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Into the Metaverse: Your Guide to Crypto and Virtual Worlds

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Metaverses are hot right now, and crypto will likely be the currency of these new virtual worlds.
The metaverse is a hot topic right now after Facebook’s decision to rebrand as Meta. But metaverses aren’t so new. Facebook — along with many major companies like Microsoft and Disney — has been riding the virtual reality train for some time.
But what is a metaverse? And how does it work? Join us as we take a deep dive into virtual worlds.
Metaverses are virtual worlds where people can do many of the things they do in real life. They’ll be able to work, have fun, shop, exercise, and socialize. They can set up their own businesses, buy land, make art, and go to concerts — all in a virtual environment.
Metaverses use virtual reality, augmented reality, social media, and blockchain technology to create places that people want to spend time in. They are virtual worlds with virtual economies, though many are still in their infancy.
In the future, rather than buying clothes for your closet, you might buy clothes for your avatar online. And rather than buying a piece of art to hang on your wall, you might buy a piece of digital art to display in a virtual gallery.
Every virtual economy needs money. Cryptocurrencies work like virtual cash in virtual worlds. Transactions are almost instantaneous and the blockchain technology behind them is designed to build trust and ensure security.
Existing metaverses already use cryptocurrency as a form of payment. So if you visit Decentraland, you’ll need its token, MANA, if you want to buy anything.
Indeed, metaverse cryptocurrencies like Decentraland, Sandbox (SAND), and Enjin (ENJ) are among the few tokens that might show green this week. Many cryptos are in the red as they drop from the highs of early November.
There’s another aspect of blockchain and cryptocurrency that’s key to metaverses: non-fungible tokens (NFTs). NFTs can be pieces of art, sports trading cards, in-game items, and much more. They are essentially unique digital items, where the ownership and other information is coded into the token.
NFTs are transforming the gaming industry because they allow people to own and profit from the items they earn or build in the game — and carry those profits or items into real life. Before, if you participated in a game like Axie Infinity (AXS), the rewards you built up would only have value in that game. Now, Axie players earn rewards in cryptocurrency that have a value outside the game.
It’s that idea of ownership that makes NFTs so important for virtual worlds. NFTs mean people can buy and own land in the metaverse. People can buy and create NFT avatars to move around in virtual worlds. They can also create and sell items for their avatars — like the digital clothes we mentioned earlier.
This idea of metaverses is still in its infancy. Indeed, there’s a lot of different ideas about what form these digital spaces will take and what role they can play.
Meta (Facebook) certainly has grand plans — including launching virtual gym equipment and creating spaces for virtual business meetings. Virtual reality technology has come a long way, though there’s still a lot of work to be done.
As a crypto investor, there are many ways you can get involved in virtual worlds. The most obvious is to directly buy metaverse crypto tokens, which are available from many top cryptocurrency exchanges. You can also buy NFTs or even consider buying real estate in a specific world.
But if you want to go this route, you’ll need to do a lot of research. Start by visiting an existing metaverse to get a feel for what it’s all about. For example, you don’t need any virtual reality equipment or to spend any MANA to visit Decentraland as a guest. Just log on, create your avatar, and in you go.
As with any investment, don’t just jump in because Facebook or another big company or famous person is doing it. Take time to understand how these worlds work and which ones are most likely to survive in the long term. Similarly, there’s no point in randomly buying an NFT. You’ll need to look at what NFTs suit your interests, which ones you think might be profitable, and how the NFT market works.
Don’t forget that many of these crypto-based metaverses are built on ecosystems like Ethereum (ETH) or Solana (SOL), which may offer a less risky way to invest as they are not specific to one sector or one virtual world. If the dream of the metaverse does not come true, Ethereum and Solana will likely still exist.
You may also decide to buy stocks in a company that’s involved in the metaverse rather than doing it through crypto. Crypto is one way to get involved, but it’s not the only way.
Ultimately, it’s early days and we don’t yet know how these metaverses will evolve. There’s been talk of developing metaverses for years and so far they haven’t come to much. It may well be different this time, but it’s important not to get caught up in the hype.
All cryptocurrency investments carry risk, so it’s important to only spend money you can afford to lose. And don’t be driven by a fear of missing out — if the metaverse is worth investing in, it will still be there after you’ve done your research.

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This Week's NFT Sales Slide, Bored Ape Market Cap Drops 21%, Floor Prices Sink Lower – Markets and Prices Bitcoin News – Bitcoin News

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by Jamie Redman
Non-fungible token (NFT) sales this week dropped 10.88% lower than the week prior. Roughly $118.02 million worth of NFTs were sold this week compared to last week’s $132.43 million. Further, the top two NFT collections with the largest market capitalizations shed significant value during the past seven days. While Bored Ape Yacht Club’s market valuation lost 21.29%, Cryptopunks’ market cap slid by 19.18%.
NFTs had a lackluster week as sales and prices have followed in sync with falling crypto asset prices. Statistics show that a large number of NFT collections have lost considerable market value during the past week. For instance, metrics show that Bored Ape Yacht Club’s (BAYC) floor value on September 13, 2022, was $114,388 and today, the floor value is around $90,026. BAYC’s market valuation on September 13 was $1.14 billion and today it’s down 21.29% to $900.25 million.
Data shows that the second most expensive NFT floor value belonged to Cryptopunks on September 13, and that’s still the case today. However, the cheapest Cryptopunk last week was around $98,941, but today you can get one for $79,960. Cryptopunks’ market cap has nosedived 19.18% lower during the past week. The same can be said for a majority of blue chip NFT collections like PROOF Collective, Mutant Ape Yacht Club (MAYC), Castaways, and Doodles.
Seven-day statistics show that the BAYC NFT collection is the compilation with this week’s top sales, as $8,603,290 in trades were recorded. BAYC sales have increased by 17.33% and the second largest NFT collection in terms of weekly sales is RENGA. The RENGA NFT collection has managed to print $5,822,323 in seven-day sales, up 121.08% since last week. Overall, however, NFT sales across 17 blockchains monitored by cryptoslam.io are down 10.88% lower than last week.
This Week’s NFT Sales Slide, Bored Ape Market Cap Drops 21%, Floor Prices Sink Lower
Ethereum (ETH) captured the top NFT sales and Solana (SOL) recorded the second largest number of digital collectible sales this week. Although, ETH-based NFT sales slipped 1.66% lower than last week with $79.05 million in seven-day sales. SOL-based NFT sales are down this week 42.11% lower than last week with $23.71 million. Both Flow and Immutable X saw an uptick in NFT sales. Flow NFT sales jumped 59.42% higher, and Immutable X NFT sales saw a significant 790.96% increase.
The top five most expensive NFTs sold this week all stemmed from the BAYC collection and include Bored Ape #441, Bored Ape #2897, Bored Ape #5733, Bored Ape #4179, and Bored Ape #1846. Bored Ape #441 sold for 351,000 DAI and Bored Ape #2897 sold for 215.38 ether or $296,404. Bored Ape #5733 was sold three days ago for 120 ether or $176,458, and Bored Ape #4179 sold for 123 ether or $176,307. Lastly, the fifth most expensive, Bored Ape #1846, was sold for 106 ether or $151,939 four days ago.
What do you think about this week’s NFT sales dropping more than 10% lower than last week’s sales? Let us know what you think about this subject in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
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FASB Excludes NFTs, Some Stablecoins From Crypto Accounting Project – The Wall Street Journal

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Michael Saylor can't stop: MicroStrategy now holds 130,000 Bitcoin – Cointelegraph

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MicroStrategy bought an additional 301 BTC for $6 million at an average price of $19,851, the company’s executive chairman announced on Twitter.
MicroStrategy now owns 0.62% of all the Bitcoin (BTC) that will ever be mined. The company’s executive chairman, Michael Saylor, announced that the company bought another 301 BTC for roughly $6 million at an average price of $19,851 per BTC. 
In sum, the company is one of the planet’s largest holders of the asset, owning 130,000 BTC. Apparently, Saylor likes round numbers, buying 301 BTC to reach the 130,000 milestone. 
MicroStrategy has purchased an additional 301 bitcoins for ~$6.0 million at an average price of ~$19,851 per #bitcoin. As of 9/19/22 @MicroStrategy holds ~130,000 bitcoins acquired for ~$3.98 billion at an average price of ~$30,639 per bitcoin.https://t.co/5kYW98ij4I
Due to plunging price action, the company’s investment is down substantially in U.S. dollar terms. MicroStrategy’s entry price is roughly $30,639 per BTC, and the Securities and Exchange Commission filing states that the firm has bought 130,000 BTC at an aggregate purchase price of approximately $3.98 billion.
If MicroStrategy started stacking sats (buying Bitcoin) at today’s prices, it would have spent $2.48 billion on 130,000 BTC. Saylor is currently at a paper loss of over a billion dollars.
According to the SEC filing, the company made the purchase with “excess cash.” Saylor recently stepped down as CEO of the company to focus on buying more Bitcoin, while Washington, DC has taken aim at the billionaire in a tax evasion lawsuit.
Bitcoin enthusiasts were quick to commend Saylor’s buy. Referred to as the “Chad” or “Gigachad,” Saylor’s conviction and commitment to buying Bitcoin despite the investment being underwater has garnered both a devout following and numerous critics.
Related: Bitcoin better than physical property for regular folks, says Michael Saylor
Other large wallet addresses include that of crypto exchange Bitfinex, which holds 170,000 BTC, and a Binance reserve wallet that holds 125,000 BTC. Binance is the world’s largest crypto exchange and has several wallets holding six figures of Bitcoin. Regarding individuals, Saylor has stated that he holds Bitcoin, and FTX CEO Sam Bankman-Fried and Binance CEO Changpeng Zhao are also “hodlers” — a meme that became popular jargon for holding crypto.

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