“Metaverse” May Be Word of the Year, Johnnie Walker Launches an NFT, and Mattel Creates an NFT Marketplace
Welcome to This week in the Metaverse, where Fortune rounds up the most interesting news in the world of NFTs, culture and virtual worlds. Email [email protected] with tips.
Despite the short work week in the US due to Thanksgiving, there was no shortage of news. The Argentine soccer team’s crypto token fell off a cliff, Rockstar Games gave the thumbs down to NFT players, and “metaverse” took the plunge in the Oxford English Dictionary’s word of the year competition.
While the holidays are usually a time to watch soccer with the family, the World Cup got some people watching a different kind of soccer (or fútbol).
Admittedly, while I usually root for the USA and Mexico during the month-long tournament that takes place every four years, Argentina’s shock loss to Saudi Arabia in the World Cup group stage this week surprised me.
It also apparently shocked a bunch of crypto investors, who sold the Argentine Football Association’s fan token right after Tuesday’s loss, sending it plunging more than 20%. The token is one of many crypto-assets sponsored by professional football teams that give fans a chance to vote on (mostly minor) decisions made by the club and get rewards. Some clubs like FC Barcelona have made millions selling fan tokens, as they have quickly become a new source of income for sports teams.
Still, others are not as enthusiastic about Web3 technology. Rockstar Games, the creator of Grand Theft Auto series of video games, said it would ban crypto and NFTs from Grand Theft Auto fan servers. Some player-run servers had incorporated NFTs to give some players special cars and weapons, but now that’s no longer allowed.
Earlier this year, Minecraft developer Mojang Studios said the Microsoft-owned game would no longer allow NFTs on its servers, leaving several popular projects built on Minecraft servers, like NFT Worlds, high and dry.
Finally, “metaverse” is officially a top-three contender for Oxford word of the year. As we mentioned last week, the number of trademark applications for metaverse applications has skyrocketed, and it’s no secret why. While Meta continues his mission to build a VR metaverse and others like it The sandbox and Decentralized country working with Web3 versions, more and more companies and individuals will get in on the action.
Oxford University Press, which publishes the Oxford English Dictionary, is holding a public vote from November 22 to December 2 where “Metaverse” will compete against “#IStandWith” and “Goblin Mode” for word of the year.
In other news:
Johnnie Walker and music company 88 is rising released a limited edition Johnnie Walker Blue Label NFT on BlockBar.com this week. The bottle design was created by a streetwear designer WATERY THE PINK. On Tuesday, Johnnie Walker released a limited number of Johnnie Walker Blue Label bottle NFTs priced at $355, which users can sell on the BlockBar marketplace or redeem for a physical bottle.
Courtesy of Johnnie Walker
From November 27 to December 3, Web3 publishing nft now and urban revitalization organization Mana Common takes over 12 buildings and two city blocks in downtown Miami for an immersive experience with artists, community partners, speakers and performers. The Gateway: A Web3 Metropolis, sponsored by MoonPaywill contain experiences from art, games, music, culture and fashion, according to nft now Managing Director and Editor-in-Chief Matt Medved. “It comes from this unifying principle that it’s always better together, especially in the middle of a bear market,” he told Fortune.
Metaverse platform The sandboxa subsidiary of Animoca brands, announced a digital estate sale of 1,900 LAND parcels for those interested in owning a piece of the virtual world. The land parcels are located in new neighborhoods in The sandbox and powered by 14 brands and celebrities. The sale opens on 24 November and spans three waves through 2023. Potential buyers can snap up a plot close to experiences by Paris Hilton, TIME, Tony Hawkand Snoop Dogg.
Courtesy of The Sandbox
Mattelthe creator of Hot Wheels and Barbielaunched its own NFT marketplace this week built on Flow blockchain. The new marketplace will not require buyers to use crypto and will integrate a peer-to-peer trading platform in early 2023. On December 15, the company will release its first NFT collection on the new platform, a batch of Hot Wheels NFTs starting at $25 for a pack of seven, which can include cars from the likes of McLaren, Chevrolet, Honda, Aston Martin, Oldsmobile, Pagani and Cadillac.
Our new weekly Impact Report newsletter will examine how ESG news and trends are shaping the roles and responsibilities of today’s leaders – and how they can best navigate these challenges. Subscribe here.