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Tether’s Co-founder Claims that there is Money to be Made in NFTs for the Metaverse

Despite Tether’s success in 2021, one of the co-founders, William Quigley, believes the NFT market has a lot of room to grow.

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Non-fungible tokens (NFTs) available in metaverses, according to William Quigley, co-founder of stablecoin Tether (USDT), will have yearly sales exceeding $10 trillion. In an interview with Bloomberg earlier this week, he discussed NFTs and the metaverse.

When asked about the lush, flowering NFT fields of 2021, Quigley indicated his sights are focused on the non-fungible blockchain technology’s mass-market possibilities:

“What interests me from a consumer product sense is not one NFT selling for $1 million, but a million NFTs selling for $1 each. A brand-new digital collectibles company. That appears to have more legs and, in general, a larger market.”

Quigley has some NFT experience of his own. In addition to Tether, he founded Worldwide Asset eXchange (WAX), a proof-of-stake blockchain focused on non-fungible tokens, as well as other projects.

Tether Founder claims that NFTs can represent a $10 trillion market in the Metaverse

He estimates that annual revenue from the sale of NFTs in metaverses will be worth at least $10 trillion, telling Bloomberg that the market will be “orders of magnitude” larger than the existing marketplace for virtual products in video games:

“Virtual products are now the revenue model in video games, and it’s a $175 billion industry. The metaverse, in my opinion, should be orders of magnitude larger because it encompasses everything, not just gaming.”

Consider the metaverse as a web of intelligibly networked virtual worlds and augmented reality and the Internet of Things upgrades to real-world locations.

Facebook is developing a native metaverse that will be connected with its other products, allowing coworkers in different time zones to attend meetings and sit across from one another in a virtual city.

Apple, on the other hand, is interested in augmented reality. Tim Cook, Apple’s CEO, has worked diligently to promote the technology and its potential, claiming that it is an opportunity worth as much to the firm as the iPhone.

The Metaverse will be brimming with one-of-a-kind digital items

This metaverse of digital capacity spilling into reality and luring us into the virtual area will not be a mundane user interface with regular apps and features.

Instead, users will populate the metaverse with unique programmable currencies powered by the blockchain, according to a recent Reuters story.

Quigley states:

“It’s difficult to comprehend and emphasize the significance of what happens when it happens. I believe that NFTs will be the metaverse’s primary income model.”

Digital property rights, market facilities, and governance will not be enforced and maintained by attorneys in collusion with armed enforcers in the metaverse, as they have been in every other civilization in history.

Instead, consensual involvement in decentralized software protocols intelligently created to serve in the background as a vital utility with the broadest utility for developers to serve metaverse residents would ensure these bulwarks of civilization.

NFT

Could this trademark application indicate that PayPal is developing an NFT market? 

A trademark application for blockchain and cryptocurrency technology has been submitted by PayPal. Some claim that the file has something to do with Web3 and the metaverse, although it may be tied to an NFT marketplace.

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A recent trademark application by PayPal has been found, and it suggests the development of a service pertaining to several facets of blockchain technology. The file, which was made on October 18, makes a notable allusion to the potential introduction of a non-fungible token (NFT) market.

For its logo, PayPal submitted two trademark applications. The first one concerns “downloadable software” for cryptocurrency trading and storage. The second discusses cryptocurrency-related payment processing services.

Although users may currently buy cryptocurrencies on PayPal’s platform, this filing suggests that there may be more to come. The concept of assets is substantially broader in the filing’s terminology. Mike Kondoudis, a trademark lawyer licensed by the USPTO, claimed on Twitter that this filing relates to NFTs and the metaverse.

Although there is no proof to support this, it would not be shocking if it were true. The finance business would be adding its name to a lengthy list of businesses that are starting to make inroads into the Web3 and metaverse spaces.

PayPal is investing more in cryptocurrency.
Over the past two years, PayPal has intensified its focus on cryptocurrencies. First, the company made a huge announcement for the industry by saying that consumers would be able to purchase cryptocurrency on its platform.

However, it didn’t start enabling users to move those funds into wallets outside of the network until recently. It indicated that it would roll out additional crypto-related features in the latter part of last year. One of those additions might be an NFT marketplace.

It teamed up with Coinbase’s TRUST network more recently. This was viewed by many as an endorsement of the sector. The TRUST network upholds consumer security and privacy while adhering to the banking industry’s Travel Rule.

Increased Criticism of Payment Giant
Additionally, PayPal has been in the spotlight for all the incorrect reasons. The business has recently come under fire for a contentious policy that penalized users for disseminating false information. Later, it claimed that false information was released with the amended policy. Crypto aficionados, however, were eager to point to this as evidence of the value of decentralization.

PayPal established a blockchain and cryptocurrency advisory committee earlier this year. According to the company’s management, working with governments is essential to overcoming obstacles and seizing possibilities.

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Seba Bank, a cryptocurrency company, aims to store valuable NFTs

Seba Bank, a cryptocurrency company, has launched its first NFT service, a blue-chip NFT-specific institutional-grade, certified, and independently audited hot and cold storage custody product.

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The launch comes in response to requests from customers to keep their NFTs with the bank alongside other crypto assets, such as the already-approved Bored Ape Yacht Club, Cryptopunk, and Clone X NFTs. The bank stated that new collections would be added based on customer demand.

With its newest offering, Seba Bank seeks to entice investors who view NFTs as an asset class and crypto natives. Not your keys, not your bitcoin is a well-known phrase in the crypto sphere, and adherents of this maxim could object to having their Apes or Punks stored with a third-party custodian.

Urs Bernegger, co-head of markets and investment solutions at Seba Bank, however, highlights a growing group of NFT holders who are more at ease handing up their NFTs and private keys to a company.

They don’t want the key because they aren’t even aware of how to handle and store it. He claimed that they’re more concerned with damaging the key than giving it to a bank.

It’s a significant issue. Between 2.3 million and 3.7 million bitcoins, according to Chainalysis, are trapped in inaccessible wallets. Numerous accounts of people have lost millions owing to losing private keys, including Russian officials, students, and engineers. Families have also been prevented from accessing substantial quantities of money following sudden deaths in which wallet owners had not disclosed their private keys.

Bernegger asserts institutional custody can be advantageous for native crypto users as well. There has been an increase in businesses providing services that employ NFTs as collateral for conventional banking services like loans.

Seba Bank is thinking about implementing these features in the future. Based in the crypto-friendly Swiss town of Zug, the four-year-old bank already backs several investing, credit, lending, and staking options for cryptocurrencies and might extend them to NFTs.

“Instead of traveling to the market, for instance, we could create a club for collectors and assist them in finding other collectors. There are a few things we have in mind, but we laid the groundwork by storing NFTs securely at first, “explained he.

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The NFT album maker for Kings of Leon now includes a metaverse music venue

YellowHeart, a Web3 ticketing startup, is opening a metaverse music venue in an effort to transform how performers, teams, and event organizers distribute tickets and interact with fans.

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The facility, constructed on Spatial, will feature Grammy-nominated blues musician G.Love as its opening act later this year. Fans can communicate with one another, participate in meet-and-greets before and after performances, and use several screens to view what is happening in various areas of the stadium simultaneously.

They will soon be able to order meals and drinks before the event, which will also be available as digital things.

The idea of an online concert has so far primarily been popularized by big gaming companies. The most well-liked virtual competitions have occurred on sites like Fortnite and Roblox. Ariana Grande’s Fortnite concert in August 2021 received 78 million viewers. Next month, Decentraland will host its second Metaverse Music Festival. Over 100 musicians are on the lineup, including well-known performers like Ozzy Osbourne and Soulja Boy.

In addition to throwing an event, YellowHeart, which assisted Kings of Leon in releasing an NFT version of their most recent album, stated that it hoped to accomplish more. It was established in 2017 with the lofty goal of revolutionizing the music ticketing sector as a whole, which has historically been dominated by powerful reselling organizations and exclusive ticketing relationships. These alliances frequently impose limitations on what purchasers can and cannot do with their tickets. Trying to resell a ticket for a concert you can’t go to might be a headache.

YellowHeart believes these issues can be resolved by returning control to artists and fans via web3 technology. Additionally, it may provide advantages that cannot be programmed into conventional tickets.

“These range from complete albums to personalized vinyl records, exclusive merchandise, and immersive visual art. Web3 tickets also allow performers to update fans on new tour dates, music releases, giveaway possibilities, and much more, according to the business.

It has already collaborated with well-known figures, including Julian Lennon, Maroon 5, and MGM Resorts. Contrary to the non-NFT versions offered on Spotify, iTunes, and other platforms, those obtained through YellowHeart entailed particular customer benefits.

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