Web3 Watch: Yuga Labs Brings Voyagers to the Other Side as Minecraft Bans NFTs

Web3 Watch: Yuga Labs Brings Voyagers to the Other Side as Minecraft Bans NFTs
Written by ga_dahmani
Web3 Watch: Yuga Labs Brings Voyagers to the Other Side as Minecraft Bans NFTs
  • Paris, France hosted members of the crypto community for the Metaverse Summit and EthCC last week
  • In the last 24 hours, the minimum price of ENS (Ethereum Name Service) domains dropped 100% to 0 ETH and they had 0 sales

The first trip to the Other Side

Web3-focused investment managers Yuga Labs, the now owner of top-tier NFT collection Bored Ape Yacht Club (BAYC), says its metaverse is gathering steam.

The latest indicator, the company announced on Twitter: about 4,500 BAYC followers who also owned at least one NFT (non-fungible token) from another rather popular, yet more nascent Yuga collection, Otherdeed, made its first foray into the Web3 world of Yuga.

The first such demo for Yuga’s so-called “Otherside Metaverse” took place on July 16, coinciding with Otherdeed digital collectibles quickly surpassing $1 billion in sales.

ApeCoin, which has been highly volatile, even by crypto standards, largely due to bullish sentiment towards the new digital frontier of largely unoccupied metaverse parcels, surged from around $4.6 last week to trade at roughly $6.5 per token on Friday afternoon. In New York.

The virtual tour followed two load tests in early July that served to report the team at Yuga Labs and their technology partner Unlikely of any “breaking point”.

Some participants, or travelers, described their experience as “wild”, “intense” and “incredible” on Twitter. Participation was recorded within Otherdeed’s dynamic NFT metadata for each holder.

After following a giant Bored Ape through a portal into the Otherside Metaverse and arriving at The Swamp, the legendary original home of the Bored Apes, travelers could embark on a quest to save the Kodas, creatures central to the lore of Other side.

Soon after, Yuga Labs released a litepaper outlining Otherside’s main principles today and their future plans. According to the litepaper, there will be several more journeys and three phases to the development of the platform. While the first phase includes an 11-part story surrounding a mysterious “obelisk” that appeared in the Otherside universe, the details of the other two phases remain under wraps.

One participant recounted his experience at El Pantano:

Christie’s moves into the venture capital space

Christie’s Auction House created a new investment fund called Christie’s Ventures for an undisclosed multi-million dollar amount. The venture arm intends to provide financial support to early Web3 and fintech startups with art-related products and solutions, as well as art-related technology and luxury goods.

Christie’s Ventures’ first portfolio company is LayerZero Labs, a cross-chain interoperability protocol, recently valued at $1 billion. This partnership may allow Christie’s clients greater flexibility when transferring or selling NFT assets, particularly across different blockchains.

While rival auctioneer Sotheby’s has also invested in early-stage Web3 ventures such as Ethereum-based NFT studio Mojito, Christie’s is the first to establish a formal in-house investment firm.

The move comes at a time when overall venture capital activity in the cryptocurrency market has slowed, but startups focused on Web3 and the metaverse continue to attract significant capital.

Minecraft bans NFTs

Minecraft Developer Mojang Announced on Wednesday they will not support or allow their nearly 140 million active users to integrate NFTs within Minecraft client and server applications, or create NFTs associated with in-game skins, items, or mods.

According to the company, NFTs “can create patterns of scarcity and exclusion that conflict with our Guidelines and the spirit of Minecraft.” He added that the speculative mindset around NFTs “takes the focus off the game and encourages speculation.”

The post also explained how some server owners could use blockchain technology to reward players with exclusive unauthorized content. Unofficial Minecraft NFTs are currently being sold on OpenSea without the involvement of Mojang or parent company Microsoft.

NFT metaverse projects built on top of Minecraft, such as NFT Worlds and TheUplift World, must now find alternative platforms. On the day of the announcement, the price of the NFT Worlds token collapsed from $0.03 to $0.009 and was down to $0.01 at press time.

Minecraft can be considered a kind of metaverse, and with this move, Microsoft has taken a strong stance against Web3.

Q&A with DappRadar at Metaverse Summit

As the crypto community flocked to Paris for the two-day Metaverse Summit, Blockworks learned some insights from DappRadar data analyst Pedro Herrera, who commented on the bullish atmosphere.

Blocks: What are your main takeaways from the event?

Blacksmith: The bullish outlook of the metaverse is undeniable. Despite the bear market, teams continue to build. It was impressive to see the number of venture capital firms that attended the event. As of 2021, Metaverse or Web3 game projects have raised more than $10 billion. It seems that the trend will continue.

The presence of Web3 games is massive, interesting game projects and a lot of talk on this topic. One that I particularly enjoyed was Square Enix talking about the challenges of distributing Web3 games. Also, there is a big focus on the design part, how to improve immersive experiences and detailed presentations on the role of virtual designers.

Blocks: What real-world problems is the metaverse solving?

Blacksmith: One could argue that the metaverse will make us less human in the sense that it will decrease the number of real-life interactions. However, Web3 technologies create positive impacts on different levels.

It enables a whole new economic system in which routine activities can be monetized through sustainable crypto-economies. So blockchain enables the democratization of these revenue streams, as we saw with play to win or move to win. Platforms like BitDegree’s Learnoverse will play an important role in educating people.

Apart from that, the metaverse will create a new wave of jobs, from artists to virtual designers, digital real estate agents, developers and many more. But perhaps the most important part is the ownership that people will have over their digital assets within the metaverse. This is powerful compared to the real world.

Blocks: What is the best way to bring people into Web3?

Educating first and then encouraging others to get involved. Currently, the level of friction to enter the Web3 space is high. Just talking about NFT and understanding blockchain can be challenging for some people, especially older generations. Being part of an active community is also recommended. The camaraderie at Web3 is second to none.

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  • ornella hernandez



    Ornella is a Miami-based multimedia journalist who covers NFT, the metaverse, and DeFi. Before joining Blockworks, she reported for Cointelegraph and also worked for TV channels like CNBC and Telemundo. She originally started investing in Ethereum after learning about it from her father and she hasn’t looked back. She speaks English, Spanish, French and Italian. Contact Ornella at [email protected]

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