Bored Ape metaverse raises $285M, while Meta (FB) bleeds
GM, we take the latest Web3 news and translate it into plain old English - so you can stay up to date, without your eyes glazing over.
In today’s edition:
The Bored Ape Yacht Club metaverse raises $285M while Meta (fka FB) cuts spending
Walmart-backed E-commerce giant enters the metaverse
RESOURCE: What are Smart Contracts? Learn in ~8mins
Was 'The Terminator' a documentary?
Terms used (click for translation):
NFTs, Gas Fees, Blockchain.
The Bored Ape Yacht Club metaverse raises $285M while Meta (fka FB) cuts spending
You know that plot trope you see in TV dramas, like The OC?
A new enigmatic kid comes to town (Ryan), others are drawn to them, which makes the current reigning popular/rich kid jealous (Luke).
Well, something similar is playing out in the 'metaverse war' right now.
As far as 'community hubs' go, the new kid on the block is Bored Ape Yacht Club (BAYC) and their 'Otherside' metaverse.
The previous reigning popular / rich kid is Meta (fka Facebook).
BAYC's super power = their fierce community support.
Meta's super power = their deep pockets and existing network.
But it's looking more and more like Meta's super powers can only go so far...
Here's the current state of play in the race to establish dominance in the metaverse:
Meta
Struggling to get people excited about their new direction.
Going as far as creating a physical store to try and convince users of their vision.
Investors losing faith, with a cratering stock price.
BAYC's 'Otherside' metaverse.
Held a public sale of virtual land over the weekend, raising $285M within a few hours.
Skyrocketed activity on the Ethereum network, pushing gas fees (i.e. transaction fees) to $3,000+ per transaction.
Have a community excited enough to spend a cumulative $176 million in transaction fees alone, in order to secure land in the 'Otherside' metaverse.
Moral of the story:
Community > Bank Balance.
...that, or folks really don't like Facebook.
Probably both tbh.
Walmart-backed E-commerce giant enters the metaverse
The Indian E-commerce giant Flipkart, has decided to venture into the metaverse.
Which, on the surface, sounds like it could be another gimmicky play to garner short term brand awareness.
And it could well be...
But two things are keeping us hopeful with this venture:
The mission. Which is to prove and facilitate commercial functions within the metaverse.
It's being built in/by India, a global software powerhouse.
If a company like like Flipkart can build and prove consistent, viable commercial use cases within the metaverse, others will see the roadmap to revenue and follow suit (cheque books in hand).
Whether it can be achieved before a universal metaverse exists?
...that's yet to be seen.
Resource of the day
What are Smart Contracts?
Learn in ~8mins
Was 'The Terminator' a documentary?
No, it wasn't.
But it makes for a fun analogy with this article.
The Solana blockchain crashed for seven hours after SkyNet bots attacked it.
Here're the details:
The NFT creation tool 'Candy Machine' was swarmed by bots, reportedly submitting more than 4 million transactions a second on the Solana network, which caused it to crash.
The broader damage wasn't done in lost transactions, as much as it was in trust.
The 'golden trifecta' for a winning cryptocurrency is considered to be a combination of the following:
Security
(safe from outside attack)Scalability
(will work whether it has 2 people using it, or 2 billion)Decentralization
(can't be manipulated by centralized authority)
This bot attack highlighted vulnerabilities in Solana's overall security and scalability.
As a result, it lowered the broader trust in the network and sent the SOL token price tumbling from ~$90 to ~$80 in a matter of hours.
Ouch!
Your Daily Dose of Web3
Warren Buffett explains again why he doesn’t believe in Bitcoin
The Wikimedia Foundation has stopped accepting cryptocurrency donations
NFTs can ‘Democratize imagination,’ says VR metaverse sculptor
Alright, that’s it for today!
Love to the family,