This Week in the Metaverse: Post Malone NFT Perks, VR For Surgery Patients
Things move quickly in the metaverse, and in the wider world of Web3 as a whole. Here’s what you need to know from the past week:
Mark Zuckerg’s net worth has fallen by about 71% so far in 2022, according to Bloomberg. The new report details how much Meta founder and CEO Mark Zuckerberg’s recent spending on the metaverse has cost the company—and himself personally. Zucks is now reportedly the 20th richest person in the world, a position he has not held since 2014. He was the third richest person in the world in September 2021, according to Bloomberg, when his net worth peaked at $142 billion.
Shortly after reaching the top, in October 2021, Zuckerberg’s company changed its name to Meta and began investing primarily in software and hardware for the metaverse—essentially giving a calculated chance that this was going to be the next big technological frontier. Generally speaking, things have been downhill for Meta and Zuckerberg since then. Meta’s stock price has fallen 57% since the start of 2022, according to the Bloomberg report, much more than the declines some other industry leaders such as Amazon and Apple have experienced (much of the industry has suffered financially this year).
Zuckerberg has made an effort to be open with investors that the company’s pivot to the metaverse will require some short-term financial losses to succeed long-term. But time will tell how patient investors are willing to be.
VR can reduce the need for anesthesia during surgery, per study
Who needs an IV when you have VR? Patients who undergo surgery while immersed in virtual reality are likely to require a smaller amount of anesthesia, according to a new report.
The study – published in the scientific journal PLOS One on Wednesday – focused on 34 patients, all of whom underwent elective hand surgery. Half of the group entered the operation behind VR headsets, which showed soothing natural landscapes or played guided meditations, while the other half (the control group) entered without a VR headset.
The study organizers then kept track of the amount of propofol (an anesthetic) requested by the members of both groups, and ultimately found that the VR group requested much less than their non-VR counterparts. “Despite receiving significantly less intraoperative propofol sedation, VR group patients had no significant differences compared with patients in the usual care group in self-reported ratings of pain, relaxation, anxiety, or overall satisfaction,” the authors of the study wrote. It was also noted that members of the VR group “were discharged from the PACU [Post-Anesthetic Care Unit] 22 minutes earlier than control patients.”
A recent Meta ad envisioned that VR headsets could eventually help doctors practice surgery on virtual patients, theoretically reducing the risk of going in for the real thing.
The beleaguered Kraken boss resigns
Jess Powell, a co-founder and CEO of Kraken, has officially stepped down. Kraken – currently the second largest crypto exchange platform in the US and the fourth largest in the world, according to crypto industry tracker CoinMarketCap – published a “leadership succession plan” on its website earlier this week, saying Powell would remain with the company as chairman, to be replaced as CEO by Dave Ripley, formerly the company’s CEO.
Powell became embroiled in a conflict with some Kraken employees earlier this year over his views on the use of preferred pronouns and differences in intelligence levels between men and women, according to The New York Times. Some employees reportedly chose to leave the company as a result. It was also recently revealed that the Treasury Department has been investigating Kraken for allegedly violating US sanctions.
Twitch cracks down on crypto gambling live streams
After being criticized by some viewers and streamers for its unwillingness to take action against cryptogambling livestreams on its platform, Twitch has decided to take action. On Tuesday, the popular streaming platform announced in a statement published on Twitter that it will ban live streaming of gambling sites that use crypto-assets from the platform, effective October 18. The “policy update” will “prohibit the streaming of gambling sites that include slot machines, roulette or dice games that are not licensed in the United States or other jurisdictions that provide adequate consumer protections,” according to the statement. Stake.com, Rollbit.com, Roobet.com and Duelbets.com were specifically called out. The statement also said that other platforms are likely to be identified and banned in the future. “We will continue to allow sites that focus on sports betting, fantasy sports and poker,” the statement said.
Dogecoin is now the second largest proof-of-work cryptocurrency
For a cryptocurrency that started as something of a joke, Dogecoin has come a long way. After Ethereum completed its historic merger last week – switching from a proof-of-work (PoW) system to the much greener proof-of-stake (PoS) system – Dogecoin became the world’s second largest PoW cryptocurrency by market cap (after Bitcoin), according to data from CoinMarketCap. It currently has the tenth largest market capitalization of all cryptocurrencies.
Dogecoin was founded in 2013 as a tongue-in-cheek cryptocurrency based on a meme. As of 2019, it became a social media darling of serial entrepreneur and world’s richest person Elon Musk, causing the coin’s popularity and value to rise steadily. Despite its high current ranking, the current “crypto winter” has seen Dogecoin’s value plummet by more than 90% since its last peak in May 2021.
$160 million stolen in Wintermute hack
Crypto market maker Wintermute was hacked earlier this week, resulting in the theft of around $160 million in crypto assets, according to a tweet from the company’s founder and CEO Evgeny Gaevoy. “We are solvent with twice as much equity left,” he said in a follow-up tweet. He also reported that the company’s centralized finances and over-the-counter operations had not been affected by the hack.
Brief communication about the ongoing Wintermute hack
— wish cynic (@EvgenyGaevoy) 20 September 2022
Gaevoy ended his series of tweets with a request to the hacker (or hackers): “We are (still) open to treating this as a white hat, so if you are the attacker – get in touch.”
The Wintermute hack is the latest in a recent string of cyberattacks targeting the crypto industry. In August, hackers stole millions of dollars worth of crypto from the Solana network. Earlier that week, approximately $200 million was stolen from crypto bridge platform Nomad.
Ricky Williams’ cannabis brand sets up shop in the metaverse
NFL legend Ricky Williams is bringing his cannabis brand Highsman (a play on “Heisman”) into virtual reality. The new virtual space – called “Highsman House” – is described by the brand as “the first true virtual reality sports and cannabis experience”, and will launch with a Monday Night Football viewing party on September 26. A virtual dispensary will also be available. .
Highsman isn’t the only cannabis brand looking to capitalize on the metaverse lately. In May, for example, Cannaverse Technologies launched Cannaland, a virtual space where customers can both shop and learn about cannabis.
New NFT offers benefits at Bad Bunny, Jack Harlow and Post Malone concerts
Web3 brand Dancing Seahorse Labs announced the minting of the Dancing Seahorse NFT on Tuesday. Legendary token holders will be granted “exclusive suite access and memorable concert experiences” at upcoming Bad Bunny, Jack Harlow and Post Malone concerts.
The minting is one of the latest examples of how web3, and especially NFTs, has transformed the music industry. In addition to opening the door to exclusive events and benefits, NFTs are also being exploited by some artists as a means to achieve a higher degree of financial autonomy.
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