GM, BFF: The metaverse starts with data

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In the ever-shifting digital cosmos, where buzzwords like "metaverse" and "digital twins" roll off tongues more than yesterday's weather forecast, the virtual reality realm finds itself at a humbling crossroads. 

“The metaverse is manual,” quipped decentralized identity expert and Disco co-founder Evin McMullen in a BFF Buzz virtual panel last week. As we chase the elusive dream of seamlessly traversing digital domains, the backstage process of data transfer remains a clunky marathon of manual commands and data leaks.

Laying the metaverse's cornerstone demands a data overhaul. Imagine a future where our digital personas sync with our daily routines as in the classic animated sitcom, The Jetsons. McMullen envisions a reality where crypto wallet public keys open doors not just to riches, but to a treasure trove of personal preferences — from pronouns to languages. And most importantly, we ought to have consent and ownership over that data.

Yet, hurdles abound. Jessica Manins, one of the masterminds behind game development studio Beyond Worlds, knows that crafting beautiful, non-cringe virtual worlds requires more than coding magic. According to Manins, it’s about blending top-tier tech with creative partnerships that breathe life into avatars and spaces.

A future metaverse, McMullen and Manins concur, extends beyond VR escapades. It's a universe where the ethereal and physical harmonize, digital avatars flaunt virtual items across platforms and your Twitter followers become bonafide assets. In other words, the metaverse isn't confined to VR goggles — it's also your virtual alter ego high-fiving your Insta feed.

So what does the future hold for the metaverse? Read more in this week’s BFF Buzz recap or listen to the full conversation here.

Read More On BFF Discover

Catch Up Quick

Unstoppable Domains launches its first membership. Previously, the cumbersome nature of moving domains between wallets posed a substantial challenge. However, Unstoppable Blue brings a new level of efficiency into the process, allowing users to relocate their domain assets with unprecedented ease.

Gamers are divided over NFTs. BFF Contributor Emilie Boivin spoke to a few folks who shared why NFTs matter to them. 

No more bail for SBF. Sam Bankman-Fried, founder of FTX cryptocurrency exchange, has been sent to jail following the revocation of his bail by a New York federal judge. 

PayPal becomes the first global payments firm to introduce its own dollar-backed stablecoin. Representative Maxine Waters expressed apprehension regarding PayPal's launch of PYUSD, emphasizing the absence of a federal framework for regulating and overseeing such digital assets. 

Grimes’ bet on NFTs paid off. The Canadian musician and producer said her 2021 earnings from NFTs exceeded her entire music career's income.

Y00ts migrates to Ethereum. Y00ts, a prominent NFT collection that originally launched on Solana and later shifted to Polygon, has announced its decision to transition to Ethereum and refund the $3M Polygon grant amount it had received earlier this year.

Claires leans into AI and Web3. The 60-year-old accessories chain is embracing a tech-driven rebrand, featuring digital and physical mascots, AI and Web3 technology. The rebranding aims to update Claire's image and appeal to younger generations while enhancing the customer experience both in physical stores and on digital platforms.

Listen: NFT Brands: The New Toy Story?

Zora initiates a new revenue split model. The platform, recognized for its NFT minting services, is revamping its revenue sharing model to address the ongoing discussion about artist royalties. Zora previously charged a flat fee of 0.000777 ETH (around $1.40) per NFT minted, but will now automatically allocate a larger portion of this fee to creators.

Curve hack creates chaos. A hacker who took $61 million from decentralized exchange Curve Finance has given back a portion of the stolen cryptocurrency following discussions with one of the victims. Through an Ethereum blockchain message, the attacker requested confirmation of the protocol's address from one of the victims and returned nearly $10 million worth of ETH and ALETH.

Hacker drains Jack Butcher's ‘Infinity Checks’ balance. The collection’s smart contract was exploited due to a bug, resulting in the complete loss of funds.  Butcher assumed full responsibility for the situation and processed quick refunds

'The Apprentice’ — but make it crypto? "The Next Crypto Gem" is a forthcoming reality competition show that blends elements of "The Apprentice" and "Shark Tank." Stay tuned, as it’s scheduled to premiere in September.

Google and Universal Music negotiate deal to solve AI ‘deepfakes’ conundrum. The companies are in preliminary discussions to create a tool that would allow fans to legitimately generate tracks using AI technology. 

Our friends at Yield Guild Games invite you to a SUPERQUEST. Register for YGG's SUPERQUESTS where you can access gamified educational content (think MasterClass meets Duolingo) and learn how to play Axie Infinity. 

From Our Founding BFFs

Media Entrepreneur Shira Lazar discusses how blockchain technology could revolutionize the entertainment industry in her article How Blockchain Can Save Entertainment.

Unstoppable Domains COO Sandy Carter delves into lessons Elon Musk's X project can learn from the Web3 movement in her latest Forbes article.

Inspired Capital Founder and Managing Partner Alexa von Tobel's CNBC feature highlights her remarkable journey of dropping out of Harvard, founding a startup during the Great Recession and eventually selling it for $375 million in just seven years.

Rent the Runway CEO Jennifer Hyman's CNBC interview narrates her story of  starting her company as a Harvard graduate student and turning it into a business worth $120 million.

BFF Events

Megan DeMatteo is BFF's Editorial Partner.

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🚨 This newsletter and all the information in it does not constitute financial advice. If you don’t want to invest money or time in Web3, you don’t have to. As always: Do your own research.

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