meta is doing its best to mark its entry into the metaverse. From its rebranding to the release of a VR game, Meta is bringing out all the heavy guns. Earlier this year, reports revealed Meta’s plans to launch an NFT marketplace. this came as part of his vision for a bigger future for digital products.
While this could mean a massive boost for nfts and the crypto space, it is worth exploring the characteristics of the nft meta market and what to expect. In this blog, we do the exact same thing and explore the broader effects it could have on the blockchain industry.
Reading: Meta nft marketplace
all aboard the crypto bandwagon
It’s been almost six months since meta (formerly facebook) changed his identity. the company also repositioned its business and established itself as a “metaverse product or application provider.” this created ripples within the entire blockchain and crypto community.
The meta rebranding effort, some say, has led to a growing acceptance of cryptocurrencies and the underlying technology, namely blockchain. cryptocurrency prices surged and tokens related to metaverse projects rose as much as 400% above their previous trading cap.
Evidently, awareness of blockchain and crypto projects has also increased. Investors are buying cryptocurrencies to diversify their portfolios and participate in this lucrative virtual asset class. Since the meta entry, brands like Twitter, Louis Vuitton, and Nike have also ventured into cryptocurrencies. everyone is betting big on the success of the metaverse.
meta began its journey through the metaverse with the launch of a digital currency wallet, novi, in October 2021, under the diem stablecoin project. The wallet is reportedly vital to the upcoming meta metaverse, and more importantly, to supporting and powering nfts in general.
the nft phenomenon
Following the lead of Twitter Blue’s Trail, Facebook, Reddit, and Instagram experimented with displaying, trading, and bidding on NFTs. As rumors say, meta will soon allow users to display nfts on their social media handles. Furthermore, the soon-to-be-launched Meta NFT Market would enable NFT trading, marking the first Meta step in the NFT arena.
Overall, nfts has been one of the hottest and fastest growing trends in the crypto space. nfts has soared 21,000% to post sales of up to $17bn in 2021. nft market pioneer opensea currently tops the rankings by trading volume. but with the meta market coming up, it would be intriguing to see how the two compete.
meta’s horizon world and nft marketplace: characteristics and expectations
meta recently announced its plans to launch a free-to-use online video game and virtual reality platform, horizon world. This virtual game aims to let people build and explore virtual worlds.
The most anticipated feature of horizon world is the builder bot. through this, users could give voice commands to customize their metaverse spaces. As part of this release, Meta plans to test some features, including the ability for creators to monetize and sell their digital products to users. With this, meta will allow users to make in-game purchases from creators.
For each such transaction, meta would collect 47.5% of the value of the item sold, with 30% of the cut being channeled to meta through the oculus platform. the remaining amount will go to the meta app store. this has drawn attention on social media, with many people pointing out the outrageous charge and how the creator’s cut would be affected. Meta, however, stands firm in reiterating that the amount is, in fact, a competitive rate in the current market environment.
The main metagame competitors in the space (opensea and looksrare) charge around 2%-2.5% of each transaction, while creators typically keep 2.5%-7.5%. however, the meta nft market and horizon worlds could have significantly low barriers to entry considering the huge user base it already has and it would be highly beneficial to bring users into web3.
In addition, meta execs, including CEO mark zuckerberg, have consistently emphasized unlocking opportunities for creators and developers and getting them a bigger slice of the pie. therefore, the world is yet to see if the meta fees on the sale of virtual assets will change.
The nft market and meta horizon world has the potential to be a game changer for hobby artists, crypto newbies, and creators to get into web3, given its familiarity with meta products like facebook and instagram.
Also, social media influencers and people with large followings could fire into this nft market and reach new audiences. Users can also enjoy a more relevant and personalized experience thanks to the data Facebook collects and uses to accurately deliver specific features and products.
It remains to be seen how most cryptocurrency users will ultimately respond to meta offers and joining web3. and as always, we will bring timely updates to our readers. follow the airdrop alert to stay up to date.
with the rebranding from facebook to meta, talk about meta nft.
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