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NFT will Become the Revenue Model of Metaverse,Co-founder of Tether William Quigley says

William Quigley, the co-founder of the stable coin Tether (USDT), believes that the business model will undergo radical changes in the future and the delivery of non-fungible tokens (NFTs) will become the revenue model of Metaverse and Crypto.

William Quigley suggested that when reality is combined with digital numbers, the way the world interacts will produce unimaginable changes, according to a Bloomberg report on Sunday.

Currently, the revenue of video games is mainly based on the sales of virtual items, which can generate a total of 175 billion US dollars in business revenue each year. Quigley believes that Metaverse should be several orders of magnitude more than this because games are only part of the Metaverse coverage, and explained that：

“I’m betting that the revenue model for the metaverse is going to be NFTs.”

Metaverse is a combination of the prefix “meta”, meaning beyond, and “universe” which refers to shared virtual worlds where land, buildings, avatars, and even names can be bought and sold, often using cryptocurrency.

William Quigley pointed out in an interview with Bloomberg last Thursday that fundamental analysis of cryptocurrencies is difficult to conduct, but he is still optimistic about the market for cryptocurrencies, especially NFTs.

Quigley, as the co-founder of Worldwide Asset eXchange, which specializes in the development of non-fungible tokens (NFT) and video games, stated that the entire NFT market is driven by the value of Ethereum—which was valued at only $360 at this time last year. At the time of writing, Ethereum is trading at $3,268, which is 9 times the price.

However, due to the unique unalterable digital characteristics of NFT, which provides collectors with digital exclusive “flexible” status, the sales of irreplaceable tokens have also continued to hit record highs.

As reported by Blockchain.News on August 18, NFT Trading surges 8X boom from the popularity of Bored Ape Yacht Club, Pudgy Penguins, and CryptoPunk.

“From a consumer-product standpoint, what’s interesting to me is not one NFT selling for $1 million, but a million NFTs being sold at $1 each. A brand-new business for digital collectables. That seems to me to have longer legs and overall a bigger market,” Quigley said.

Facebook Sets up $50M Investment Fund for the Development of Metaverse

Online social media and social networking service platform Facebook today announced a two-year grant of $50 million to strengthen the interpersonal connection between reality and virtual reality and consumer hardware and to promote the development of Metaverse products.

Metaverse is a combination of the prefix “meta”, meaning beyond, and “universe”, which refers to shared virtual worlds where land, buildings, avatars, and even names can be bought and sold, often using cryptocurrency.

Metaverse is also called “Metaverse”. In this virtual space, users can create, explore, play, work, shop, and do other daily activities with other users who exist in another type of physical space.

Facebook represents the existence of Meta Universe that “It’s not necessarily about spending more time online — it’s about making the time you do spend online more meaningful.”

In the latest official announcement, the company said:

“The metaverse won’t be built overnight by a single company. We’ll collaborate with policymakers, experts and industry partners to bring this to life.”

Facebook stated that in addition to cooperating with experts from the government, industry, and academia to think about interoperability, collaborative work, and other issues and opportunities in the metaverse, it will also cooperate in predicting and controlling risks in the following areas, namely: Economic opportunity; Privacy; Safety and integrity; Equity and inclusion.

Funds will be paid through Facebook’s two-year US$50 million XR program and research funding.

To ensure a more responsible and inclusive way to deploy its Metaverse, Facebook teams also cooperate with some non-profit organizations, including Women In Immersive Tech, supporting Africa No Filter, Electric South, and Imisi3D.

Initial partners include cooperation with well-known universities, such as Seoul National University and the University of Hong Kong-security design research; National University of Singapore-artificial intelligence field privacy law research; Howard University-IT diversity.

Facebook Rebrands to Meta, Seeking to Develop the Metaverse

The pioneering social media giant, Facebook Inc, has rebranded its name to Meta as it seeks to foster the development of the metaverse, a term made popular by the current craze in the Non-Fungible Token (NFT) ecosystem.

As announced by the company, Chief Executive Officer Mark Zuckerberg introduced the new outfit, the umbrella term under which Facebook, Instagram, and the rest of the company’s apps will operate.

Facebook said the change of name would not impact how it handles its user’s data, but it noted that it would change the model in which it reports its financials.

“Our corporate structure is not changing, however, how we report on our financials will. Starting with our results for the fourth quarter of 2021, we plan to report on two operating segments: Family of Apps and Reality Labs. We also intend to start trading under the new stock ticker we have reserved, MVRS, on December 1,”

Meta said in its name, unveiling that the company seeks to push its broader focus into developing the metaverse so that it connects online social experiences and the physical world. Even though the approach is still in its infancy, Non-Fungible Token projects have advanced these surreal metaphysical experiences for users in the past year.

While Meta’s pursuits are most prominent in the Virtual and Augmented Realities areas, the name change can be a springboard for the company to go all out on NFTs. The company recently launched its Novi wallet and announced the capabilities of the wallet to integrate NFTs. Going by the company’s deep pocket, securing the interest of digital artists who can utilize the wallet through a form of incentive will not be an arduous task.

Since the growth of the metaverse is partly dependent on digital currencies, revisiting its estranged Diem cryptocurrency project may be one of the company’s plans in the mid to long term.

KuCoin Exchange Launches its Meta Office As KuCoin’s First step on Metaverse

KuCoin Exchange has announced it will launch virtual offices in a visually stunning virtual reality skyscraper called Bloktopia.

The Kucoin team stated that this is a very important and biggest step for KuCoin to enter Metaverse. This virtual office will become an important milestone in the virtual world.

The announcement issued on November 2 stated that the office was designed as a skyscraper, and all Metaverse elements exist in KuCoin Meta Office, including VR experience; cyberpunk decoration; allowing customers to interact with interactive virtual furniture, accompanied by instant Chat and voice communication, etc.

The Bloktopia platform allows all kinds of visitors to earn income, play games with friends, and build networks in this virtual skyscraper. The skyscraper is divided into 21 different levels, covering a total supply of 21 million Bitcoins (BTC) to attract outstanding creators.

Kucoin will provide support for Bloktopia’s native token BLOK and the utility token of the Metaverse-centric blockchain game platform Dreams Quest (DREAMS).

As reported by Blockchain.News on Wednesday, KuCoin exchange has launched the KuCoin Fiat Account, an avenue by which its customers around the world can fund their accounts using either a Visa or Mastercard debit or credit card.

Singapore-based KuCoin is one of the most advanced platforms worldwide by offering spot, margin and futures trading, the highly liquid platform lets users lend out their digital assets to others to earn interest. To date, KuCoin has facilitated over 722 million trades with transaction volume exceeding $100 billion, with users able to pose questions of customer service agents available 24/7.

Last week, the pioneering social media giant, Facebook Inc, has rebranded its name to Meta as it seeks to foster the development of the metaverse, a term made popular by the current craze in the Non-Fungible Token (NFT) ecosystem

Image source: Kucoin

Metaverse Seen to Bring in Big Investments, Says Morgan Stanley

The metaverse is a booming investment topic, Morgan Stanley said in a research note on Thursday, and stock sectors are already making the most of it.

Since major companies such as Meta Platforms (formerly Facebook) and Microsoft have already started to build metaverses on their own company platforms, the internet’s next big thing has gathered a lot of attention from investors and companies.

According to the report, companies that can benefit from the metaverse include tech and gaming stocks. Shares of Roblox, an online game platform and game creation system which is currently building a metaverse of its own, are already moving on the trend.

Currently, the metaverse does not exist in its “purest form”, but many companies are already building their own versions of it, heightening investment prospects, Morgan Stanley said.

According to the multinational investment bank, a “true” metaverse is only when interoperability across all the companies is possible which will take time.

Cross-company collaboration to allow users to seamlessly move across millions of experiences and take their digital avatars and possessions around with them is estimated to take many more years as the metaverse is still in its infant stage.

The report described the metaverse as a “virtual world for immersive co-experiences that is persistently available and where users can explore vast numbers of experiences concurrently,” and “within these experiences, people across the world can meet, play, watch, trade and learn across millions of experiences.”

“It (metaverse) can fundamentally change the medium through which we socialize with others,” equity strategist Edward Stanley said.

The report also stated that currently the target audience for the metaverse is young gamers mostly under 17 but noted that the average age is rising as the metaverse is expanding.

In Asia, South Korea is currently seen as an important hub because its more than 400 technology firms could accelerate the interoperability of metaverse in the future.

HK-based Animoca Brands Partners with S. Korea's Cube Entertainment for K-pop Metaverse & NFTs

Animoca Brands is partnering with Cube Entertainment to build metaverse and non-fungible tokens (NFTs) as K-pop has been taking the world by storm, the executive chairman of the company said.

The joint venture between the Hong Kong-based Animoca Brands and South Korean entertainment company Cube Entertainment, aims to build a music metaverse, and issue NFTs and ecosystem tokens based on the intellectual property rights of Cube Entertainment’s globally popular K-pop music artists and actors, the company said.

In this partnership, the two companies will work together to create NFTs by using resources, including digital sound sources, albums, portraits, and avatars of popular K-pop artists under the management of Cube Entertainment.

Cube Entertainment operates as a record label, talent agency; music production, event management and concert production company, and also a music publishing house.

Cube Ent has 50 talents under management, including K-pop artists Jo Kwon, BTOB, PENTAGON; entertainers Park Mi Sun and Lee Hwee Jae.

Yat Siu, executive chairman and co-founder of Animoca Brands, said: “K-pop is taking the world by storm, and here at Animoca Brands we can’t wait to work with Cube Ent and its roster of K-pop artists as we continue our efforts to make the open metaverse a reality.”

Animoca Brands is a digital entertainment, blockchain and gamification company that is driving digital property rights via NFTs and gaming with an aim to build an open metaverse.

NFTs are digital assets and collectables that possess characteristics normally associated with physical items, including authenticity, rarity, scarcity and other properties that are secured on an internet blockchain system.

As reported by Blockchain.News in October, following the social investment platform Kikitrade’s plan to widen its participation in the blockchain gaming (GameFi) and non-fungible token (NFT) market, Animoca Brands has increased its shareholding in the firm to become the second-largest shareholder.

GameFi, also known as play-to-earn (P2E) games, has seen a recent upsurge enough to dominate the blockchain market for the past several quarters.

$400M Funding helps Gemini valued at $7.1B to Build a Decentralized Metaverse

American cryptocurrency exchange Gemini raises $400 million through growth equity financing, led by Morgan Creek Digital.

Other investors include private equity firm 10T, ParaFi, family office consultant Newflow Partners, Marcy Venture Partners and Commonwealth Bank of Australia. For Gemini, this is the first time Gemini has received external financing.

After completing this financing, the Gemini platform is valued at US$7.1 billion.

The announcement stated:

“With this round of financing, Gemini will continue to bring simple, innovative, and secure products to market, and advance its geographic expansion.”

In an interview with Forbes on November 18th, Taylor and Cameron Winklevos expressed their hope that the influence of Gemini will extend to Metaverse in the future.

In addition to the acquisition of shares in Singapore-based NFT company Alethea AI and Florida-based Recur. The brothers purchased a piece of virtual land for the construction of a three-dimensional virtual location in a collaboration with The Sandbox (SAND) Metaverse, which is based in Hong Kong.

Tyler said that:

“we’re gonna build a Gemini experience in different metaverses, where you can go into Gemini and trade, but it would be immersive instead of on your phone.”

Unlike Meta, previously known as Facebook, Gemini’s goal is to decentralize, which would provide more choices, independence and opportunities, and technology that protects individual rights and dignity.

Gemini, launched by Cameron and Tyler Winklevoss in 2015, is a New York trust company regulated by the New York State Department of Financial Services (NYSDFS). They are subject to capital reserve requirements, cybersecurity requirements, and banking compliance standards set forth by the NYSDFS.

Winklevoss twins launched Nifty Gateway, Gemini’s NFT trading platform, in 2018. Thanks to the booming NFT market, Nifty Gateway has achieved more than $420 million in sales through the collaboration of 375 unique artists

In 2020, the Winklevoss twins’ Gemini exchange has been granted licenses by UK’s Financial Conduct Authority. It also submitted a license to the Monetary Authority of Singapore.

Time Magazine to Add Ether to Its Balance Sheet as Part of Efforts to Support Metaverse Newsletter with Galaxy Digital

Time Magazine will hold Ether (ETH) on its balance sheet for the first time as part of a deal with crypto investment firm Galaxy Digital to educate its readers about the metaverse.

The 98-year old publication announced on Thursday, November 18, that it has partnered with the crypto company as part of efforts to explore the metaverse, to educate and engage as many people as possible about the emerging technology.

Mike Novogratz, CEO and Founder of Galaxy Digital, talked about the development and said: “Over the next decade, the metaverse will become an increasingly important part of the world economy; our physical and digital realities are already becoming hard to distinguish. We look forward to partnering with Time, an iconic brand driving innovation, as we seek to bring readers, creators, and the curious into the metaverse and demystify the tremendous amount of transformation happening within.”

The popular magazine-based in New York will be releasing a weekly newsletter focused on metaverse, compiling a Time 100 companies list for metaverse-related firms and feature educational resources on a new section of its publication, and including the virtual space as a category in its annual list of the 100 most influential people in the world.

Galaxy Digital will offer its expertise to help explain the metaverse and its potential, like taking advantage of insights from Galaxy Interactive General Partners Richard Kim and Sam Englebardt.

The list will highlight firms with the most impact within the metaverse space, some of which may include blockchain firms, while others could be offering solutions to make experiences within the metaverse more successful, impactful or accessible for businesses and consumers.

Time magazine stated that the deal is the first of this nature among media companies. Although financial terms were not disclosed, Time’ company representatives revealed that the deal would run for about six months.

Apart from that, Time magazine mentioned that the partnership with Galaxy digital was conducted using Ether (ETH), which the media company plans to hold on its balance sheet. Since April, the publication has been holding Bitcoin as part of its partnership with crypto investment firm Grayscale.

The Rise of Metaverse

The metaverse is being touted as a better version of the internet, featuring a virtual world for immersive experiences where people across the globe can meet, watch, play, and trade.

As reported by Blockchain.News in late October, interest in metaverse soared after Facebook announced a change of its name to “Meta Platforms Inc.” The social media giant retired its former name “Facebook” because it believes that it only represents a single product. “Meta”, the prefix of the word “Metaverse”, involves the concept of shared virtual worlds and communities, which is the branding Facebook hopes to capture.

Microsoft Inc is also dabbling in the metaverse. It recently introduced Mesh for Team, a virtual workplace.

As a result, other major firms are also shifting their focus in the internet’s next iteration.

Galaxy Digital appears to be focusing on expanding into the metaverse. In October, the firm raised a $325 million fundraising round aimed at virtual endeavours.

S. Korea's Democratic Party Backs Support for Crypto, Metaverse

Song Young-gil, leader of the ruling Democratic Party, stated that the South Korean government should stop the crackdown on the crypto sector and start nurturing it instead.

The popular Democratic Party stated that “the time is ripe” to start “cultivating” the cryptocurrency industry. Policy support in South Korea has been observed to undoubtedly make cryptocurrency products more diversified and more convenient.

Song, a party favourite for next year’s general elections, is believed to take a more friendly approach to crypto policy which could make it easier for crypto-related offerings to operate in South Korea.

He stated that he will consider giving away tokens to all South Korean citizens and at the same time will adopt a softer way to manage crypto assets.

The 2022 presidential election is expected to be held on March 9, 2022, which is the eighth election since the democratization of South Korea.

Song suggests the establishment of a new government agency dedicated to blockchain named “Blockchain Authority” in Busan – the only blockchain-free regulatory zone in South Korea. he believes that the agency will help South Korea in the global digital currency competition.

He also emphasized that:

“We must seize the metaverse market based on blockchain technology at the national level.”

Song also said it is necessary to understand that the development of virtual assets and of the blockchain industry are two aspects of the same coin.

As reported by Blockchain.News on September 13, The South Korean Financial Services Commission (FSC) has begun to tighten the supervision of local and overseas cryptocurrency trading platforms in South Korea, resetting a new deadline on September 24, according to Financial Times.

In Asia, South Korea is currently seen as an important hub because its more than 400 technology firms could accelerate the interoperability of metaverse in the future.

Sotheby's Metaverse to Launch Largest NFT Charity Auction with Sostento

Sotheby’s Metaverse announced that it has partnered with Sostento for the “biggest non-fungible token (NFT) charity auction ever”.

For this auction, seven individual winners from Twitter’s June 30, 2021, digital NFT lucky draw will be selling their full set of seven NFTs, with their proceeds going towards Sostento. This organization gives vital support to frontline public health workers.

On June 30, Twitter gave away seven unique NFTs available in editions of 20 randomly to followers who replied to its tweet, “140 free NFTs for 140 of you, besties,” following which The 140 Collection was born.

The 140 Collection showcases the many facets of Twitter, from the first iterations of its logo to its 140-character limit.

Sotheby’s Global Head of Science and Pop Culture, Cassandra Hatton, expressed that：

“It is inspiring to work not only alongside an organization like Sostento, but also with the group of Besties who recognize the significance of their NFTs and are harnessing that power for a good cause.”

Sostento’s CEO, Joe Agoada, stated that the proceeds will be processed through its partner Giving Block and will be directly invested in the life-saving activities of frontline medical staff members. Sostnto creates initiatives, mobilizes networks, and delivers digital tools and services that tackle challenges frontline health workers face.

The Giving Block, founded in 2018, primarily focuses on making Bitcoin and another cryptocurrency fundraising easy for non-profits.

Since only a few non-profits around the world are well equipped to accept donations in cryptocurrency, The Giving Block helps charitable organizations to “leverage crypto technology to achieve their mission.”

As reported by Blockchain.News on November 12, Sotheby’s auction house started accepting Ethereum (ETH) cryptocurrency during live bidding for its upcoming virtual exhibition, where two of Banksy’s artworks will be up for sale.