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Understanding Soulbound Tokens: The Future of Cryptocurrency

soulbound tokens

As blockchain technology continues to evolve, new concepts and innovations are emerging to revolutionize the world of cryptocurrency. One of these new concepts are the soulbound tokens (also known as SBT token), which have the potential to improve use cases of digital assets. In this article, we will explore what soulbound tokens are, how they work, and what they can be used for.

What are Soulbound Tokens?

Soulbound tokens are a special kind of digital asset that is linked to a user or  wallet and cannot be moved or exchanged. They are unique non-fungible tokens (NFTs) that are created on a blockchain network and are designed to be permanently associated with the user that mints this token.

SBT vs NFT –

As you can see, NFTs can be resold in secondary markets or transferred between addresses while soulbound tokens will stay in the minted address. As soulbound tokens cannot be transferred or traded to other users, they are highly secure and immutable.

How do Soulbound Tokens Work?

Soulbound tokens are created on a blockchain network using smart contracts, these smart contracts contain the logic that determines the ownership and usage rights of the soulbound token. Once a soulbound token is created, it is linked to a specific user or account and will belong to that user forever.

What Can Soulbound Tokens (SBT token) be Used For?

SBT token have a wide range of potential use cases due to their unique properties. 

Lets see some real examples of their uses:

Gaming: SBT token can be used in the gaming industry as in-game assets or to represent the actual player’s gaming identity. We are in an early stage but there are platforms developing this concept of gamers identity such as Dequest or Soulbound. This kind of platform provides you two major benefits, in one hand, it awards you NFTs and levels up your soulbound token while you complete quests in different games. On the other hand, it lets you build a reputation as a gamer across different games. I believe that players will have the ability to identify fellow individuals who share similar gaming experiences and proficiency levels.

Digital Identity: Soulbound tokens can be used as a form of digital identity, where each user has a unique token that represents their identity on a blockchain network. This can help prevent identity theft and fraud by providing a secure and verifiable way to prove ownership of digital assets. Binance use this concept for users who finished their KYC process:

Read the full article here

There are plenty of more use cases that are still under development, for example:

The common factor between all these examples is that a user needs legitimate proof of an event or ownership that they have and cannot be transferred.


Soulbound tokens are a groundbreaking innovation in the world of blockchain technology and have the potential to transform various industries by providing unique and secure ways to represent ownership and control over digital assets. 

We mention some real use cases that are in their first stages and many others that still need development. In my opinion, to see soulbound tokens in our daily lives, we still need time and development for the technology to evolve so it’s more user friendly and the masses can adopt them.

During my recent interaction with the Dequest dApp, I had the opportunity to utilize soulbound tokens and it was really easy to do the account setup process and receive my initial soulbound token. I did some initial quests but since the app is still in beta I didn’t have the opportunity to play a game, win a quest and see some in-game rewards but for sure, when a first release is available I will give it a try. 

I have high expectations for the integration of this technology with other web3 concepts, such as zero knowledge proof, as I believe they will complement each other exceptionally well.

The Walt Disney Company goes big on Web3 with 2022 Disney Accelerator

Mighty Block

The Walt Disney Company has announced the six companies that will be joining the 2022 Disney Accelerator.

The Walt Disney Company announced the six companies that will be joining the 2022 Disney Accelerator, a business development program designed to accelerate the growth of innovative companies from around the world. This year’s Disney Accelerator class is focused on building the future of immersive experiences and specializes in technologies such as augmented reality (AR), non-fungible tokens (NFTs), and artificial intelligence (AI) characters.

“For nearly a century, Disney has been at the forefront of leveraging technology to build the entertainment experiences of the future,” says Bonnie Rosen, General Manager of the Disney Accelerator programme.

“The Disney Accelerator is thrilled to be part of that legacy, and with our newest class of companies, we look forward to furthering our commitment to innovation and continuing to bring magical experiences to Disney audiences and guests for the next 100 years.”

The 2022 class is as follows:

  • Flickplay, a Web3 social app that enables users to discover NFTs tied to real-world locations that they can experience and share via AR.
  • Inworld allows users to create interactive, AI driven characters for immersive experiences.
  • Lockerverse is a Web3 platform that empowers creators and brands to tell culture defining stories and deliver unique access and experiences.
  • Obsess is an experiential e-commerce platform that enables brands to create immersive 3D virtual stores on their websites and on metaverse platforms.
  • Polygon is a scalable blockchain network that allows developers and enterprises to build Web3 experiences.
  • Red 6 is an AR company that has created a patented headset and interface that works outdoors in dynamic, high performance environments.

Disney is working on a metaverse game plan

Disney CEO

Walt Disney Co. has brought its characters to life in its theme parks and expanded its franchises through streaming services.

Now it’s hoping to keep up with the times again by preparing for the internet’s next evolutionary leap.

The Burbank entertainment giant has begun developing a strategy for its approach to a future version of the internet that blends the physical with the digital and the virtual, dubbed by futurists, tech executives and investors as the metaverse, or Web3.

This week, Mike White, the Disney executive charged with leading the company’s foray in the space, met with senior Disney leaders to lay out the broad strokes of a metaverse strategy in terms of what they’re calling “next-generation storytelling,” according to people familiar with the talks who were not authorized to comment.

White has been meeting with leaders throughout various Disney businesses in recent weeks to establish a task force and develop early models for how to best approach the emerging technology, these people said.

This week’s meeting included top Disney leadership such as Disney Media and Entertainment Distribution Chair Kareem Daniel and Parks, Experiences and Products Chair Josh D’Amaro, plus creative executives from parks and Imagineering, Marvel, Lucasfilm and Industrial Light & Magic.

Disney Chief Executive Bob Chapek has strongly signaled his interest in the metaverse. Speaking to CNBC in February, Chapek called it a “third dimension of the canvas” for Disney creatives.

“[I]t’s going to take all the great things that we as a media company have with Disney+ and use that as a platform for the metaverse,” Chapek said. “But at the same time, we have something that no one else has, and that’s the physical world, a world of our parks. And so, if the metaverse is the blending of the physical and the digital in one environment, who can do it better than Disney?”

In 2020, a Disney parks executive published an essay on LinkedIn that hinted at a future in which wearable tech and smartphones would be used to “transcend the physical and digital barrier.”

Disney declined to comment for this story.

The specifics of what Disney’s strategy will look like are not yet formed. A key goal of the meetings is for Disney to figure out what it actually means when it talks about the concept, loosely defined as a new version of the internet based on decentralized digital ledgers known as blockchains.

One thing is becoming clear: Disney is not necessarily thinking about the metaverse in terms of creating full-fledged digital worlds in the way that Mark Zuckerberg and Facebook parent company Meta Platforms Inc. are trying to do. Don’t expect a VR hug from Mickey Mouse in a virtual park anytime soon.

Instead, White and Disney executives are thinking about ways to better connect physical spaces like the parks to digital ventures such as streaming service Disney+, as well as virtual environments as they emerge. How, for example, could Disney+ and the Disneyland app’s park navigation service, known as Genie, work together to make a more complete experience?

Chapek in February appointed White as senior vice president of next generation storytelling and consumer experiences. White, who joined Disney in 2011, previously held roles leading technology groups at Disney divisions including parks, products and experiences. Before Disney, White worked at the Apollo Group after spending a decade at Yahoo.

The company has already experimented with blockchain-based technologies such as NFTs, or nonfungible tokens, which are essentially unique computer code meant to authenticate ownership of items. Last year, for example, it unveiled a series of “Golden Moments” NFTs resembling statues inspired by stories from Disney, Pixar, Star Wars and Marvel.

Multiple entertainment companies are dipping their toes into metaverse technologies. Studios including Sony, Warner Bros. and Lionsgate took part in the NFT craze during the last year or so by minting collectibles related to their movies.

Former WarnerMedia CEO Jason Kilar earlier this year spoke to The Times about ideas for creating interactive worlds where fans can live and breathe the Wizarding World of Harry Potter virtually. (Kilar departed when Discovery took over WarnerMedia assets this month.)

Former Disney CEO Bob Iger, who retired from his post as executive chairman at the end of last year, recently invested in a company called Genies that makes avatars for virtual experiences.

Analysts have been split on metaverse hype in Hollywood. Some see it as a promising opportunity to expand entertainment franchises. Skeptics, though, worry that it’s just the industry’s latest buzzword and that the NFT market in particular is prone to grifts. Developing the technology has not been cheap or easy. Meta Platforms lost $10 billion on its metaverse business, Reality Labs, in 2021.

But Disney could be in a prime position to benefit from innovations that bring the internet to life through apps, virtual reality, augmented reality and NFTs.

The company is known for building physical worlds, like Star Wars: Galaxy’s Edge, that re-create the universe of the films for guests. In a world where people can go to virtual concerts and buy virtual clothes from virtual stores, Disney may spot opportunities.

Disney has a mixed track record when it comes to new technology. Its streaming service Disney+, launched in November 2019 to compete with Netflix, has already grown to about 130 million subscribers global subscribers.

Less successful efforts have included Disney’s $500-million purchase of the digital video creator network Maker Studios and the online video game Club Penguin. Unlike Warner Bros., Disney no longer publishes its own video games, choosing instead to license its properties to game makers. Gaming is essential to most people’s understanding of the metaverse.

In February, one analyst, speaking on a conference call to discuss earnings, noted that software development has been one area in which the company has struggled. As Disney gets further into businesses including the metaverse and sports betting, that will have to change. Chapek said that making technology a core competency of the company would be “top of mind” as Disney expands.

“We realize that it’s going to be less of a passive-type experience,” Chapek said. “And this is a very top-of-mind thing for us because we are continuing over time to augment our skills and the types of people that we attract into the Walt Disney Company to reflect the aggressive and ambitious technology agenda that we have.”

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Blockchain games are leading the DApp industry, says latest DappRadar report

Mighty Block

Market tracker DappRadar and the Blockchain Game Alliance, or BGA, published the Blockchain Games Report for Q1 2022 on Wednesday. After citing that $720 million was invested into blockchain games and infrastructures in February in a previous report, the latest number for total Q1 investment is $2.5 billion. Venture capitalists and other investors raised $4 billion in 2021.

The biggest deals listed in the report include Animoca Brands raising $360 million, bringing its valuation to $5 billion and becoming a leading Web3 brand. Sequoia Capital led a $450 million investment in Polygon (MATIC), while Yuga Labs, the studio behind Bored Ape Yacht Club (BAYC) nonfungible tokens (NFTs), received a $450 million investment led by Animoca Brands, with The Sandbox, FTX and Coinbase to launch its Otherside metaverse with play-to-earn (P2E) games.

According to DappRadar, Blockchain games attracted 1.22 million unique active wallets (UAW) in March, and more than half of the industry’s activity came from game decentralized applications (DApps) or gaming applications with play-to-earn incentives. Splinterlands is named the number one play-to-earn DApp. And Polygon is the layer-2 (L2) sidechain with the top played P2E games, such as Crazy Defense Heroes, Pegaxy, Arc8 and Aavegotchi. 

Cointelegraph asked Sebastian Borget, co-founder of The Sandbox metaverse and president of the Blockchain Game Alliance, why he thinks Polygon has benefited the most from P2E mechanics and NFTs compared to other ecosystems like Wax, Harmony and BNB Chain. He listed a few main reasons; namely, that Polygon remained Ethereum Virtual Machine-compatible and the Polygon Foundation supported them heavily in marketing and grants. Another reason is that guilds easily migrated their users to Polygon while keeping MetaMask as the main wallet.

Borget also pointed out that Polygon was the first L2 blockchain for NFTs on OpenSea, which drove additional liquidity for NFTs. He predicts that the emergence of NFTs and blockchain-based games on ImmutableX (IMX, Tezos (XTZ), Solana (SOL) or BNB Smart Chain (BSC) will “definitely shift the distribution in the second half of 2022.”

“NFTs represent an opportunity for game developers to create games with player-owned economies; where the community of holders are both the early supporters of the game but also the main actors of its development and true stakeholders of its success.”

Sebastian Borget

The report also found that the metaverse is “one of the most exciting opportunities in the blockchain industry.” Even though the trading volume in virtual worlds decreased slightly from Q4 2021, it reached over $430 million in Q1 2022. Platforms like The Sandbox, which completed its second Alpha season, are attracting players and brands like Warner Bros, Ubisoft and HSBC. At the same time, lifestyle metaverse Decentraland hosted a Fashion Week in March for brands to further engage with consumers.

DappRadar underscores an important point when it comes to the Metaverse: “The ownership entitled by NFTs and the underlying financial ecosystem enabled by cryptocurrencies and play-to-earn games will shift the paradigm from the traditional metaverse that is limited to a virtual, augmented reality.”

Additionally, while Axie Infinity (AXS) is among the top 10 most played games based on daily usage, the report pointed to a decrease in UAW after the $650 million hack of Axie Infinity’s Ronin Bridge in mid-February. 

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Fortnite creators Epic Games raise $2B from Sony and LEGO to fund metaverse plans

Mighty Block

Epic Games, the video game publisher behind the popular PC and console game Fortnite, announced a $2 billion funding round with plans to accelerate the company’s vision to make its mark in the Metaverse. The deal, which is still subject to customary regulatory approvals, would bring Epic’s equity valuation to $31.5 billion.

This round includes a respective $1 billion investment from existing investor Sony Group Corporation and from KIRKBI, the holding company behind the LEGO Group. Sony, the company behind PlayStation consoles, also invested $200 million into Epic in April 2021.

According to a statement, the three partners plan to combine expertise and technologies to influence the future of entertainment and digital play by developing new virtual production initiatives and digital fan experiences in sports and gaming. 

Tim Sweeney, chief executive officer and founder of Epic Games, stated that this investment will serve to “create spaces where players can have fun with friends, brands can build creative and immersive experiences and creators can build a community and thrive.” 

The capital raise follows an announcement by Epic and the LEGO Group to partner to make the Metaverse “safe and fun for children and families.” They intend to build provide kids with access to “tools that will empower them to become confident creators” in a positive and family-friendly digital space.

Epic Games also developed Unreal Engine, one of the biggest platforms used to create games, rivaling the likes of Microsoft and Valve. Its latest update, Unreal Engine 5, facilitates the creation of NFT-based play-to-earn, or P2E, games.

In a string of recent large deals within the gaming industry, Sony acquired video game maker Bungie, the studio behind the Halo and Destiny franchises, for $3.6 billion. This move followed Microsoft’s purchase of Activision Blizzard, home to Call of Duty and Candy Crush, for the massive sum of $69 billion.

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South Korea to invest $187M in national metaverse project

Mighty Block

South Korea’s Ministry of ICT, Science, and Future Planning pledged 223.7 billion Korean won ($186.7 million) to create a broad metaverse ecosystem to support the growth of digital content and corporate growth within the country.

The ministry wrote in an official statement on Sunday that funds will be spent on completing four main objectives in creating what appears to be an all-encompassing metaverse ecosystem titled the “Expanded Virtual World.”

The government agency intends on using its metaverse as a platform for expanding the virtual industrial growth of cities, education and media.

Content creators will enjoy support on multiple fronts to attract the right talent to help build the platform. The ministry said that it will host community-oriented creative activities, a metaverse developer contest and a hackathon.

Hashed CEO Simon Kim pointed out that the new metaverse platform has a particular focus on boosting commercial expansion by providing financial support for participants. He told Cointelegraph on Monday that he doesn’t think there is a problem with the government providing funding because “the private sector is actively investing in the metaverse market.” He continued:

“It is the regulatory issue that the government should pay more attention to. In Korea, publishing of NFT games is prohibited, and token issuance is also prohibited.”

Hashed is a South Korean crypto ecosystem venture capital and incubator. It has invested in metaverse projects such as Decentraland and The Sandbox.

Park Yungyu, head of communication and policy department at the ministry, stated in the announcement that this initiative to build a metaverse platform is part of the broader “Digital New Deal” in South Korea. The Digital New Deal is a set of policies designed to foster the growth of digital technologies according to Park, who added:

“It is important to create a world-class metaverse ecosystem as the starting point to intensively foster a new hyper-connected industry.”

The ministry also expects its to have a global reach since there will be seamless access to South Korean companies over time. It plans on providing support for corporate growth by offering financial support and technological development.

Jason Ye, co-founder of multichain ecosystem accelerator DeSpread, is calling the new funding a “positive signal” that the Korean government is interested in the metaverse. He told Cointelegraph on Monday that due to the funding involved, opportunists who attempt to exploit it “should be filtered out” but that:

Seoul’s municipal government has also been exploring its options regarding a public metaverse space since last year. Last November, tentative plans for a “Metaverse 120 Center” were announced.

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Why gaming is the new Big Tech battleground

Mighty Block

Microsoft’s audacious $75bn move on games publisher Activision Blizzard has detonated a bomb under the gaming industry. Along with the proposed deal’s sheer size, the prospect of a tech giant worth more than $2tn making a grab for games industry leadership has prompted breathless speculation about whether it will precipitate a wider industry realignment. According to some, the deal, announced on Tuesday, will greatly add to forces that have already been reshaping the sector in recent years including the streaming of games, leading to the creation of ever-larger gaming empires. The huge size of today’s gaming audience, which already dwarfs other forms of mass-market entertainment, is playing to the strengths of companies that can build and manage giant online businesses to spread their costs, according to Bing Gordon, a longtime video game executive and venture capitalist. “The new critical mass is bigger than ever,” he says. Comparing pressures building up in the games industry to the streaming video wars that are reshaping the TV and movie business, he adds: “Someone’s going to create a games service with hundreds of millions of subscribers.” Satya Nadella, the Microsoft chief executive, meanwhile billed the planned acquisition as a step towards the metaverse — the name given to the virtual worlds that some of the biggest tech companies believe will represent the next big iteration of the internet. Video games have come to be seen as one path towards these more immersive online worlds.

By buying Activision Blizzard, Microsoft now has control of long-running franchises such as ‘World of Warcraft’ and ‘Call of Duty’ © Blizzard Entertainment

The biggest tech companies have powerful incentives to take the next step and develop full gaming operations, says Michael Wolf, a media consultant. “Every one of these [tech] companies knows gaming is going to be a growth area, and it ties into their metaverse ambitions more broadly.” With the virtual worlds of games expanding to become venues where players can do things like make purchases or watch movies, “everything you do in the real world you will be able to do inside games,” Wolf adds. If Wolf is right, then gaming is set to become a key battleground for tech companies that want to maintain their central role in the digital lives of billions of users.

Industry scepticism

The spasm that passed through the stock market after the deal was announced suggested many investors agreed that something significant was afoot. The share prices of other big games publishers jumped on speculation that they would seek deals to get bigger, or that they would align themselves more closely with powerful games distributors in the same way Activision is doing with Microsoft. Sony tumbled 13 per cent on worries that it might have just been outflanked. But the market shock soon faded. Sony’s shares recovered some of their lost ground within 24 hours, and the bounce in other video game stocks was modest when set against the price declines most have experienced as the pandemic has waned. The market’s immediate assumption that the deal would trigger a wave of consolidation is a simplistic response, says an executive at one of the largest video game publishers. “You know what makes life interesting?” this person adds. “It doesn’t ever usually work out that way.” Other industry watchers suggest the deal only represents an intensification of the competitive battle already being waged between Microsoft’s Xbox and Sony’s PlayStation, rather than a harbinger of a bigger upheaval ahead. Its main impact might well be “a rebooting of the console wars, rather than a switch away from console wars to a more general war on multiple platforms,” says Pelham Smithers, a longtime games industry analyst.

Yet, even if the analysts’ scepticism proves correct and it does not turn out to be the starting gun for a broader reshaping of the industry, Microsoft’s move has still highlighted the rising stakes in a business whose $180bn of annual revenue in 2021 is already double that of the movie industry. Games like Activision’s Call of Duty, World of Warcraft and Candy Crush now attract hundreds of millions of players between them. The most popular games are now being distributed through many different platforms, making them available on consoles, PCs or smartphones. And their makers have found new ways to wring money from their expanding audiences, including through advertising, in-game purchases and subscriptions. “Fifteen years ago, you had about 200m gamers in the world and today you’ve got about 2.7bn,” says Neil Campling, tech analyst at Mirabaud Securities. “It’s become the biggest form of media.” Call of Duty, Activision’s blockbuster franchise, has made the leap from games consoles and PCs to the mobile market, which has boomed to become as big in revenue terms as the console and PC businesses combined. Purchases made by players inside the games already account for a major part of Sony’s in-game transaction revenues, according to Damian Thong, senior analyst at Macquarie in Tokyo.

Mark Zuckerberg’s Meta has tried to develop a commanding lead in virtual reality through its Oculus headsets, betting that this is the future of gaming © AFP via Getty Images Bobby

Kotick, Activision’s CEO, said when explaining the Microsoft deal, that this proliferation of platforms and new forms of distribution had made it difficult even for companies as big as his to keep pace with the technology requirements of today’s gaming market. Some of the biggest tech companies already have significant stakes in the gaming world, even if they haven’t pushed far into trying to produce games themselves. These include the Apple and Google mobile app stores, which act as the main shop front for the single largest segment of the gaming market. Amazon’s Twitch and Google’s YouTube attract mass audiences for viewing video games. And through its Oculus headsets, Facebook holds the lion’s share of the nascent virtual reality market. Meta Platforms — the name adopted by Facebook to reflect its new focus on the metaverse — was one of the companies approached by the Activision camp to see if it wanted to explore a purchase, according to one person familiar with the discussion. Kathryn Rudie Harrigan, a Columbia University professor, describes Microsoft’s move on Activision as a pre-emptive strike to wrest the lead away from Meta in building the first iterations of the metaverse. “Facebook has stolen their thunder” with its move into virtual reality, she says, so buying Activision would give Microsoft a chance to at least “get its nose in the tent” ahead of Facebook.

Regulators and rivals

The biggest tech companies also have the deepest pockets to make the big bets now being placed in the gaming industry. Even for a company as large as Sony, buying Activision would have been a stretch, accounting for more than half of its $145bn stock market value. By contrast, the purchase price represented only 3 per cent of Microsoft’s value, and less than its latest annual operating cash flow. That made the huge deal little more than a “tuck-in” acquisition — albeit a sizeable one — to bolster a business that most Microsoft investors hadn’t even viewed as core to the company’s future. The deal is expected to be subjected to intense scrutiny by regulators that could take 18 months — and with both Google and Facebook on the receiving end of antitrust complaints from the US government, other acquisitions by Big Tech might now be politically impossible. Also, early attempts by Google and Amazon to create games studios of their own have failed to make a dent, putting them far behind Microsoft, which had already built a sizeable games studio business in the two decades since it launched its Xbox console.

The most popular games are now being distributed through many different platforms including consoles, PCs and smartphones © Getty Images

Microsoft faces powerful opposition from bigger rivals in the gaming industry. Tencent, the Chinese company that leads the industry with gaming revenue in 2020 of $30.6bn, is widely seen as a model for the future of gaming in other parts of the world, combining mobile games and messaging to reach a massive audience inside China. And Sony, though briefly put in the shade by news of the Activision deal, has also ploughed into mobile gaming and is working on a subscription service as it looks to extend its reach into new markets. As today’s leading gaming companies jostle for position, the most immediate impact from the Microsoft deal will be felt in the console market. After losing out in terms of sales and users to Sony’s PlayStation in the past two generations of games consoles, buying Activision could boost its access to the exclusive games that help to drive higher console sales. Recent production problems that have weighed on the PlayStation may have given Microsoft extra incentive to make a grab for Activision as it tries to overtake its longtime rival, according to Smithers. If so, then it would add to the opportunistic nature of the acquisition. Activision’s struggles to overcome pervasive workplace sexual harassment claims damaged its stock price and led to calls for a change in leadership last year, opening the way for Microsoft’s offer.

Apple launched mobile game subscription service Arcade to cash in on players using iOS phones and iPads © FT montage/Apple

Although the console rivalry provides a strong incentive for the acquisition, it is in newer, growth markets that the deal’s impact could eventually be felt most keenly. Adding more exclusive content could boost Microsoft’s budding subscription service, Game Pass, which already has 25m customers. And, according to Nadella, the deal would put Microsoft in a stronger position to deliver games to mobile users in emerging countries, opening up big new markets. For now, at least, Microsoft has tried to stamp out speculation that the pursuit of new services and audiences will lead it to keep more Activision games as exclusives — in the process, withholding them from rival platforms. Phil Spencer, head of its games business, tweeted this week that he had personally assured Sony executives of Microsoft’s “desire to keep Call of Duty on PlayStation”. Recommended News in-depthActivision Blizzard Inc Activision workplace scandal turns gaming giant into prime target Given the scrutiny of the regulators, such assurances make sense. “Activision and Microsoft do not want to create the idea in regulators’ minds that they are going to [form] a closed shop,” says one large, long-term Sony shareholder. With the subscription business still only representing a small part of the games industry’s revenues, turning Call of Duty into an exclusive to feed Microsoft’s Game Pass service would not make economic sense, say financial analysts. Microsoft would have to add 5m subscribers to make up for sales it would lose if it took Call of Duty away from the PlayStation, estimates David Gibson, senior analyst at MST Financial. Considerations like these make it likely that Microsoft won’t do too much to rock the boat in the near term. But as it reaches for a big new global audience, the gaming industry’s long-term structure looks to be very much in play.

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Meta reportedly plans to integrate NFTs on Facebook and Instagram profiles

Mighty Block

Multinational tech conglomerate Meta is reportedly diving into nonfungible tokens (NFTs) by integrating a feature that will let users show off their NFTs on their Facebook and Instagram profiles. According to the report, Meta is currently working on prototypes that will allow users to mint collectible tokens.

Meta is also discussing potentially launching a marketplace that allows the buying and selling of NFTs. However, while the news may excite millions of NFT enthusiasts that use social media, all of the projects are within the earliest stages and may still change accordingly.

The discussions follow a push to onboard more staff to help with Meta’s projects. Back on January 12, Meta initiated a push to hire more employees and got around one hundred people to jump ship from Microsoft. Meanwhile, to avoid staff from ditching them for Meta, Apple offered bonuses from $50,000 to $180,000 along with stock options.

Formerly known as Facebook, Meta’s major rebranding lets the company focus on initiatives beyond social media. Last year, the company announced its plans to create a metaverse that connects physical experiences to online social experiences. The company also released previews of haptic gloves that may be rolled out for use in its future metaverse.

Potential earnings in the NFT world are becoming very hard to ignore. Firms even predict that traditional brands will dive into the NFT space and explore how to earn within the market.

Just recently, leading NFT marketplace Opensea surpassed $3.5 billion in monthly transaction volume. This means that over $169 million are being spent each day in NFT trading just within the platform. According to NFT sales tracking statistics, the NFT market has had a total of $25 billion in all-time sales so far.

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Decentraland, Luxury Marketplace UNXD to Host Metaverse Fashion Week

Mighty Block

Decentraland and UNXD are calling on fashionistas to have their virtual collections ready to show in the metaverse.

Luxury marketplace UNXD, which is built on the Polygon network, and Decentraland, a virtual reality platform built on the Ethereum blockchain, plan to offer a metaverse fashion week with catwalk shows, pop-up shops and afterparties in March.

  • The fashion program, Decentraland’s first, will take place March 24-27. The show will allow users to view fashion in a virtual environment and purchase outfits for their online avatars.
  • In a Sunday tweet, Decentraland called for designers, brands and fashionistas to have their virtual collections ready to present in the metaverse.
  • Interest in the metaverse, an environment generated by the convergence of virtual worlds, augmented reality and internet services, has exploded in recent months. By offering a collective virtual experience, it has introduced new opportunities to creators, gamers and artists.
  • The metaverse may represent a market opportunity of over $1 trillion in annual revenue, crypto investment giant Grayscale said in a report earlier this year. (Grayscale is a subsidiary of Digital Currency Group, which also owns CoinDesk.)
  • In another signal of increased interest, Facebook recently changed its corporate name to Meta and announced its metaverse will support non-fungible tokens (NFTs).
  • In September, UNXD worked with Italian haute couture label Dolce & Gabbana to launch its NFT collection, Collezione Genesi, which fetched approximately $5.65 million in a sale.
  • With the show, Decentraland is treading a path already opened by South Korean metaverse social media app Zepeto, according to a BBC report.

Read more: Dolce & Gabbana’s First NFT Collection Sells for $5.7M

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Just did it: Nike enters the metaverse game following RTFKT acquisition

Mighty Block

Sportswear manufacturer Nike announced the acquisition of virtual sneakers and collectibles brand RTFKT. Nike becomes the biggest United States-based athletic products manufacturer through this partnership to join the metaverse bandwagon. 

A Cointelegraph report from Nov. 2 highlighted Nike’s submission of requests for patenting its namesake, swoosh logo and slogan “just do it” for use online and in online virtual worlds. The filing was accompanied by two new job postings for virtual material designers, signaling the company’s intent to enter the metaverse.

However, the new RTFKT acquisition confirms Nike’s interest in delving into the metaverse ecosystem:

According to Nike, acquiring RTFKT will help the company “deliver next-generation collectibles that merge culture and gaming.” John Donahoe, president and CEO of Nike, believes that the move helps accelerate Nike’s digital transformation efforts:

“The Metaverse is where anyone can express their most original ideas and be their most authentic selves, in whatever form they might take. And thanks to the blockchain [and NFTs], those pioneers can own a piece of what they create.”

Benoit Pagotto

Supporting this vision, RTFKT co-founder Benoit Pagotto said, “We’re excited to grow our brand which was fully formed in the metaverse.”

Related: Adidas enters the metaverse with NFT partnerships

On the other side of the world, German sportswear manufacturer Adidas announced entering the metaverse after partnering with nonfungible token (NFT) companies, including Bored Ape Yacht Club, Gmoney NFT and Punks Comic.

As Cointelegraph pointed out, an article on the Adidas mobile app said:

“The Metaverse is where anyone can express their most original ideas and be their most authentic selves, in whatever form they might take. And thanks to the blockchain [and NFTs], those pioneers can own a piece of what they create.”

Meta, which has recently rebranded itself from Facebook, welcomed Adidas’ entry as it said, “We can’t wait to see Adidas in the metaverse.”