6 metaverse updates that will blow your mind

Akshata KamathAugust 16, 2022 | 17:47 IST

The metaverse seems to be the breeding ground for evolution across multiple sectors. Dubai will be hosting its first metaverse event, Romanian Post is celebrating 160 years with an NFT launch, while Paris Hilton is set to party on her massive mansion in the metaverse. Here's all the interesting stuff that's happening in the metaverse.

1. Dubai to host its first metaverse event in September 2022: Dubai will host its first metaverse event ''Dubai Metaverse Assembly'' on September 28 and 29, 2022 at the Museum of the Future and Emirates Towers, Dubai. This is in line with the 'Dubai Metaverse Strategy' which is a methodical plan to create 40,000 jobs in Dubai, add $4 billion to the emirate's economy in the next 5 years and get Dubai among the top 10 tech-pro cities. This event is being held to understand and explore how technology will be deployed across multiple industries to create a better quality of life. 

2. Shark Mark Cuban calls metaverse land buyers 'dumb': Mark Cuban is a Shark on Shark Tank USA and is a real estate investor who once bought an entire town of Mustang, in Texas, USA as a favor to a friend. In spite of being big on real estate, he called metaverse land buying the "dumbest sh*t ever''. Why? Because he would be less risk averse if there was a built community in place which would help him determine the perceived value of a property. He feels that traditional real estate property rules cannot apply in the metaverse, especially when it is not proven.

At the moment, metaverse platforms like Sandbox and Decentraland allow investors to buy land as NFT and develop them as property or create experiences in it. The land prices were booming for a long time, until now when the land prices came down by 80% (and so did the frequency of trading in real estate) when crypto crashed in July 2022.

3. Emirates will build brand experiences in the metaverse: Popular airlines Emirates will build brand experiences in the metaverse and launch collectible and utility-based non-fungible tokens (NFTs).  Emirates introduced virtual reality (VR) technology on its website and app more than five years ago which helped customers with an interactive, 3D, 360-degree view of its cabin interior.

Last year, Emirates became the first airline to launch its own VR app on the Oculus store, offering users cabin interior experiences on board the carrier’s A380 and Boeing 777-300ER aircraft.

4. Naruto Museum signs an agreement with Michael Jackson estate: In 1992, Michael Jackson hand-drew a fictional world and some toys over 10 days and called it ''Michael Jackson Wonder World Toys''. This world will now be recreated in the metaverse by NFT Naruto Art Museum, a Japanese NFT Museum that has received the exclusive rights to recreate this world (and the toys) in the metaverse.

The metaverse recreation will show the world a glimpse of Jackson's visions before his death. As per Jackson, ''this world (MJWWT) is a place to liberate the world’s poor children”. Members of the museum will be able to use their asset wallets to enter MJ's world and use NFTs to gain access to priority events. 

5. Romanian Post celebrates 160th anniversary with NFT launch: The Romanian Post is the state-owned postal service of Romania. The Romanian Post will be marking its 160th anniversary with an NFT collection in the form of digital stamps. 

The project will feature 160 NFTs in total, and 10 of these will be auctioned at the Romanian National History Museum with a starting price of 160 euros each. The funds raised from this auction will be used to benefit the Casa Sperantei Hospice Foundation and its patients. 

6. Paris Hilton building a massive celeb mansion in Sandbox: Hollywood celebrity Paris Hilton is bringing her massive Malibu Mansion to the metaverse platform 'The Sandbox' which will be her base to hold virtual "rooftop parties and glamorous social events". The players who enter Hilton’s metaverse space on The Sandbox will be able to meet 11 of Paris's avatars which highlight her "multifaceted personality." What does this look like? Get ready to meet Retro Paris, Ziggy Paris, and DJ Paris.

Last updated: August 16, 2022 | 17:47
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