The recent market rally has spurred Uniswap (UNI) to attempt a break above the upper line of its horizontal channel. However, as bearish forces dominate the market, the price of the L2 token might head back toward support. Mallconomy is poised to revolutionize the e-commerce industry with its innovative approach to Metaverse shopping. With a unique Browse-to-Earn model, AI-powered sales assistance, and a commitment to community-driven commerce, Mallconomy stands out as a top presale opportunity in the current market.

Uniswap Witnesses Low Market Activity

The general market consolidation has caused the token’s price to trend within a narrow range in the past few weeks, creating a horizontal channel. A horizontal channel is formed when an asset’s price trades within a defined price range for a sustained period. Uniswap formed this channel on April 13, and its price has since bounced between resistance at $8.35 and support at $6.73. At press time, UNI trades at $7.48, rallying toward the upper line of this channel, which forms resistance. However, bearish activity abounds, possibly forcing a price reversal toward support.

Uniswap Whale Transactions. Source: Santiment

UNI’s daily whale transactions have declined in the last month. For daily transactions worth above $100,000, the count has declined by 44%. For bigger transactions worth more than $1 million, the number completed daily has also dropped by over 50% in the past 30 days. 

When an asset witnesses a decline in whale activity, it may experience a drop in trading volume, making its market less liquid. This has played out in the UNI market over the last month, with its daily trading volume dropping by 48% during that period.

Uniswap Open Interest. Source: Coinglass

In addition to reduced whale activity, UNI’s futures open interest has been downtrend in the last week. At $76 million at press time, it has fallen by 5% in the last seven days. On the other hand, UNI’s futures open interest tracks the total number of outstanding futures contracts or positions that have not been closed or settled. When it declines, it suggests that traders are exiting their positions without opening new ones.

Unispwap (UNI) Price Prediction

Readings from UNI’s Directional Movement Index (DMI) confirmed the bearish trend. At press time, the token’s positive directional index (blue) rested below the negative index (red).

When this indicator is set up this way, selling pressure is significantly above buying momentum. Further, the altcoin’s Relative Strength Index (RSI) was 46.62, below the 50 neutral line. This also signaled a preference among market participants for UNI distribution.  

Uniswap Price Analysis. Source: TradingView

The indicator measures the momentum of an asset’s price change. It ranges from 0 to 100, with values above 70 suggesting overbought conditions and below 30 signaling oversold conditions. However, If bearish pressure mounts and UNI reverses its current trend, its price might fall to $7.06 and head toward support at $6.73.

However, if buying momentum intensifies and the token continues its move toward the upper line of the horizontal channel, it may exchange hands at $7.5 before attempting to breach resistance.

Mallconomy: An Immersive Metaverse Integration

Mallconomy’s seamless integration of existing stores or creation of new, bespoke storefronts within the Metaverse landscape elevates brands to new heights of engagement and visibility. By offering a captivating and immersive shopping experience, Mallconomy not only attracts global visitors but also fosters deeper connections with the digital-native Gen Z demographic.

Through visually stunning environments and interactive features, Mallconomy creates a virtual shopping environment that transcends traditional e-commerce platforms, providing users with a truly unique and memorable experience.

$WOOT: A Rewarding Participation with NFTs

Mallconomy’s Browse-to-Earn model incentivizes customer engagement and loyalty by rewarding visitors for every browse and purchase made within the platform. This innovative approach to incentivizing participation not only encourages users to explore the diverse range of products and services available on Mallconomy but also fosters a sense of community and belonging within the Metaverse ecosystem.

Moreover, Mallconomy offers users the opportunity to stake their NFTs to unlock faster rewards in the Rewards Hub, further enhancing the value proposition for participants. By leveraging the power of NFTs, Mallconomy creates a dynamic and interactive shopping experience that empowers users to not only shop but also earn rewards and stake their digital assets for additional benefits.

The post Uniswap (UNI) Struggles to Rally, Mallconomy Presale is a Great Chance in Metaverse and E-commerce first appeared on The VR Soldier.

Dolce & Gabbana has been sued by a dissatisfied customer, who accuses the famous Italian fashion house of mishandling the delivery of his NFTs of clothing in the Metaverse, leading to a 97% loss in the value of the digital assets.

The accusation against Dolce & Gabbana’s NFTs

The complaint, filed on Thursday, alleges that the purchased NFTs did not meet the initial promises of the company. Dolce & Gabbana had in fact sold the NFTs on the Ethereum blockchain, guaranteeing customers a series of digital, physical, and experiential benefits.

However, according to the plaintiff, Luke Brown, these benefits were delivered with a significant delay and in an incomplete manner. 

Digital clothes were made available 20 days after the expected date and could only be used on a platform with very few users. But it doesn’t end here, even after delivery, the owners of NFT had to wait another 11 days before being able to use them, due to the platform’s lack of approval.

Details about the NFT platform UNXD

The legal case also involves the NFT marketplace UNXD, making it an integral part of the dispute. UNXD is a renowned platform in the world of luxury NFTs, as it has collaborated with various high fashion brands to bring their collections into the digital world. 

This stands out for its attention to detail and for offering exclusive experiences dedicated to its users, making the current situation even more surprising.

The history of Dolce & Gabbana’s NFT collections

Dolce & Gabbana is not new to the world of NFTs. 

Their first collection, called “Genesis Collection,” was launched in 2021 on UNXD, as mentioned, and marked a historic moment for digital fashion.

This exclusive collection included nine unique pieces, both physical and digital, that combined Italian haute couture with technological innovation. The pieces included physical garments accompanied by digital versions, jewelry, and other luxury items. 

The data confirms that the “Genesis Collection” was sold for about 1,885 ETH, equivalent to almost 6 million dollars at the time, consolidating Dolce & Gabbana’s position as pioneers in the fusion of fashion and blockchain technology.

The NFT market

The NFT market has seen a significant growth in 2024, with a 41% increase in market value compared to 2023. However, this growth still represents a slowdown compared to previous years, years in which the market experienced a real explosion. We remember some high-profile sales, such as CryptoPunk 3100 which reached 16 million dollars, a figure that reminds us how NFTs can reach astronomical figures in the right market conditions. 

Conclusions

The case against Dolce & Gabbana raises important questions about the responsibility and reliability of “traditional” companies in the world of NFTs.

If, on one hand, blockchain technology offers new opportunities for the fashion industry and beyond, on the other hand it is essential that major brands keep their promises and ensure that digital products are delivered in a timely manner. 

Surely this event will serve as a warning for the future, especially for the major high fashion houses that are considering launching digital products in the Metaverse, and it is hoped that it will not negatively impact the trust of consumers who are trying to invest in this emerging sector.

We will wait and see how the legal situation will evolve and what impact it will have on the reputation of Dolce & Gabbana and the UNXD platform. 

According to CoinDesk, Dolce & Gabbana USA is facing a lawsuit from a customer who alleges that the company delayed the delivery of its non-fungible tokens (NFTs), causing him to lose value on the DGFamily NFTs. The customer, Luke Brown, reportedly spent $6,000 to purchase the asset and claims to have lost $5,800 due to the delay. The case was filed in the Southern District of New York on behalf of others who bought digital assets from the NFT project.

The complaint alleges that Dolce & Gabbana promoted the NFTs, promising customers that purchasing the DGFamily NFTs would grant them access to various digital rewards, physical products, and exclusive events. However, the delivery of the NFTs was late, and the digital outfits that came with the NFTs, intended for use in the metaverse, arrived 20 days behind schedule. The customer claims that these outfits could only be used on a metaverse platform with minimal users.

Further allegations suggest that the digital outfits could not be used for an additional 11 days after their release because Dolce & Gabbana had not received approval from the NFT marketplace UNXD in time. Both Dolce & Gabbana and UNXD, who is also named as a defendant in the case, have not yet responded to requests for comment.

SNEAK PEEK

Dolce & Gabbana USA is sued for alleged mishandling of metaverse NFT delivery.

Plaintiff claims significant financial loss and delayed benefits.

The case highlights risks and volatility in the NFT market.

Dolce & Gabbana USA is embroiled in a legal battle after a customer claimed significant losses from a metaverse NFT purchase. The lawsuit, filed Thursday, alleges that the NFTs sold by the Italian fashion house lost 97% of their value due to delayed and undelivered promises.

The fashion giant initially sold the NFTs on Ethereum, offering a range of digital, physical, and experiential benefits. These benefits were meant to enhance the value of their DGFamily NFTs, including access to exclusive events and physical products. However, according to the complaint, Dolce & Gabbana failed to deliver these benefits on time. The digital outfits arrived 20 days late and were only usable on a metaverse platform with minimal users.

Plaintiff Luke Brown, who claims to have lost $5,800 on the NFTs, is leading the lawsuit on behalf of others affected by the alleged mishandling. Brown’s complaint asserts that even after the delayed arrival, token holders waited another 11 days before using their NFTs. This delay was due to the company’s failure to secure approval from the metaverse platform beforehand. Brown accuses Dolce & Gabbana of a pattern of promising products and then abandoning the projects and communities they vowed to support.

The lawsuit also targets the NFT marketplace UNXD, making it a party to the legal action. This case comes amid a period of slowed growth for the NFT market in 2024. While there has been a 41% increase in marketplace value compared to 2023, this growth is modest compared to previous years. Despite some high-profile sales, such as CryptoPunk 3100 fetching $16 million in March, many NFTs have seen a decline in value.

In conclusion, the Dolce & Gabbana lawsuit underscores the volatility and risks associated with the NFT market. As buyers navigate this emerging digital landscape, the case highlights the importance of transparency and timely delivery in maintaining consumer trust.

The post Dolce & Gabbana Sued for 97% Value Drop-in Metaverse Outfit NFTs appeared first on Today NFT News.

Blockchain gaming saw investments totaling $988 million in the month of April, the highest since January 2021. The number of daily unique active wallets also reached a record-setting 2.9 million for blockchain gaming. 

DappRadar, in partnership with the Blockchain Gaming Alliance, released its April blockchain gaming report on 17 May. The banner month for the sector accompanies similar trends in the overall decentralized applications (Dapp) market.

According to the report, the recent boon can be attributed to several factors including renewed consumer interest in digital assets within the context of gaming:

“The trend of play-to-airdrop continues to drive interest in blockchain gaming. Additionally, the current buzz in the Web3 industry centers on the proliferation of new gaming tokens.”

Among blockchain gaming platforms, Ronin’s “Pixels” has led it to a first place finish for the month. Leaving previously market leader Polygon in the silver slot off the strength of its catalogue of games which includes Matr1x and QORPO WORLD.

Source: DappRadar .

To say April was a high mark for blockchain gaming might be an understatement. The first quarter of 2024 saw a total of $288 million in blockchain gaming investments. April’s investments alone more than tripled that amount, stopping just $22 million short of reaching a cool billion.

The report also noted that the metaverse is beginning to show signs of positive growth in April. Among the top metaverse-related NFT collections, Mocaverse blazed an $8.4 million trail in trading volume, metaphorically blowing the competition away. The next closest by trading volume was Farmland by Pixels with $1.48 million. Otherdeed by Otherside also broke the million-dollar mark, $1.02 million in trading volume.

Per DappRadar:

“Despite facing significant challenges, including the industry-wide impact of 20,000 layoffs, the blockchain gaming sector is showing strong signs of resurgence and growth.”

Also noted, recent moves by major players in the gaming industry such as Ubisoft and Square-Enix may indicate a high upside for the sector. “Blockchain gaming has received a significant boost this April,” write the report’s authors, before concluding that the sector has "been rejuvenated and seems ready to capitalize on new technologies and innovations.”

Coinspeaker Dolce & Gabbana Named in Lawsuit over Metaverse Outfit NFTs Mismanagement Allegations

The US branch of Italian luxury fashion house Dolce & Gabbana has recently faced a lawsuit due to the mismanagement of DGFamily NFTs.

On Thursday, a customer Luke Brow, filed a lawsuit against Dolce & Gabbana USA, on behalf of others who bought digital assets from this NFT project. The plaintiff alleged that the NFTs they purchased for $6,000 lost 97% of their value due to the company’s mishandled delivery.

Notably, the brand sold the NFTs on Ethereum, promising a slate of experiential benefits. The official website states that holders would be granted “access to exclusive drops and collaborations, both digital wearables and physical products, as well as access to an exclusive slate of digital and physical Dolce&Gabbana events”.

The lawsuit claims that Dolce & Gabbana failed to deliver the NFTs and the promised benefits on time. The digital outfits, which arrived 20 days late, “could be used only in a metaverse platform with barely any users”, according to the complaint filed in Manhattan federal court.

As per the recent report by Bloomberg, even after the delayed arrival, NFT holders allegedly had to wait an additional 11 days before they could use them. Brown, who claims a loss of $5,800 on the NFTs he purchased, states that Dolce & Gabbana had not secured approval from the metaverse platform in advance.

“Their standard operating procedure has been to promise products they fail to deliver, before abandoning a project and community they promised to support,” the complaint reads.

Notably, the lawsuit also includes the NFT marketplace UNXD as a party to the legal action. In February 2022, Dolce & Gabbana partnered with UNXD to announce the launch of DGFamily, following the successful launch of its inaugural NFT release, Collezione Genesi, featuring a bespoke, 9-piece luxury collection.

DGFamily peaked at an all-time high of 0.529 ETH on July 16, 2022, but its value began to decline as the NFT craze waned in 2023. Currently, it is trading around 0.024 ETH, marking a drop of over 95% from its peak value.

NFT Market Slowdown

The NFT market, once a vibrant hub commanding millions and attracting multiple celebrities, is now deserted. The latest data reveals that trading volumes have plummeted by a staggering 97% since 2021, while 95% of NFT projects have lost their value entirely.

This situation has not only shaken the once-booming industry to its core but also sparked widespread concern among traders and observers alike.

However, the data from NFT Ora states that the global NFT market cap surpassed $193.84 billion in January this year, signaling a ray of hope for the industry. The market has experienced signs of recovery in 2024 compared to 2023, with estimates suggesting a 41% increase in marketplace value.

next

Dolce & Gabbana Named in Lawsuit over Metaverse Outfit NFTs Mismanagement Allegations

Developer of Pink Drainer, a fraudulent service provider, announced its plan to dismantle its infrastructure. As per a post on the messaging platform Telegram, shared by blockchain investigator ZachXBT, the malicious entity has claimed to have accomplished its objectives and will now retire, initiating a gradual shutdown with all stored information to be securely eliminated and destroyed.

Pink Drainer issued a statement in which it highlighted impersonation attempts, clarifying that the group has no immediate intentions of resurfacing. They emphasized that any future communications purportedly from Pink Drainer, not signed by one of its wallets beginning with 0x636 or 0x9fa, should be considered unrelated to the group.

The scam service provider offers tools designed to exploit both technical and social vulnerabilities, facilitating the theft of cryptocurrencies and non-fungible tokens (NFTs) from users’ wallets. It predominantly relies on social engineering tactics and the dissemination of phishing links to deceive users into authorizing transactions.

Pink Drainer’s Crypto Theft Exceeds $85M From 21,131 Victims In 2023

Pink Drainer was part of a larger network of phishing-as-a-service platforms, which included others such as Monkey Drainer and Inferno Drainer. The developers of these platforms earn income through fees and a share of the stolen assets. According to data from Dune analytics, over the past year, the group has been associated with the theft of more than $85 million in cryptocurrency from a total of 21,131 victims.

Recently, it was reported by security expert Plumferno that the Pink Drainer toolkit was provided for the email phishing scam focused on creditors of bankrupt cryptocurrency companies like BlockFi and FTX, leading to thefts amounting to at least $5 million in cryptocurrency and NFTs. Allegedly, the hacker acquired the list of email addresses from data initially pilfered from the email service Mailer Lite, which experienced a breach in January.      

Cryptocurrency phishing attacks have become a prevalent method of cybercrime, as reported by blockchain security company Scam Sniffer, with a total of $300 million stolen through such attacks in the previous year alone, which highlights the continuous need for care and vigilance in the cryptocurrency space.

The post Pink Drainer To Shut Down Its Scam Service Infrastructure And Delete All Stored Data appeared first on Metaverse Post.

A customer sued Dolce & Gabbana USA for delaying the delivery of the products, causing him to lose value on the DGFamily NFTs.

Bloomberg reported that the customer also alleged that the digital outfits with the NFTs couldn’t be used for another 11 days after they were released because D&G didn’t get approval on time.

Dolce & Gabbana USA has been sued for messing up the delivery of its non-fungible tokens (NFTs), Bloomberg reported. The customer spent $6,000 to purchase the asset.

The report said Luke Brown lost $5,800 on the NFTs he bought and filed the case in the Southern District of New York on behalf of others who bought digital assets from the NFT project.

The complaint alleged that the company promoted the NFTs, telling customers that buying the DGFamily NFTs would grant them access to various digital rewards, physical products and exclusive events.

However, the delivery of the NFTs was late. The customer alleged that the NFTs came with outfits to wear in the metaverse, but the digital outfits that showed up 20 days behind schedule “could be used only in a metaverse platform with barely any users,” the report said.

The digital outfits couldn’t be used for another 11 days after they were released because, the complaint alleges, Dolce & Gabbana had not got approval from the NFT marketplace UNXD ahead of time.

Dolce & Gabbana and UNXD, also named as a defendant in the case, did not immediately respond to CoinDesk’s request for comment.

Read More: Brands Will Save Crypto? Be Careful What You Wish For

PCO Metaverse, a pioneering project in the virtual gaming and creativity space, is set to […]

According to Foresight News, L1 Blockchain and the Somnia Protocol have announced the launch of a Metaverse browser. This browser allows users to access the Somnia network and explore its consumer applications. Additionally, it provides the capability for users to create and deploy their own applications. The Somnia Metaverse browser is now available for download on PC and Mac, with a mobile version currently under development.

In conjunction with the launch, Somnia has also initiated an incentive program called the 'Somnia Point Dream Hunt'. This program enables users to collect points by interacting with the Metaverse experience.

Over the past few years, the metaverse has been increasingly gaining prominence in the mainstream, with companies like The Sandbox becoming recognizable names even beyond the realm of Web3.

However, after the initial hype died down, onboarding new users remains a challenge for developers in the space who want to keep making digital reality, well, a reality.

In a bid to make the metaverse more accessible and user-friendly, the Layer1 blockchain and metaverse protocol Somnia announced that it is bringing the metaverse straight into users’ web browser.

On May 15, the protocol launched its Metaverse Browser, which was developed with a simplified and intuitive interface to make it more easy for new users to explore Web3 and create custom content. 

Paul Thomas, the founder of Somnia, said that they hope to set the stage for a more “inclusive and accessible metaverse.”

“This platform is not only about simplifying technology but also about empowering individuals to explore and create without limits.”

Thomas told Cointelegraph: 

“[Users] don’t need experience with Web3 wallets or even have a Web3 wallet installed to interact with the browser, all of that is abstracted for the user…This we hope will allow anyone to use it and be part of the metaverse and use Web3.”

He highlighted that the browser also allows users the ability to create and deploy DApps within the Somnia ecosystem.

This includes object creation tools, which will utilize artificial intelligence (AI) based generation tools to allow people to create objects easily even without 3D art experience.

In the future, Thomas said that they are working on deploying a first-party marketplace to enable users to buy and sell their metaverse objects and avatars creating what we call the metaverse object economy.

“Developers will have access to a software development kit that enables them to easily create apps for users to interact with the metaverse,” he said. “These apps could be anything from a profile viewer to a marketplace for the metaverse.”

Related: This 360 treadmill could make Disney’s metaverse a physical playground

Somnia even partnered with the Web3 media company Yuga Labs to offer exclusive rewards to holders of select Yuga Labs nonfungible token (NFT) collections.

These users will get a bonus on any points earned during the Somnia Point Dream Hunt incentive campaign that rewards users for engaging with metaverse experiences.

X said that he hopes such partnerships will “drive initial community engagement” and encourage some of the biggest communities in Web3 to try out having the metaverse in their browser. 

Yuga Labs is known for being a leader in bridging digital and physical reality, coining the term the “Yugaverse." It s the company behind iconic NFT collections such as Bored Ape Yacht Club, Mutant Apes, CryptoPunks and more.

On April 26, Yuga Labs announced the start of a restructuring process following the appointment of Greg Solano as CEO two months earlier.

Although the metaverse has been through a slump, the market is still projected to reach a value of $74.4 billion by the end of 2024, according to data from Statista. Its general path indicates that, even with conservative estimates, it is positioned for upward expansion.

Magazine: Meme coins: Betrayal of crypto’s ideals… or its true purpose?

South Korean telecom provider LG Uplus, a subsidiary of LG, recently introduced a metaverse experience called 'Meta Yonsei' at Yonsei University in Seoul. The virtual campus replicates Yonsei's Sinchon campus, offering landmarks like the auditorium and library, along with digital resources and private meeting spots for faculty and students. Access to certain features is restricted to verified students, while outsiders can explore the campus virtually. Meta Yonsei stands out by focusing on productivity tools like team meetings, video conferencing, and virtual workspaces, preparing students for the modern workplace. The metaverse also facilitates interactions between students and faculty through check-ins and supervised activities. The platform can host up to a thousand users for virtual events in the auditorium, providing a unique experience for attendees to engage with guest speakers and experts. Read more AI-generated news on: https://app.chaingpt.org/news

Metaverse protocol and Layer 1 blockchain Somnia has launched its highly awaited Metaverse Browser. The browser’s design makes web3 onboarding easier, enabling users to start discovering the metaverse and producing customized content.

The Metaverse Browser from Somnia offers access to virtual society and all of its benefits. It creates a simple and intuitive interface so that anybody may connect to the metaverse and take use of all of its options for creation, interaction, and recreation. Access to games and apps inside the metaverse may be initiated using the browser.

Paul Thomas, founder of Somnia, stated:

“With the launch of the Somnia Metaverse Browser, we are setting the stage for a more inclusive and accessible metaverse. This platform is not only about simplifying technology but also about empowering individuals to explore and create without limits.”

The Somnia network may be accessed and its many consumer applications explored using the Metaverse Browser. It has been carefully designed to provide a web3 onboarding experience that is more accommodating and more in line with the interfaces that web2 users are used to.

The browser not only makes using the metaverse smooth, but it also makes it simple for anybody to design and launch applications. Anyone will be able to create their own avatars, characters, virtual storefronts, and complete metaverse landscapes at a faster pace thanks to this.

Alongside The Metaverse Browser, a large incentive initiative called the Somnia Point Dream Hunt is debuting. This program lets users earn points by engaging with metaverse experiences. A new collaboration between Yuga Labs and Somnia will allow holders of certain Yuga Labs NFT collections to get bonuses on any points earned throughout the campaign.

With a mobile version now under development, the Somnia Metaverse Browser may now be downloaded on PC and Mac.

In a significant stride towards mainstream adoption of the Metaverse, Somnia, a leading layer1 blockchain and Metaverse protocol, has unveiled its highly anticipated Metaverse Browser. The browser, a pioneering innovation in the realm of Web3 technology, aims to simplify onboarding processes and democratize access to the Metaverse for users worldwide, fostering an era of limitless exploration and creation.

The Somnia Metaverse Browser serves as a pivotal gateway to the virtual universe, offering users an intuitive and user-friendly interface to seamlessly delve into the vast expanse of the Metaverse. From interactive gaming experiences to immersive applications, the browser provides a one-stop platform for individuals to engage with the Metaverse’s myriad opportunities, be it recreation, social interaction, or content creation.

Paul Thomas, the visionary founder behind Somnia, emphasized the platform’s transformative potential, stating, “With the launch of the Somnia Metaverse Browser, we are setting the stage for a more inclusive and accessible Metaverse. This platform is not only about simplifying technology but also about empowering individuals to explore and create without limits.”

Empowering Mainstream Adoption of Metaverse

Designed with meticulous attention to user experience, the Metaverse Browser prioritizes accessibility, offering a familiar interface reminiscent of Web2 platforms. This strategic approach aims to bridge the gap between conventional internet users and the immersive landscape of Web3, facilitating a seamless transition into the Metaverse.

Moreover, the browser’s innovative features extend beyond passive exploration, enabling users to actively participate in content creation and customization. From designing personalized avatars to crafting virtual storefronts and entire Metaverse environments, the Metaverse Browser empowers individuals to unleash their creativity and leave an indelible mark on the virtual realm.

Accompanying the browser’s launch is the unveiling of the “Somnia Point Dream Hunt,” a groundbreaking incentive campaign designed to incentivize user engagement within the Metaverse. Participants stand to accumulate points through various interactions with Metaverse experiences, with holders of select Yuga Labs NFT collections receiving exclusive bonuses. This strategic collaboration between Yuga Labs and Somnia underscores the platform’s commitment to fostering a vibrant and dynamic Metaverse ecosystem.

The Metaverse Browser is currently available for download on PC and Mac platforms, with a mobile version slated for release in the near future. As Somnia continues to pioneer advancements in Web3 technology, the browser represents a significant milestone in realizing the vision of a unified virtual society, transcending boundaries and connecting users across diverse Metaverse experiences.

Overall, Somnia stands at the forefront of innovation, leveraging its L1 blockchain and omnichain protocols to redefine the landscape of the Metaverse. By enabling seamless traversal across Metaverse experiences and empowering creators to forge new realms of possibility, Somnia is shaping the future of virtual interaction and collaboration on a global scale.

South Korean telecom provider LG Uplus, a subsidiary of LG, recently launched a metaverse experience at Yonsei University in Seoul.

The Yonsei metaverse, aptly dubbed “Meta Yonsei,” features a recreation of the university’s Sinchon campus complete with traversable landmarks such as the school’s auditorium and library, as well as tiered access to digital resources and private meeting places for faculty and students.

Source: LG Uplus, via Chosun Biz.

Unlike many metaverse experiences, Meta Yonsei limits many of its features to verified students. While it appears prospective students and other outsiders can virtually walk around the campus to view its features and landmarks, access to peer meeting tools and certain areas within the metaverse is limited to registered students.

Per an article in Chosun Biz, a local newspaper, the Meta Yonsei experience has been well-received by students at the campus.

Typically, metaverse experiences aimed at specific communities, such as universities, tend to focus on the social aspects. As such, they tend to be aimed at prospective students or business partners. In action, these treatments tend to resemble digital museums rather than action spaces.

However, the Meta Yonsei digital twin was apparently designed with productivity in mind. Tools such as a team meeting function featuring virtual workspaces, video and audio conferencing, and automated annotation and captioning are implemented directly into the experience. This gives students an impetus to participate in the metaverse throughout their academic careers.

This could also help prepare students for the realities of the modern global workplace where productivity tools such as Google Meet and Zoom and cross border collaboration between diverse workforces in real time have become the norm.

Related: The metaverse is coming straight to your web browser: Here’s how

Students and faculty can also interact through structured check-ins and supervised activities. A report from the project’s announcement in 2023 indicates that up to a thousand users can attend virtual events in the metaverse’s auditorium — a digital doppelganger of the university’s real installation — including the ability to watch guest speakers and experts on a virtual stage.

Somnia launches its novel browser, Metaverse Browser.

The browser will offer a better user experience across Web 3 platforms and metaverses.

The platform also launched a rewards campaign to bootstrap adoption. 

Somnia, a Layer 1 blockchain that connects metaverses, announced the launch of its novel browser, Metaverse Browser, to simplify interactions across Web 3 protocols and the Metaverse. The browser aims to emulate Web 2 browsers by offering users a simplified onboarding process to Web 3 while empowering them to explore and interact across metaverses and create innovative and customizable content. 

The Metaverse Browser aims to provide users with a seamless experience across their Web 3 dealings, allowing builders and developers to create and deploy apps across the Web 3 ecosystem easily. Speaking on the launch of this novel technology, Somnia Founder, Paul Thomas, stated the platform will break down limitations that have been plaguing Web 3 development, enabling the creation of innovative and futuristic decentralized applications (DApps). 

“With the launch of the Somnia Metaverse Browser, we are setting the stage for a more inclusive and accessible metaverse,” Thomas said. “This platform is not only about simplifying technology but also about empowering individuals to explore and create without limits.”

The Somnia Metaverse Browser is now available to download for PC and Mac with a mobile version currently under development. 

Expanding the Metaverse with Metaverse Browser

Pioneering Web3 browsers is a crucial step in providing users a gateway to virtual society and the benefits the Web 3 ecosystem has to offer. Metaverse Browser will provide users with a user-friendly, fast and seamless interface that enables anyone to connect to the metaverse and discover its many opportunities for interacting, recreating, and creating. Similar to Web 2 browsers, the state-of-the-art browser will serve as a starting point for new users to access metaverse content – from games, non-fungible tokens (NFTs) and other DApps. 

The browser also provides access to the Somnia network, enabling millions of people to transact and move the logic of all metaverse items on-chain via a faster, cost-optimized chain for the metaverse. The browser will also provide a more user-friendly onboarding experience for users on Somnia, making it as easy as using Web 2 browsers in the decentralized universe. 

Metaverse Browser will also enable developers and builders to easily create and deploy Web 3 apps on-chain, speeding up the creation of innovative and modern solutions across the metaverse. Users can create custom content and allow anyone to construct their own avatars, characters, virtual stores, and entire metaverse environments.

Somnia Set To Reward Early Browser Users

To bootstrap users and drive adoption to its new browser, Somnia announced a large incentive campaign following the launch of the Metaverse Browser – the Somnia Point Dream Hunt. This campaign allows users to collect points when they interact with metaverse experiences on the browser. 

Additionally, holders of Yuga Labs NFT collections will get a bonus on any points earned during the campaign, thanks to a new partnership between Yuga Labs and Somnia.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

 

​​Welcome to the latest edition of Cointelegraph’s Nifty Newsletter. Keep reading to stay up-to-date with the latest stories on nonfungible tokens. Every Wednesday, the Nifty Newsletter will inform and inspire you to dig deeper into the latest NFT trends and insights.

This week’s newsletter looks at the steady rise of the Pudgy Penguins’ nonfungible token (NFT) collection, some of the most talked about moments from Donald Trump’s NFT event, Ghana’s NFT stamps to honor the king, and more.

Pudgy Penguins sold one million plushies in 12 months, says CEO

More than a million Pudgy Penguin toys have been sold over the past 12 months, according to the CEO of the NFT project, Luca Schnetzler.

On May 13, the founder of the popular Pudgy Penguins NFT project revealed that sales have soared as it continues expanding into retailers around the globe. The sales milestone follows the May 12 announcement that Pudgy Toys with Pudgy World were now available in the United States retail giant Target.

Pudgy Penguins is a popular NFT collection created in 2021, featuring 8,888 colorful penguin avatars. The project had a rocky start, with the former founder embroiled in rug pull accusations. However, Schnetzler bought the brand in 2022 for $2.5 million.

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Religious leaders debate going to church in the metaverse

When the first radio and television broadcasts began to trickle into homes around the world, religious programming was among the early mainstays of new media. Now, as the world pivots away from flat, 2D screens and frequency-bound audio broadcasts, religious practitioners from around the globe have begun adopting metaverse, Web3, spatial computing and artificial intelligence technologies as conduits to faith.

However, there are still naysayers who believe there are dangers associated with these technologies, faith leaders who wonder if modern technological trappings are necessary, and billions of traditional religious followers awaiting guidance.

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Three memorable moments from Donald Trump’s “Mugshot” NFT event

Former U.S. President Donald Trump made more than a few memorable quotes as he hosted a gaggle of NFT enthusiasts at his Florida home on Wednesday, May 8.

Besides vowing to keep crypto entrepreneurs in the U.S., Trump also took partial credit for making “NFTs hot again” thanks to his sizeable collection. He even dissed a political rival’s inspired memecoin — inadvertently causing its price to surge. Several clips of his most memorable lines surfaced on X on May 8.

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Ghana’s crypto stamps honor king’s Silver Jubilee

Ghana’s national postal service ensures that its king’s 25th coronation anniversary will be remembered forever, unaltered, on the blockchain.

Ghana Post released a new stamp collection, “Crypto Stamp,” in honor of His Majesty Otumfuo Osei Tutu II. The crypto stamp collection pays homage to the king’s 25-year-long contribution to Ghana’s development and cultural integrity. Signaling this blend of traditional values and new-age technology, the physical crypto stamps are linked to unique NFTs verifiable over the blockchain.

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Thanks for reading this digest of the week’s most notable developments in the NFT space. Come again next Wednesday for more reports and insights into this actively evolving space.