Web 3.0 Woundup – 05/02/23

Reading Time: < 1 minute

This week’s Web 3.0 woundup sees Meta sticking to the metaverse path despite another massive loss, Opense unveiling new tools to make creator’s lives easier while Coinbase NFT ditched theirs, and Ordinals NFT causing a stir.

Meta Sticks to Metaverse Vision Despite $13.7 Billion Loss

Meta this week vowed to continue funding its metaverse vision despite the same ambitions leading to a $13.7 billion loss in 2022. According to the company’s CEO Mark Zuckerberg, the virtual world has a promising future making it impractical to abandon the quest in its early days. 

Meta plans to launch another virtual reality (VR) headset this year and surprisingly expects its metaverse push to cost them more losses in 2023.

Opensea Unveils New Features for Creators

Leading NFT marketplace Opensea this week unveiled new features meant to simplify digital artists’ journey and strengthen the bond between the marketplace and NFT artists. Among the features is the ability for creators to conduct phased mints of their new collections, create customized landing pages and access “rich storytelling elements.”

The new features are an addition to the on-chain royalties tool and anti-fraud capabilities that the marketplace unveiled three months ago and come in the same week that Coinbase NFT ditched its own creation tools.

Ordinals on Bitcoin Causes a Stir

The Bitcoin community has this week been heavily divided on the impact of the Ordinals NFT project on the Bitcoin blockchain. Some consider the project as a way to expand Bitcoin (BTC) use cases while others think Satoshi Nakamoto wouldn’t be happy to see a digital collectibles project on a platform originally meant for cash transfers.

Other BTC supporters lament that the NFT project is taking up too much block space, raising fears of a possible increase in transaction fees across the blockchain.