023. This drop in trading volume coincided with a decline in the number of active users, which stood at 125,000 for the month. This represents a significant decrease and is also a monthly low within the past year. The reasons behind this decline in trading activity and user engagement on the Ethereum network are multifaceted, including factors such as increased gas fees and market sentiment. Moreover, OpenSea’s expansion to other blockchain networks, including Polygon, did not fare much better in August. The transaction volume on the Polygon network was reported to be a mere $7.02 million, demonstrating a sharp decrease compared to previous months. Similarly, the number of active users on Polygon also saw a significant decline, with only 96,000 users participating on the platform during the same period. Both these metrics represented lows within the past nine months, indicating a challenging period for OpenSea’s expansion efforts. Despite these challenges, the NFT space remains a dynamic and evolving sector within the broader blockchain ecosystem, and the future of OpenSea will depend on its ability to innovate and meet the evolving demands of its users.
🔫 Yuga’s Otherside Gears Up for ‘Legends of the Mara’ Open Beta Launch
Yuga Labs announced that it will be debuting the open beta for its upcoming Otherside metaverse game, Legends of the Mara, sometime in September. Yuga first demoed Legends of the Mara to a small group of Otherdeed holders in July. First announced in March 2022, Otherside continues to represent the largest expansion of the Bored Ape Yacht Club (BAYC) universe, serving as an MMORPG (Massively Multiplayer Online Role-Playing Game) that is directly linked to the BAYC ecosystem. Legends of the Mara, a 2D web-based game, is rooted in the Otherside metaverse world, where members leverage their Otherdeed NFTs alongside a new NFT that will allow them to farm sediments, hatch their vessels, and fight something called “The Shattered” – with the goal of placing as high as possible. X user Hunter Solaire provided a comprehensive breakdown of how the game is structured and what it looks like. For Otherdeed NFT holders, their virtual land collectibles offer them two different tiers – environment tiers and sediment tiers. Environment tiers determine the number of “workers” you can have, while sediment tiers determine the number of “resources” you produce. However, “workers” also have tiers of their own – Koda, Mara (hunters, farmers, enchanters), and Kodamara (evolved Mara).
Yuga Labs announced that it will be debuting the open beta for its upcoming Otherside metaverse game, Legends of the Mara, sometime in September. Yuga first demoed Legends of the Mara to a small group of Otherdeed holders in July. First announced in March 2022, Otherside continues to represent the largest expansion of the Bored Ape Yacht Club (BAYC) universe, serving as an MMORPG (Massively Multiplayer Online Role-Playing Game) that is directly linked to the BAYC ecosystem. Legends of the Mara, a 2D web-based game, is rooted in the Otherside metaverse world, where members leverage their Otherdeed NFTs alongside a new NFT that will allow them to farm sediments, hatch their vessels, and fight something called “The Shattered” – with the goal of placing as high as possible. X user Hunter Solaire provided a comprehensive breakdown of how the game is structured and what it looks like. For Otherdeed NFT holders, their virtual land collectibles offer them two different tiers – environment tiers and sediment tiers. Environment tiers determine the number of “workers” you can have, while sediment tiers determine the number of “resources” you produce. However, “workers” also have tiers of their own – Koda, Mara (hunters, farmers, enchanters), and Kodamara (evolved Mara).
Adidas /// Studio is launching a new digital art program: RESIDENCY by adidas.’
The program aims to provide artists with the tools and platform they need to flourish in the web3 environment.
“Whether that’s a physical product, whether that’s virtual creation, whether that’s our marketing and our reputation, and our platform. All of those things are the things that we want to offer to artists and that’s what we aim to do with the program.” - King Stace, Global Head of Comms & Activation at adidas.
The program aims to provide artists with the tools and platform they need to flourish in the web3 environment.
“Whether that’s a physical product, whether that’s virtual creation, whether that’s our marketing and our reputation, and our platform. All of those things are the things that we want to offer to artists and that’s what we aim to do with the program.” - King Stace, Global Head of Comms & Activation at adidas.
🔫 Metaverse could reach up to $900 billion by 2030: Report
Despite reports that "metaverse-hype" is dying down, the metaverse could reach up to $900 billion dollars by 2030—though it may remain in the seed stage for at least another five to 10 years, a research report said on Thursday. According to the report released by Bain & Company, the metaverse poses real and growing economic opportunities for businesses. ompanies that engage in the metaverse’s early stages of development, known as the “seed stage," over the next five to 10 years, are more likely to become the market winners. "As the metaverse quickly evolves, we’ve already seen these types of technologies take hold within different industries,” said Chris Johnson, a partner in Bain’s Technology practice. "A good example of this is immersive gaming platforms, which are already boasting hundreds of millions of monthly active users. And while it’s not immediately clear how the metaverse landscape will shift, our research shows there are five competitive battlegrounds that executives should be considering if they wish to get ahead and eventually scale. This is an ongoing journey toward more immersive and collaborative experiences, enabled by rapid improvements in the underlying technology," Johnson said.
Despite reports that "metaverse-hype" is dying down, the metaverse could reach up to $900 billion dollars by 2030—though it may remain in the seed stage for at least another five to 10 years, a research report said on Thursday. According to the report released by Bain & Company, the metaverse poses real and growing economic opportunities for businesses. ompanies that engage in the metaverse’s early stages of development, known as the “seed stage," over the next five to 10 years, are more likely to become the market winners. "As the metaverse quickly evolves, we’ve already seen these types of technologies take hold within different industries,” said Chris Johnson, a partner in Bain’s Technology practice. "A good example of this is immersive gaming platforms, which are already boasting hundreds of millions of monthly active users. And while it’s not immediately clear how the metaverse landscape will shift, our research shows there are five competitive battlegrounds that executives should be considering if they wish to get ahead and eventually scale. This is an ongoing journey toward more immersive and collaborative experiences, enabled by rapid improvements in the underlying technology," Johnson said.
