Picture this! It’s the mid-1980s. The internet, which was going to connect everyone around the world and revolutionize how they communicated, had just started, and everyone wanted a part of it.
Fast forward to the early-mid 2000s, Facebook, Twitter, Flickr, and Tumblr had just arrived on the scene, and social media was born.
Today, the Metaverse is the new kid on the block, and it just seems like people can’t stop talking about how it is redefining the digital real estate landscape and how it will change how we interact with the internet, and each other, forever.
But wait, “Metaverse,” “Digital Estate”, what do those mean, and more importantly, what’s the hype all about?
What Is Digital Real Estate, and How Does It Relate to the Metaverse?
Digital real estate is, simply put, property that exists on the internet. Traditionally, this used to be in the form of websites, social media accounts, or even email lists.
However, today, digital real estate includes virtual spaces and assets in the Metaverse which you can own, lease, or develop, just like in the physical world.
The Metaverse is a term used to describe the virtual world where people can interact with each other and with digital content in an immersive experience.
This virtual world can take many forms, but it typically includes some combination of 3D avatars, virtual spaces, and other virtual assets such as in-world tokens.
So, from having meetings with employees in a virtual office to selling digital art or fashion in a virtual gallery to exploring exotic virtual worlds with fantastic avatars and breath-taking creatures, the Metaverse provides opportunities for businesses to do things that were once impossible, or at least impractical.
Now that we know what digital real estate is and what the Metaverse is, let’s take a look at some specific Metaverse projects that are helping to shape the digital real estate landscape.
Projects That Show Why Digital Real Estate is Worth the Hype
There are many different Metaverse projects out there, but here are three that show the potential of digital real estate and the Metaverse.
A major upcoming project that is set to make waves and leverage digital real estate potential in Metaverse gaming is SIDUS HEROES.
The brainchild of a massive collaboration between some of the best minds in blockchain tech and gaming, with a large supporter base, SIDUS HEROES is set in a virtual universe inhabited by NFT characters from twelve technological races with unique traits and features.
The game is notably listed as one of New Zoo’s top 10 gaming projects to look out for and one of Coin Market Cap’s top NFT games for 2022.
Conceived as a game where players can travel to all corners of the Metaverse and seek out various adventures, SIDUS HEROES has also forayed into adding digital real estate value into its gameplay.
SIDUS HEROES metaverse apartments are the form of digital real estate in the game that can be bought, sold, or rented out to other players. The apartments are located in the capital city of the in-game universe and provide private space quarters where players can store virtual household items within the game.
With only 6000 apartments of different rarity, i.e., Common, Epic, and Legendary, in the game, they have been designed with various features and amenities that make them worth investing in for players.
These include robots, which provide bonuses for investment activities within the game; plants, which produce the fruits that upgrade the in-game heroes and pets; and workbenches, which are used to create new pharmaceutical items.
Of course, players can use these assets to develop different industries within the game, which can translate into actual revenue for whoever is holding them.
Apartments in the SIDUS HEROES metaverse will soon be out for sale, and early investors can start to get their hands on these valuable in-game assets. With the digital real estate landscape getting heated up and projects like SIDUS HEROES leading the charge, it’s advisable to keep your eyes peeled, follow updates on its Opensea, Twitter, and Discord channels, watch out for its upcoming release, and keep your crypto wallet ready.
The successful precedent set by similar projects with established communities, innovative gaming marketplace, and ecosystems like SIDUS HEROES highlights that players have every reason to invest in digital real estate for their game-play value and investment potential.
Let’s check out two of these similar projects below.
The Otherside BAYC is an offshoot of the successful Bored Ape Yacht Club NFT project. Yuga Labs, BAYC Creator, announced the project in March 2022 and was launched on 30th April 2022.
Although the Otherside Metaverse is currently in development, it is already one of the most talked about projects in the Metaverse space.
The world will feature playable characters will feature up to 10,000 playable characters in a massively multiplayer online role-playing game.
Its in-world natural voice chat also takes in-world communication to its next level.
With the awe-inspiring tour that Bored Ape and Mutant Ape owners participated in during July, it’s easy to see why 55,000 Otherdeed–plots of land in the Otherside sales were sold for more than $300 million when the project’s first round of land selling concluded; and why the value of Otherdeeds has grown over time, enabling it to scale over $1 billion in sales in the secondary market, becoming the fastest NFT collection to do so.
Illuvium is another upcoming Ethereum-based MMORPG, set to be officially released in 2022 on Mac and PC.
With 100,000 land plots available in the game, 22,000 were put up for sale for early investors and prospective sellers, making over $72 million in sales.
Like in real life, the owners can use these plots in various ways to make money. These include mining fuel to sell to game players, generating NFT blueprints, renting space to other players, etc.
These possibilities have made many enthusiasts eagerly anticipate the game’s official launch and a possible future land sale.
Digital real estate is worth the hype, and Metaverse projects are a big part of why. While the three projects discussed above lend credence to the explosive potential of digital real estate, it happens that SIDUS HEROES is the only one with a launch coming up soon for interested players.
Although it is in its early adoption phase, placing a cap on how much it can multiply in value is impossible. Like NFTs and actual real estate, the primary driver of digital real estate’s value is scarcity. With a limited supply of apartments, coupled with an ever-growing demand for them, the value of digital real estate will only increase with time. For example, while the BAYC project minted at 0.08 ETH, just a little over a year later, its floor price on the Open Sea is 72.6 ETH.
These projects are changing the way we think about virtual worlds and asset ownership, and they have the potential to revolutionize the gaming industry. With so much potential, it’s no wonder that more value is increasingly being attached and generated by digital real estate.
On Thursday, the $6.7 price range of Uniswap was rebuffed once again. The momentum has slowed on the shorter time frames, which is a bearish indicator for traders and investors.
It’s possible that the recent decline in Bitcoin’s value is responsible for UNI’s lag.
Statistics show that there is a moderately high relationship between UNI and Bitcoin.
Recent price changes for both coins show a strong correlation between them. UNI has been closely following Bitcoin’s price action.
As the bearish slump in Uniswap continues into its second day, the currency pair may be retracing its recent gains.
As of this writing, UNI is trading at $6.45, up 12% in the last seven days, data from Coingecko show, Friday.
Uniswap Indicator: Bearish
UNI fell to a closing price of $6.379 yesterday, 7.62% lower than its September 28 closing price of $6.555. Price action in the past is also suggestive of a developing bearish momentum.
The momentum indicator is at a bearish low at the moment.
Daily and 4-hourly trends tell the same pattern as well. The amount of UNI currency on hand is at an all-time high, per CryptoQuant statistics. Foreign exchange reserves on the rise portend worse conditions.
As of this writing, daily UNI transaction volume in the shorter time frames from September 27 to now has been volatile.
During this time range on September 27, UNI rallied and tested the $6.7 resistance level. This price trend mirrored that of Bitcoin.
Although demand for UNI is not very great, both BTC and UNI are currently exhibiting indications of recovery.
A Retreat, Or Advance?
A recent research predicted that UNI would decline to $5.50, a volatile region that might spark a bigger sell-off in the crypto.
A decline of this nature could prompt investors and purchasers to acquire a position inside the aforementioned price range, restoring the currency to its current value.
However, UNI’s technological aspects are relatively neutral. On the charts, this appears as a near-stabilization of the price, which is supported by the 38.20 Fibonacci level.
This neutrality of the technical indicators and the relatively stable price range can assist the bulls in gaining strength for a breakout.
However, UNI has struggled to surpass the $6.49 level of resistance.
A breach of this resistance might initiate a gradual rally toward the $6.7 price level.
As the price trend wanes, UNI has a same chance of falling to $5.5 or rising to $6.7.
UNI total market cap at $4.95 billion on the daily chart | Source: TradingView.com
Featured image from Brightnode, Chart: TradingView.com
Binance continues its expansion spree despite the bearish market conditions.
The CEO has said that New Zealand is an intriguing market.
Binance has confirmed that it has completed the necessary steps to become a registered Financial Service Provider with the New Zealand Ministry of Business, Innovation, and Employment. On Thursday, “Binance New Zealand” was launched, and CEO Changpeng Zhao announced it on the exchange’s official Twitter. Binance continues its expansion spree despite the bearish market conditions.
Kia Ora, New Zealand! 🇳🇿
We’re pleased to announce that #Binance has successfully registered as a Financial Service Provider with the New Zealand Ministry of Business, Innovation and Employment, and has officially launched Binance New Zealand. pic.twitter.com/xCyBmRVb2x
The CEO has said that New Zealand is an intriguing market with a long history of fintech innovation. CZ added that In New Zealand, “Our team of Binancians in New Zealand are working hard to bring freedom of Crypto to Kiwis.”
Rapid Global Expansion
With each passing day, the exchange solidifies its position as the premier cryptocurrency trading platform worldwide. In addition to New Zealand, the company is trying to get its services back up and running in Japan. Several crypto mining operations have opened in New Zealand in the last year, indicating a rising interest in cryptocurrency usage in the nation. When the Ministry of Business, Innovation, and Employment finally gives Binance the green light, it will be a major step forward for the company.
On the other hand, Binance had announced that its users may now participate in a mining pool for ETHW, the split version of Ethereum that keeps the blockchain’s original proof-of-work (PoW) principles.
According to a statement released on Thursday, there will be no fee for ETHW Pool members during a promotional period that expires on October 29. It’s been two weeks since the Ethereum Merge successfully switched the blockchain over to a proof-of-stake method, making cryptocurrency miners obsolete.
Telefonica also announced that it will be working with Qualcomm.
The telecom giant formed a partnership with Polygon earlier this year.
Organizations all around the globe have begun supporting cryptocurrency payments at a steady pace as crypto acceptance grows. Telefónica, the largest telecom provider in Spain, reportedly now accepts Bitcoin and other cryptocurrencies for purchases on its tech marketplace.
Following the integration of a payment option from Spain’s biggest crypto exchange, Bit2Me, the firm reportedly enabled cryptocurrency transactions on Tu.com. This week, Telefonica also announced that it will be working with Qualcomm to develop augmented reality (AR) and metaverse-related products and services.
The official statement noted:
“This agreement opens the opportunity to deliver new experiences to customers merging the digital and analogue worlds, re-imagining commerce, entertainment, and communication in the Metaverse.“
Rise in Crypto Adoption in Spain
The Spanish telecommunications giant is likewise NFT-compliant. It formed a partnership with Polygon earlier this year to provide Web3 solutions and make it simpler for businesses to issue NFTs.
Recently, a number of well-known companies have expanded their payment methods in an effort to adapt to changing times and meet the needs of their clients. Gucci, for example, said in May that some of its shops will begin taking cryptocurrencies such as Shiba Inu, Dogecoin, Bitcoin, and Ethereum. Balenciaga began taking Bitcoin and Ethereum at certain stores around the same time.
In June, Chipotle, a chain of Mexican fast food restaurants, announced that it will begin accepting cryptocurrency payments. Specifically, it just included a Post Merge similar approach to Ethereum’s. Given that the Ethereum network would use 99.95% less energy after the Merge, the well-known fast food company announced a massive discount on its steak bowl in honor of the event.
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Spain Announces $4 Million Grant Funds For Metaverse Initiatives
The Celsius stablecoin sale plan is oppose by Texas and Vermont regulators.
A hearing on the issue is schedule for October 6.
The Texas State Securities Board and the Vermont Department of Financial Regulation filed objections to Celsius’s intention to dispose of its stablecoin assets to bolster its finances in the context of the ongoing bankruptcy proceedings on September 29.
Objections to Celsius
A Vermont lawyer stated that Celsius can use the proceeds to resume potential legal activities. They object on the basis that the Celsius request does not detail how the firm would use the fund, generating the risk that the firm will resume operating in violation of state law.
According to the Texas lawsuit, Celsius failed to provide adequate facts in their application to sell the stablecoin assets.
Texas filing states that
“The Debtors fail to disclose in the Motion how much stablecoin will sold, and how the monetization of the stablecoin ultimately benefits the bankruptcy estate and the many consumer creditors of the Debtors.”
Celsius petitioned the court for permission to sell stablecoin holdings in the middle of this month. Disclosing that the proceeds would be around $23 million. Initially said that it contains eleven different types of stablecoins but did not specify the tokens. A hearing on the issue is schedule for October 6.
The objections of the regulators are part of a shared chorus in the Chapter 11 case, which began in July of this year. Parties including state securities regulators and the U.S. Trustee has often noted the bankrupt firm’s lack of transparency. So the court has appoint an outside examiner to produce a third-party report on the firm’s financials.
The U.S District Court rejected the SEC’s attempt to conceal Hinman Documents.
William Hinman previously claimed that Ether was not a security.
Ripple Labs is now one step ahead in the ongoing legal dispute with the US regulatory body, the Securities and Exchange Commission (SEC). The U.S. District Court Judge Analisa Torres has recently rejected the SEC’s second attempt to conceal records connected to former SEC Corporation Finance Division Director, William Hinman.
Allegations of Ripple and SEC
The disputed documents are related to a speech given by William Hinman in 2018, at the Yahoo Finance All Markets Summit. Throughout the speech, he argued that Ether was not a security. Following this, the SEC declared that Hinman’s comments did not accurately reflect the agency’s policy viewpoint.
However, Ripple Labs claimed that the speech is a key piece of evidence in the action the SEC has launched against it, alleging that sales of Ripple’s XRP violated U.S. securities laws.
Following District Court Judge Sarah Netburn’s order declaring that the emails and draughts of the speech were not covered by deliberative process privilege, Judge Torres’ judgment dismissed SEC objections to release the documents. The SEC subsequently asserted attorney-client privilege over the materials, which Netburn overruled in July.
The SEC filed a complaint against Ripple in December 2020, claiming that the company sold over $1.38 billion worth of unregistered securities through the sale of XRP. As co-defendants for allegedly aiding and abetting Ripple’s actions, the SEC also identified the CEO Brad Garlinghouse and executive chairman Chris Larsen of Ripple.
Moreover, at the time of writing, Ripple’s native cryptocurrency, XRP is trading around $0.491 with a one-day trading volume of $4,061,812,163. XRP has increased by nearly 11.28% in the last 24 hours, according to CMC.
The collapse of the algorithmic stablecoin Terra and its native token LUNA remained a shocking event in the crypto space. The outcome was the loss of billions of dollars for many individual and institutional investors. It also threw the entire crypto industry into a historic crisis. Lots of changes have taken place following the fall of the stablecoin.
Subsequently, some investigations and legal cases have been against the founder of Terraform Labs, Do Kwon. Firstly, the South Korean Prosecutors leveled some allegations against the Terra Chief.
Also, the International Criminal Police Organization (Interpol) issued a Red Notice against him. The Interpol request is for law enforcement’s immediate arrest of Do Kwon globally.
There was a massive loss of over $60 billion of investors’ funds through the fall of Terra and its ecosystem in the first half of the year. The South Korean Prosecutors requested the assistance of Interpol for the arrest of Kwon.
The prosecutors accused the Terra chief of hiding to avoid their investigations. According to a source, Kwon was seen in Singapore, though the city police noted that he later left.
Terra Says Case Against Kwon Is Highly Hyped Up
Following the alert from Interpol, there was a slight fall in the prices of Terra Classic (LUNC) and the newly launched Terra LUNA. Some rumors have been that Kwon went into hiding since the collapse of Terra and its ecosystem.
Terraform Labs has finally reacted to the case against Do Kwon. The firm stated that the case is highly politicized while speaking to Bloomberg. The spokesperson mentioned that the South Korean Prosecutors’ steps depicted unfairness in all aspects.
According to the spokesperson, the prosecutors failed to adhere to the basic rights available under Korean Law. Also, he noted that the prosecutors’ allegations against Kwon of breach of capital market laws indicated reasonable bias.
Featured Image Pixabay, Charts From Tradingview.com