Web 3.0 Woundup – 11/12/22

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This week’s Web 3.0 woundup sees Decentraland allowing you to play landlord, ‘metaverse’ picking up a silver medal, and Starbucks dipping its nozzle into the Web 3.0 space with Odyssey. One mocha frappe latte with extra Web 3.0 to go please!

Decentraland Introduces Land Renting

Decentraland this week launched a new feature that allows virtual landowners to earn passive income by renting out their land. The renting process is powered by the platform’s native token, MANA, which is paid as a lump sum before officially being recognized as a tenant, while landlords cannot receive selling bids until the rental period is over.

Decentraland allows landowners to set how much they need for the plot per day, the period of time they’d like to delegate operation rights, and how long the land is open for renting after which it’s removed from the rental marketplace.

‘Metaverse’ Comes Second in Oxford Word of Year List

‘Metaverse’ this week came second in the 2022 Oxford Word of the Year list, a year after Collins voted ‘NFT’ as 2021’s word of the year. The news is another example of how crypto-related terms are becoming the norm, despite there being any decent applications of the metaverse actually out there.

Nevertheless, the concept has been discussed enough for Oxford Languages to place it second to ‘goblin mode’, which also has crypto connotations.

Starbucks Enters Web 3.0 with Odyssey

Popular coffee chain Starbucks this week dipped its nozzle into the Web 3.0 space by allowing customers to convert their loyalty points to NFTs through its new Odyssey program. The feature is in beta mode and currently open to a select few chosen from both customers and its workforce that were on the waiting list.

The move comes roughly seven months after the coffee chain revealed plans to launch branded digital collectibles as a way to create a digital “Third Place”, and right when the NFT market is down in the doldrums.