This Week In Metaverse: Coinbase HODLs, A Divide Opens In Roblox

Things are moving fast in the metaverse and in the wider Web3 world in general. Depending on who you’re asking, this futuristic blockchain -based space is the next big thing for marketing – and almost everything else – or an over -trend. Here’s what you need to know from last week:

Despite New Crypto Crash, Coinbase Launches New Advertising and In-App Features

Amid a historic crash in the crypto market, Coinbase – one of the largest cryptocurrency exchanges – seems to be broadcasting a message to the crypto world: HODL (hold tight for life). This morning, the company aired its second national TV spot celebrating its tenth anniversary. (Its first ad aired last Super Bowl.) The ad, titled “Long Live Crypto,” garnered much untimely praise for crypto posted online by longevity skeptics in crypto. The message of the new 30-second ad appears to be: crypto has survived the storms of the past-and it can withstand the one who is now involved in it. In addition to its new ad, the company announced earlier this week that it was launching new in-app features for some of its users. In a blog post Monday, Coinbase Director of Product Management Rishi Dean said “it’s a small set” if its users will now be able to access decentralized applications (DApps) – such as the popular NFT Marketplace OpenSea – on the Ethereum network, creating a more robust and unified crypto trading ecosystem. Qualified users will also be able to access decentralized exchanges (DEX) and interact with multiple decentralized finance (DeFi) platforms, according to the blog. The news comes on the heels of a recent downturn in the crypto market, wiping billions of dollars in value from big coins and causing a huge decline in shares in Coinbase.

Gap opened a flagship store in Metaverse

Fashion retailer Gap has doubled its Metaverse strategy by announcing a new virtual no-purchase experience with Roblox, the popular children’s video game that has become Metaverse’s biggest mall. The “Club Roblox Shop,” as it calls its activation, was built in partnership with SuperAwesome, a technology company that works with “hundreds of brands and content owners to create secure digital communication for users. ” under 16, “according to the company’s website. The virtual space was modeled after the company’s headquarters in Times Square. It’s not Gap’s first business in the expanding Web3 world. In January, the retail company revealed NFT’s first-ever collection, which it developed with artist Brandon Sines, creator of the famous character Frank Ape.The upcoming Gap virtual store, set to launch this Friday, follows a series of similar activation from youth clothing brands – such as PacSun and American Eagle – established by Roblox and intended to foster relationships with younger and more knowledgeable fans.

The U.S. Army has adopted the Metaverse for Training Exercises

The metaverse seems to be on the minds of some senior Pentagon officials. According to a new report from Wired, the U.S. military is investing in new technologies that mix virtual and physical worlds in an effort to optimize its training methods. Red 6 – a company that is “innovating augmented reality (AR) for military training applications,” according to its website – is reportedly developing “a combination of augmented reality, artificial intelligence, and video game graphics. ” This would theoretically allow “American fighter pilots to train in aerial combat against virtual opponents, including Chinese and Russian warplanes, while firing multiple Gs,” according to WIRED. Red 6 founder and CEO Daniel Robinson told WIRED that his company is building “a military metaverse … like a multiplayer video game in heaven.” Simulating battles in virtual worlds for military training purposes is not new. In the 1980s, the U.S. military partnered with the Defense Advanced Research Projects Agency (DARPA) to launch SIMNET (short for “simulated networking”), a program to build “a large interactive combat network,” according to at the Defense Technical Information Center. Video games have also long been used for recruitment purposes: In 2002, a first-person shooter video game called “America’s Army” was released “to support U.S. Army recruitment,” according to the game. . (The video game was discontinued earlier this month.)

The Cannes Film Festival is preparing for the inaugural NFT conference

For 75 years, the Cannes Film Festival has represented the crème de la crème of creative storytelling. Today, the world-famous festival also wants to play a pioneering role in the growing conversation around the intersection between entertainment and Web3. On May 23, the very first NFTCannes Summit will begin at the Hotel du Cap-Eden-Roc in Antibes, France. “The inaugural annual event is designed to connect leading minds from traditional media and entertainment spaces to leading Web3 innovators, creators and investors, signaling a paradigm shift and building meaningful bridges. to the evolving metaverse, ”said the event organizers. in a report. Demonstrating the rapid acceleration of the adoption of Web3 by mainstream culture, the invitation -only event will also seek to explore “topics that cover the future of today’s NFT entertainment applications … metaverse as a combination of digital and physical life.

For more, sign up for The Drum’s Inside the Metaverse weekly newsletter here.

Leave a Comment