Things move fast in the metaverse and the wider world of Web3 as a whole. Depending on who you ask, this futuristic blockchain-based space is either the next big thing for marketing — and pretty much everything else — or an overrated fad. Here’s what you need to know from the past week:
Despite Recent Crypto Crash, Coinbase Launches New Advertising and In-App Features
Amid a historic crash in the crypto market, Coinbase – one of the largest cryptocurrency exchanges – appears to be sending a single message to the crypto world: HODL (hold on tight for life). This morning, the company aired its second national TV spot to mark its tenth anniversary. (The first ad aired during the last Super Bowl.) The ad, titled “Long Live Crypto,” pokes fun at the many premature praise for crypto that has been posted online by those skeptical of crypto’s longevity. The message in the new 30-second ad seems to be: crypto has weathered storms in the past – and will weather the one it is currently embroiled in. In addition to the new ad, the company announced earlier this week that it was launching new in-app features for some of its users. In a blog post on Monday, Coinbase Director of Product Management Rishi Dean said that “a small group” of its users will now be able to access decentralized applications (DApps) – such as the popular NFT Marketplace OpenSea – on the Ethereum network, creating a more robust and unified crypto trading ecosystem. Eligible users can now also access decentralized exchanges (DEX) and interact with a number of decentralized financial (DeFi) platforms, the blog said. The news comes on the heels of the crypto market’s recent slump, which wiped out billions of dollars worth of major coins and caused a major drop in Coinbase shares.
Gap opens a flagship store in the Metaverse
Fashion retailer Gap is doubling down on its Metaverse strategy by announcing a new virtual no-purchase experience in Roblox, the hit children’s video game that has grown into a major shopping mall in the Metaverse. The “Club Roblox Shop,” as the activation calls it, is being built in partnership with SuperAwesome, a technology company working with “hundreds of brands and content owners to enable secure digital engagement for users under 16.” company. website. The virtual space is modeled after the company’s flagship store in Times Square. This isn’t Gap’s first venture into the growing world of Web3. In January, the retail company unveiled its first-ever NFT collection, which it developed in collaboration with artist Brandon Sines, creator of the famous character Frank Ape. Gap’s upcoming virtual store, launching this Friday, follows a series of similar activations from youth apparel brands — such as PacSun and American Eagle — built in Roblox and aimed at increasing engagement with younger and more knowledgeable fans. †
US military approves Metaverse for training exercises
The metaverse seems to be very much on the minds of some senior Pentagon officials. According to a new report from Wired, the US military has invested in emerging technologies that combine the virtual and physical worlds in an effort to optimize its training methods. Red 6 – a company that, according to its website, is “revoking augmented reality (AR) for military training applications,” reportedly developing “a mix of augmented reality, artificial intelligence, and video game graphics.” This will theoretically “allow US fighter pilots to train in dogfights against virtual adversaries, including Chinese and Russian warplanes, while firing multiple Gs,” according to WIRED. Red 6 founder and CEO Daniel Robinson told WIRED that his company is “building a military metaverse…like a multiplayer video game in the sky.” Simulating battles in virtual worlds for military training purposes is nothing new. In the 1980s, the U.S. military teamed up with the Defense Advanced Research Projects Agency (DARPA) to launch SIMNET (short for “simulated networking”), a program to build “a large-scale network of interactive combat,” according to the Defense Technical Information Center. Video games have also long been used for recruiting purposes: In 2002, a first-person shooter video game called “America’s Army” was released “to support the recruitment of the U.S. Army,” according to the game. (The video game was discontinued earlier this month.)
Cannes Film Festival Prepares Its Inaugural NFT Conference
For 75 years, the Cannes Film Festival has represented the crème de la crème of creative storytelling. Today, the world-famous festival also aims to be at the forefront of the growing conversation around the interface between entertainment and Web3. On May 23, the first-ever NFTCannes summit kicks off at the Hotel du Cap-Eden-Roc in Antibes, France. “The inaugural annual event is designed to connect leading minds from the traditional media and entertainment spaces with top web3 innovators, creators and investors, signaling a paradigm shift and building meaningful bridges to the burgeoning metaverse,” the event organizers said. in a report. Reflecting the rapidly accelerating adoption of Web3 into mainstream culture, the invite-only event will also focus on exploring “topics spanning the future of current NFT applications in entertainment…fan-building opportunities.” and community, live events and experiences, as well as reframing the metaverse as an integration of digital and physical lives.
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