March 5, 2024 Breaking News, Latest News, and Videos

Cutting-Edge Industries Making The Most Of The Metaverse, Blockchain & Cryptocurrency In 2023

Get ready to step into the future by exploring the cutting-edge industries that are harnessing the power of the metaverse, blockchain technology, and cryptocurrencies this year. From gambling to fashion, these ever-evolving technologies are impacting more and more areas of our lives, and they’re only going to continue to grow.

First up, the gambling sector. There’s been a huge rise in the number of Ethereum casinos in 2023, and for good reason. Ethereum transactions are secured by blockchain technology, which provides a high level of security and transparency, protecting both players’ and the casino’s financial transactions and sensitive information.

Several online casinos that use cryptocurrencies also offer the option of registering anonymously. This eliminates the need to comply with the KYC (know your customer) regulations enforced by traditional casinos that use fiat currency as their payment method. Paying by Ethereum also often allows players to withdraw their winnings much quicker than with bank transfer; some casinos even offer instant withdrawals. 

As Ethereum is unregulated, casinos using the digital currency as a payment method can often operate in states where online gambling is not yet permitted, including the likes of Santa Monica or Kansas City. Aside from that, these sites operate in much the same way as other online casinos and offer players an impressive range of table, slot, and live dealer games from the comfort of their own home. 

The fashion industry is also making the most of this new technology, with sneaker giants Nike leading the way. The so-called “CryptoKicks” were released at the tail end of 2022 in a run of 20,000 pairs. 

Dune’s stats indicate that Nike has earned over $185 million from these kicks to date, but how do they actually work? The physical sneakers were based on Nike’s April 2022 NFT release, and based on Nike’s Nike Adapt line. The sneakers feature tech like automatic lacing, haptic feedback, and lighting, and were made available to those who had previously bought the NFT.

Of course, the gaming industry has been a huge player in the metaverse, but few more so than Roblox. Not only does this game offer a virtual world, but it has also released a cryptocurrency—Robux—that players can spend there.

Source: https://unsplash.com/photos/TWcT7gG59js 

Backlinko reports that Roblox is currently worth $43.02 billion; although the game is free to play, purchases of Robux are clearly a big earner for the company. Players can earn and spend this digital currency in the game, but they can also exchange it for US dollars should they wish to spend it elsewhere.

The sports sector also hasn’t been immune to Web3’s influence. One great example is LinksDAO, a “global community of golf enthusiasts” that are “reimagining the modern golf and leisure club experience”. 

Essentially, the platform allows members to hold NFTs while also giving them benefits in the real world. LinksDAO’s end goal was to own one of the best golf courses in the world, which happened in March 2023 when the company acquired Spey Bay Golf Course in the north of Scotland.

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