The recent MTV Video Music Awards were held in New Jersey, and that’s when many of us caught a glimpse of superstars like Snoop Dogg and Eminem appearing with Bored Ape Avatars.
This performance was within the framework of the ‘Otherside’ project by Metaverse. And it brought many questions to our minds related to the trend of resurgent NFTs. Can people’s interest be piqued further in this regard?
Well, it would certainly take a big push. Remember that the NFTs haven’t been doing so well lately, with markets crashing to new lows. But we feel its latest performance could be just what it needed to get that spark factor back.
In both ways, we see Meta preparing for the NFT engagement within expands its tools to platforms like Facebook, in addition to the usual ones seen on Instagram.
An updated blog post from the company’s newsroom highlighted how Meta is introducing the ability to set up digital collectibles across its apps. Therefore, users are given the option to link their digital wallets to a specific app, allowing their NFTs to be shared across both.
We first saw the company launch the NFT display back in May on Instagram. The following month, Meta expanded via a test launch to a few users on Facebook. Now, the company says it’s on the move to enable all users to view NFTs across every app.
We feel it is a little overdue as the trends for NFTs are currently low. But could this be a resurgence for the NFT trend and Meta might make history again?
If we look at the statistics aspect of things, well, overall interest in NFTs has really been at an all-time low. Think along the lines of the market going down by 92% compared to the peak seen in 2021.
So many investors have lost millions through ongoing scams and crypto markets crashing. Therefore, the popularity of such cartoon images in the form of avatars was also seen to decline. Many find it difficult to resell them or even find a good enough use, other than a simple profile picture.
But with that there is a use, as shown by Eminem and Snoop Dogg recently through Yuga Labs. Here, the founders of Bored Ape Yacht Club created their own metaverse aura called “the Otherside”.
Here, characters will turn into 3D depictions that can be used to help more people interact in the ongoing experience. But it all depends on whether the users actually want it. Do we really want to be represented in the form of Bored Ape avatars in the virtual world?
As of now, there is already a lot of confusion about what the metaverse will be about. There is no specific meaning attached to how users want to present themselves. But what we do know is that expensive and exclusive NFTs would do the trick.
They want that prestige within such interactive realms. Also, if the Otherside became a real metaverse space where users could best use their characters in the virtual world to participate in different ways, then the value of such Bored Ape characters is great.
As of now, there is no progress on this, and there are many misconceptions. Many of us see the metaverse as a platform where 3D and virtual reality rule the day. Here, users from all walks of life will come forward and create their own worlds and sections.
Everything will be connected and you can use Bored Ape to represent yourself in work meetings or even while playing games. In that sense, such digital characters would make sense.
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