The family of the world-renowned painter Frida Kahlo released never before seen art and memorabilia tied to the artist into the metaverse. The content debuted in a permanent exhibition during the third-annual Metaverse Art Week in Decentraland, held on Aug. 24–28. Metaverse users are now able to experience the art, along with personal anecdotes told by close family members in a digital replica of the “Red House.” The house represents the real-life version of the Red House, owned by the family, which stands in Mexico City. However, in the metaverse version of the Red House, each room represents little-known parts …

There is no denying that nonfungible tokens (NFTs) have taken a hit in recent months. Market conditions have plunged, scams and hacks are frequent, and there is an increasing number of low-quality projects, pushing many to question the value of NFTs and their place in Web3 altogether. Over the last crypto cycle, NFT market conditions have been largely correlated to and reliant upon the general crypto market. As technology and digital assets soared in valuation, it became easier for individuals and investors to justify speculating on the nascent NFT asset class — often paying exorbitant premiums with the conviction that …

All for one and one for all We need GameFi, DeFi and SocialFi to create a holistic Metaverse experience. Even with metaverses focusing on one purpose, these elements are essential to ensuring viability and scale. In essence, a metaverse can scale only if DeFi, GameFi and SocialFi can work together seamlessly. DeFi, in essence, would take care of the financial elements, GameFi the experiential elements and SocialFi the credibility elements for the economic actors. Without the DeFi elements, a metaverse would lack commercial scalability. Without the GameFi elements, the community would lack the experience motive for continually returning to it. …

American fast-food chain Taco Bell and Metaverse platform Decentraland are teaming up to offer United States-based couples a chance to get married in the Metaverse. The chain has called for engaged couples to enter a competition to win the brand’s first legally-recognized Metaverse wedding package, with a ceremony and reception to take place in the virtual world of Decentraland. According to Taco Bell, the ceremony and reception will include NFT invitations and custom-designed wedding attire. The couple will be able to bring virtual guests, who can partake in all the traditional wedding day celebrations like musical entertainment, dancing, and eating …

An independent Web3 gaming company has unveiled its very first project — and is vowing to offer an immersive, powerful experience for players. Digital Insight Games says its debut title will be known as Cloud Castles. It's scheduled to be released in 2023 — and promises to blend beloved elements from role-playing games with cutting-edge real-time strategy and tactics. In lush battlegrounds rendered in stunning detail using the latest technology, including Unreal Engine 5, Cloud Castles will give gamers the chance to collect and evolve fantasy creatures, and deploy them in fast-paced battles. Of course, a key tenet of Web3 …

Phil Spencer, the head of Microsoft’s gaming company Xbox is optimistic about the Metaverse but remains “cautious” about play-to-earn (P2E) crypto games due to its economic and speculative aspects. Speaking with Bloomberg anchor Emily Chang on Aug. 25, Spencer suggested that while many gamers are not yet sold on the current concept of a Metaverse, according to his definition, they have essentially been playing in Metaverse worlds for decades: “My view on Metaverse is that gamers have been in the Metaverse for 30 years. When you’re playing games, if you’re playing a World of Warcraft game, you’re playing in Roblox, …

NFT friendly rap icons Eminem and Snoop Dogg will be performing at MTV’s Video Music Awards (VMAs) together on Sunday, in a performance inspired by the Otherside metaverse and Bored Ape Yacht Club (BAYC) NFTs. The Otherside is a collaboration project between Yuga Labs’ BAYC and NFT investment and gaming giant Animoca Brands. Partnering with Otherside creator Yuga Labs, the global rap icons will be giving some major mainstream exposure to Otherside by transforming the VMAs stage into its style for their latest collaborative single ‘From the D 2 the LBC’. Specific details of the performance are sparse at this …

The hype surrounding nonfungible tokens, or NFTs, may have died down in recent months due to the crypto bear market, but that hasn’t stopped digital artists from experimenting in the new and exciting space. Gal Yosef, a globally renowned self-taught artist in the field of 3D art and animation, has proven his versatility by launching two successful NFT collections. In an exclusive interview with Cointelegraph, Yosef explained why NFTs are a “natural” transition for digital artists and why the industry is poised to grow despite current headwinds. Yosef, who successfully launched his Meta Eagle Club NFT collection in January, explained …

In this week’s newsletter, read about how the Metaverse is a catalyst for nonfungible token (NFT) adoption. Check out how GameStop’s NFT marketplace revenue dropped and how MTV added a metaverse award at the VMAs. In other news, learn about how the Telegram founder has been floating the idea of integrating NFT-like smart contracts for Telegram usernames. And, don’t forget about this week’s Nifty News roundup featuring Decentraland’s Metaverse Art Week. Metaverse is a key factor in long-term NFT success, says new research A report published by consultancy firm Juniper Research highlighted that in the next five years, the NFT …

In Decentraland’s third annual Metaverse Art Week held on Aug. 24-28, curators turned to new ways to utilize digital space to bring more interactive and true-to-life experiences of art. The metaverse world modeled its latest virtual festival after the real-life Biennale art event, which utilizes public space to display art. Visitors to the in-real-life (IRL) festival can walk around spacious pavilions and working parts of the city to engage with artists and brands outside of traditional gallery walls. Giovanna Graziosi Casimiro, the events and community producer for Decentraland, commented to Cointelegraph on this year’s design concept. “The core value of …

The Beijing municipal government on Aug. 23 announced a two-year (2022-2024) metaverse innovation and development plan that would require all districts to adhere to the newly released Web3 innovation plan. The development action plan refers to the Metaverse as a new generation of information technology integration and innovation that would drive the growth of the internet towards Web3. The innovation plan focuses on promoting the development of metaverse-related industries and helping Beijing build a benchmark city for the digital economy. The action plan demands that various districts build technological infrastructure at a city level and promote its use in various …

The Metaverse as a concept is an attempt to fuse physical reality, augmented reality (AR) and virtual reality (VR) into one seamless and immersive experience. The term “metaverse” was first used in Neil Stephenson’s 1982 cyberpunk novel Snow Crash. Stephenson’s metaverse was a virtual place where characters could go to escape a dreary totalitarian reality. Some of the key attributes of the Metaverse include: Even before the Metaverse became a phenomenon amid the nonfungible token (NFT) craze and crypto market boom, the concept was already in focus with the likes of Facebook, now Meta, Apple, Microsoft, Samsung and several other …