Welcome to “This Week in the Metaverse,” where Fortune brings together the most interesting news in the world of NFTs, culture, and the Metaverse. e-mail firstname.lastname@example.org with hints.
The past few weeks have been huge for Web3’s integration into social media.
Reddit spawned the creation of 3 million+ crypto wallets After unveiling the second generation “Non-NFT” collectible avatars on Oct. 20. Newly owned by Elon Musk twitter He then said he was testing the ability to allow users Buy NFTs directly from Tweetsand meta Instagram said to do We will soon allow some users to buy and sell NFTs No gas bills until 2024, directly from the app.
Although NFT trading volumes plummeted during Crypto Winter, major social media companies see value in promoting NFTs.
No wonder why. As of November 2nd, Reddit said over $10 million Its collectible avatar value.
But will integrating NFTs into social media platforms actually increase sales and cryptocurrency usage, or will millions of new users simply remain stranded on the Web2 platform? ?
To be honest, the number of people who own NFTs in the US is still small. According to one survey, 46% of the US population were familiar with the term, but only 2% said they had purchased one. study in august By Pew Research Center.
So, exposing Instagram’s over 1 billion monthly active users to this technology is nothing short of a plus. murmured Wednesday: “95% of Instagram users have never owned a cryptocurrency and have never actually experienced an NFT. Now they are watching many of their favorite creators create and sell digital collectibles for the first time We’re about to witness. This is the road to mass adoption, and things are starting to get interesting.”
OpenSea’s initial data on user spillovers from Reddit seems to support this theory. A spokesperson for the most popular NFT marketplace said: luck Polygon, the blockchain underlying Reddit NFTs, has seen a 75% increase in new users since spooky season ended in late October. I bought another NFT on OpenSea.
But questions remain as to whether mass adoption is really imminent.One of her Reddit users and moderators on a subreddit centered around collectible avatars Said luck He said he hasn’t heard much about people trying other NFTs or other platforms. He also said that Reddit die-hards have already made a decent profit on the deal and are investing more in the company’s plans for collectible avatars than in his NFTs in general.
And then there are new scams. already starting to pop up For the new Reddit NFT, according to some users.
Still, as Web3 features roll out across more social media platforms, the potential for mass adoption could skyrocket, resulting in a snowball effect of new features across multiple platforms.
Reddit founder Alexis Ohanian said: thursday tweet“The builder must build.”
In other news:
Speaking of social integration with Web3, telegram We recently announced a new marketplace built on the Telegram Open Network (Telegram Open Network).tons) Blockchain used to auction rare handles for the platform. telegram Start by auctioning the 4 and 5 character handles. According to Cointelegraph.
on thursday prada Released the 6th series Time Capsule NFT Collection This will give owners access to unique experiences at Prada Mode Dubai and Prada Extended Miami. The November issue is reminiscent of the patchwork designs of the 1970s.
Courtesy of Prada
online game platform roblox Published Metaverse Fashion Report Combining behavioral data from Roblox with survey data from 1,000 Generation Z Active US users aged 14-24 Gen Z appreciate digital fashion and are willing to spend. Three out of four of her survey respondents said they spend money on digital fashion, and one in four said she spent between $20 and $100 on one of her virtual items. But when it comes to fashion, nothing flies. Two of the third said they were looking for brand names for digital items, and the majority also said digital clothing design should be inclusive.
On Halloween Funko When Warner Bros. Discovery Global Consumer Products release A new horror-themed digital pop! Collection featuring characters from Warner Bros. and New Line Cinema films. magic trick, thisWhen exorcistFunko Digital Pop! The line consists of his NFTs that resemble Funko’s uniquely styled figures, and he starts at $9.99 in packs of five.
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