MTV adds Metaverse award category: Nifty Newsletter, Aug 17–23
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 Telegram’s 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.
A report published by consultancy firm Juniper Research highlighted that in the next five years, the NFT market may grow from 24 million to about 40 million. According to the report, Metaverse developments will be one of the primary catalysts to the broader adoption of NFTs.
The study also noted that Metaverse-related NFTs will be the fastest growing niche in the next five years, with a projected increase in transactions from 600,000 to 9.8 million. Despite the predictions, the researchers pointed out that the values in the report are based only on a medium scenario and urged the community to do their due diligence before investing.
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GameStop’s NFT marketplace witnessed a dip in daily fee revenue to below $4,000 as its 24-hour sales volume dropped to around $166,800, suggesting that interest in the NFT platform has started to die down since its launch.
The drop in profits follows a downturn in the broader NFT market as popular collections such as the Bored Ape Yacht Club and Mutant Ape Yacht Club dropped large percentages in their floor prices.
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Web3 continues its foray into the music scene as the 2022 MTV Video Music Awards added the “Best Metaverse Performance” in its award categories, giving the age-old awards show a hint of the future.
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