This week’s news highlight three trends:
- First, art and fashion remain the two most active industries to embrace the metaverse, generating new user experiences by the day. For instance, American brand Calvin Klein recently celebrated Lunar New Year with a fashion-themed web3 game dubbed “Unleash Your Inner Explorer.” More broadly, despite the crypto crash, the fashion NFT sector has accumulated over $245 million collectively – making it a lucrative playing ground for digital innovators.
Second, feelings about the metaverse continue to be mixed among engineers andconsumers. According to a recent report, 45% of game developers believe that “the metaverse concept will never deliver on its promise.”
Third, amidst growing skepticism about crypto, Polygon (a layer-2 ecosystem on Ethereum) continues to offer real value and has become the by-default partner for large companies seeking to experiment in the space. Meta‘s Instagram has enabled NFTs on Polygon, Stripe is using Polygon for payments, and Starbucks is using it for a new NFT loyalty program. With serious firms playing the long game like Polygon, crypto might come back from the dead – ready to build for good.