In case you missed MTV's Video Music Awards last weekend, BLACKPINK won the Best Metaverse Performance prize for a show the KPOP group put on in PUBG Mobile, a metaverse platform with 30 million daily active players, while Snoop and Eminem performed in Otherside, a new NFT-driven metaverse platform launched last April. Despite a heavy push by NFT fans and development by famed Bored Apes creator Yuga Labs, however, the virtual land rush hasn't actually been very, well, rushy:
Fewer than 35,000 of 100,000 total "Otherdeed" NFTs have been purchased so far. Not totally surprising, if you believe Chainanalysis' report that fewer than 33,000 people own 80% of NFTs on the market. (I'm told by an insider that NFT ownership is larger than that suggests, but still quite small.)
I'll happily eat my words if Snoop and Eminem are able to help boost sales of Otherdeeds. And Otherside does have solid tech running underneath, as it's being co-developed by Improbable, masters of mass concurrency. But as of now at least, there remains a huge gulf between the tiny market of speculators interested in NFTs, and the mass market who actually enjoy virtual worlds that can also be called metaverse platforms. Like, you know, PUBG Mobile.
Rich people's beanie babies
Posted by: Adeon | Tuesday, August 30, 2022 at 08:03 AM