Autor Cointelegraph By Tom Mitchelhill

Metaverse could be worth $5 trillion by 2030: McKinsey report

Metaverse could be worth $5 trillion by 2030: McKinsey report

Uverejnil používateľ | jún 16, 2022 |

Global spending in the metaverse could reach $5 trillion by 2030, according to a new report from international consulting firm McKinsey & Company. Published yesterday, the 77-page report titled “Value Creation in the Metaverse” analyzed current adoption trends and drew additional insight from two global surveys; one gathered data from 3,104 consumers across 11 countries, while the other polled a range of executives from 448 companies across 15 industries in 10 different countries. McKinsey used this data to predict that the future of consumer behavior in the metaverse will most likely be divided into five primary activities: gaming, socializing, fitness, commerce and remote learning. McKinsey found that nearly 60% of all consumers surveyed prefer at least one activity in the virtual world compared to its physical alternative, and 79% of consumers that are currently active in the metaverse have already made a purchase.E-commerce will be the primary cash cow in the metaverse, with McKinsey predicting it to make up anywhere from $2 trillion to $2.6 trillion of all spending by 2030. Virtual advertising will be another major sector, with associated revenue expected to make up another $144 billion to $206 billion.Flying in the face of the current pessimism in the conventional crypto market, the report highlights that in the first five months of this year, more than $120 billion has already been invested into metaverse-related technology and infrastructure — more than double the total $57 billion invested in metaverse tech throughout the entirety of 2021. In an associated blog post, the lead authors of the report and McKinsey senior partners, Lareina Yee and Eric Hazan, gave additional comments on their research.“What’s exciting is that the metaverse, like the internet, is the next platform on which we can work, live, connect, and collaborate.”Speaking about the response from executives, Yee added, “Executives often don’t agree on very much, but our research shows they overwhelmingly agree on one thing: 95% of them believe the metaverse will have a positive impact on their industry.”The report added that 25% of all executives said they expect the metaverse to drive 15% of their organization’s total margin growth in five years and nearly a third of them believe that the metaverse can bring significant change in how their industry operates. Despite the overall enthusiasm, there was still a healthy dose of skepticism, with 31% of all executives remaining somewhat uncertain about the return on investment of metaverse experiences. Related: 71% of high net worth individuals have invested in digital assets: SurveyWhile brands should be excited about the opportunities awaiting them in the metaverse, they should also be ready to face challenges head on and do some serious planning, said Hazan. “There are urgent challenges that need to be considered. For one, there’s going to be a need to reskill part of the workforce to take advantage of, rather than compete with, the metaverse. Stakeholders will need to build a roadmap to make sure the metaverse experience is ethical, safe and inclusive.”Yee wrapped up her commentary by re-emphasizing that the metaverse is still very much a dynamic and evolving space. She said that individual creators and big brands alike need to embrace a long-term mindset if they want to be successful in the future of the metaverse.

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Yahoo launching Metaverse events for Hong Kong residents under restrictions

Yahoo launching Metaverse events for Hong Kong residents under restrictions

Uverejnil používateľ | jún 16, 2022 |

Yahoo has announced a series of Metaverse and NFT-related activities in Hong Kong, a day after Meta Platforms outlined its own metaverse plans for the region.Yahoo, a US-based internet media company, revealed that it will host a series of virtual events and concerts for Hong Kong residents in the Decentraland metaverse. According to Lorraine Cheung, the head of audience at Yahoo Hong Kong, the company sees the Metaverse as an attractive alternative for Hong Kong residents looking to engage in social activities while pandemic restrictions remain in force. On Thursday last week, a nation-wide mandate was introduced requiring that a negative Covid test be provided to enter all public venues such bars and restaurants. “We hope to use the Metaverse to connect people regardless of time and physical location.”Yahoo will also launch a non-fungible token (NFT) exhibition called The Abyss of Kwun Tong, which will see local artists virtually recreate the historic neighborhood of Kwun Tong which has been heavily impacted by redevelopment. Creative Producer Leung Ching-hsuan said that the goal of the NFT exhibition was to “retain humanity using technology.”On Tuesday, the social-media giant Meta put forward a strategy to work alongside local businesses and organizations such as cafes, schools and art galleries to create ‘“first-hand” Metaverse experiences for residents. Major companies are increasingly embracing the Metaverse with international consulting firm McKinsey releasing a report this week predicting that Metaverse-related spending could be worth nearly $5 trillion by 2030. Earlier this year, JPMorgan, the largest bank in the United States, made headlines by releasing a report that called Metaverse technology a “one trillion-dollar opportunity”, alongside opening their own virtual headquarters in the Decentraland metaverse. Related: 71% of high net worth individuals have invested in digital assets: SurveyDecentraland’s MANA token has rallied today, gaining a little over 14% in the last 24 hours according to data from CoinMarketCap.

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Bitcoin's real energy use questioned as Ethereum founder criticizes BTC

Bitcoin's real energy use questioned as Ethereum founder criticizes BTC

Uverejnil používateľ | jún 10, 2022 |

The ever-raging debate around Bitcoin’s energy consumption has been re-ignited, with founding member of Ethereum Anthony Donofrio claiming that Bitcoin is using “way too much” energy. According to figures from Digiconomist, Bitcoin (BTC) currently uses 0.82% of the world’s power while Ethereum (ETH) uses 0.34%. Ethereum researcher Justin Drake posted the figures to his 56,000 followers that Donofrio retweeted, stating:If bitcoin is really using nearly 1% of the energy on earth that is way too much for a pet rock. https://t.co/CDL32jk5FF— Texture, PhD (@iamtexture) June 9, 2022Ethereum proponents are attempting to take shots at Bitcoin while simultaneously promoting Ethereum’s upcoming transition to proof-of-stake, Drake added another tweet moments later that read: “Ethereum post-merge: 0.000% of world.”However the validity of the figures are in doubt.Even Drake was forced to acknowledge alternative sources of data in a later tweet which estimated energy consumption figures at nearly 60% lower. Data sourced from Digiconomist, which markets itself as a platform that “exposes the unintended consequences of digital trends,” has drawn criticism from blockchain industry professionals in the past. The most notable of which is fellow Ethereum developer Josh Stark who called out the publication for frequently presenting the worst-case scenario when it comes to blockchain technology.In November last year, Stark published a Twitter thread that questioned the accuracy of Digiconimist’s research methodology. Stark pointed out that almost all of the figures concerning blockchain power consumption were at the “very high end” of any theoretical outcome, especially when compared to more rigorous sources like the University of Cambridge. Where Digiconomist claims that Bitcoin currently consumes 204 terawatt hours (TWh) worth of electricity per year, the University of Cambridge’s Bitcoin Electricity Consumption Index estimates that Bitcoin’s real consumption is much closer to 125 TWh, a 39% difference.Related: Are we misguided about Bitcoin mining’s environmental impacts? Slush Pool CMO Kristian Csepcsar explains.While it may be a well-known fact that Bitcoin’s proof-of-work consensus mechanism is an energy-consuming process, the discussion around just how much power the Bitcoin network actually uses remains a hot-button issue. According to a report from Cointelegraph, putting a specific number on Bitcoin’s actual power consumption can be quite difficult because of the variation in energy sources that power Bitcoin mining globally.As of January this year nearly 60% of global mining operations were reportedly powered by renewable energy sources, and Bitcoin mining operators are rushing to utilize “stranded” natural gas resources that would normally be burned off. Additionally, a report published by CoinShares in January this year found that Bitcoin mining may account for just 0.08% of the world’s total CO2 emissions in 2021.Sam Tabar, chief security officer of Bit Digital, a publicly-traded Bitcoin mining company, told Cointelegraph that the environmental impact of Bitcoin is frequently exaggerated by critics:“The environmental impact of Bitcoin mining is massively exaggerated by critics & traditional financial authorities (IMF, etc.) because they know they can divide a new counterculture movement by using fake environmental arguments. They are trying to gaslight us against each other. They gaslight the world with fake green arguments, and I understand why: They don’t want to lose influence over the levers of power of a system that only works for the elite.”

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Attackers loot $5M from Osmosis in LP exploit, $2M returned soon after

Attackers loot $5M from Osmosis in LP exploit, $2M returned soon after

Uverejnil používateľ | jún 9, 2022 |

Osmosis, a decentralized exchange (DEX) built on the Cosmos network, was halted just before 3:00 am EST on Wednesday after attackers exploited a liquidity provider (LP) bug to the tune of roughly $5 million.The bug was first identified in a Reddit post on the official Cosmos Network page. The user, Straight-Hat3855, brought attention to a “serious problem” with Osmosis (OSMO) that allowed users to arbitrarily grow LPs by 50% simply by adding and removing liquidity. The Reddit post was quickly removed, but not before malicious actors took advantage of the bug, which saw approximately $5 million removed from liquidity pools on the Osmosis exchange.Following the exploit and the identification of the LP bug, the Osmosis exchange was halted at a block height of 4,713,064, according to an announcement from Osmosis block explorer Mintscan.Explaining how the bug worked in a series of posts in the Osmosis Discord was project moderator RoboMcGobo, who detailed how the flaw allowed attackers to add liquidity to any Osmosis LP and then immediately withdraw it for a 150% return on their initial deposit: “Essentially, the function would give 50% too many LP shares for a join,” RoboMcGobo wrote just after 4:00 pm on Wednesday, adding: “If one should have gotten 10 LP shares, 15 would be achieved out.”RoboMcGobo explained that the bug was “exploited intentionally by a small number of users” and “seemingly unintentionally by a few others.” According to a Twitter thread from Osmosis, four attackers were responsible for 95% of the total exploit amount, with two of the attackers voluntarily stepping forward to return stolen funds.Update:- 4 individuals have been identified that account for 95%+ of realized exploit amount.- 2 out of the 4 individuals has proactively expressed intent to return the exploited amount in full.— Osmosis (@osmosiszone) June 8, 2022Roughly one hour following Osmosis’ tweet concerning the attack, FireStake, a validator in the Cosmos ecosystem, posted a Twitter thread admitting that “a temporary lapse in good judgment” saw two members of its team exploit the bug to the extent of roughly $2 million. Firestake told their 1,700 Twitter followers that they were “thinking about [their] family’s future” when they continued to exploit the bug. However, after admitting to “stressing through the night” about the event, they decided to voluntarily return the funds and “set things straight.”Dear @osmosiszone community, many of you know about the Osmosis LP bug that occurred yesterday. In disbelief of it being real, two members of @fire_stake started testing to see if the bug existed, testing grew into a temporary lapse in good judgment, and…— FireStake | Validator (@stake_fire) June 8, 2022

According to a post from Osmosis co-founder Sunny Aggarwal, the other two hackers responsible for the theft made a series of transactions to centralized exchanges, which Aggarwal believes will make it easier to track them down. RoboMcGobo echoed Aggarwal’s words in the project’s Discord, “Funds have been linked to CEX accounts. Law enforcement has been notified… we’re hopeful that the exploiters will do the right thing here so that aggressive action will not be necessary.”

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Netscape creator says Web3 really is like the rise of the early internet

Netscape creator says Web3 really is like the rise of the early internet

Uverejnil používateľ | jún 2, 2022 |

Billionaire tech entrepreneur turned venture capitalist, Marc Andreessen says that Web3 and its underlying blockchain technology reminds him of the rise of the early internet. Andreessen, better known today as the co-founder of the blockchain-focused venture capital firm Andreessen Horowitz (a16z), originally found success by developing the first widely used web browser called Mosaic, and then founded Netscape Navigator which dominated the browser market throughout much of the 1990s. Appearing on the Bankless podcast alongside investment partner and colleague Chris Dixon, Andreessen said that increasing adoption and a flurry of development in Web3 appears remarkably similar to the rush of activity that marked his early years in tech.Andreessen stressed that he would not make this sort of sweeping comparison idly and that it was the first time he’d ever made such a claim.“This is the only time I’ve ever said this [Web3] is like the internet. If you go back through all my historical statements, one could imagine that with my experience I could have said this like 48 times. I’ve never made the comparison before.”“I’ve never said it about any other kind of technology, because I just wanted people to know like I don’t take the comparison lightly.”While the parallels between the adoption path of blockchain-tech and the early internet have often been made by crypto-enthusiasts (to the chagrin of crypto critics), Andreessen’s front line experience lends him unique authority to make such statements. He added that the current Web3 landscape is attracting the world’s smartest people.“The easiest way to think about it is, when you get something like this that has a movement, that has this sort of collective effect and has a movement behind it, and is attracting many of the world’s smartest people to work on it, basically the criticisms play out differently than the critics think.”Pushing back against the “long list” of criticisms leveled at crypto and digital assets, Andreessen said that Web3 entrepreneurs see these “problems” as opportunities. “The critics make this long list of all of the problems, but you’re getting these genius engineers and entrepreneurs [who] flood into the space. What happens is, they look at that list of problems as a list of opportunities”“It’d be like if you had a house project [that] was going sideways and you get all these complaints, and then all of the world’s best architects and master builders showed up the next day to fix your house,” he said. “All of a sudden you’ve got the best house in the world. This can actually happen.”Andreessen said that Web3 is the “missing” link for the internet, bringing trust, sovereignty and financial utility to the ecosystem. “We were…missing trust, authority, permission. We were missing the ability to transact with people for trusted relationships, transact, send money, store money, and then have all the other economic arrangements that the world wants to have [such as] loans and contracts and insurance and all these all these other things.”Previously known for its early investments in Instagram and Slack, a16z first entered the crypto industry with an investment in Coinbase in 2013 and has since backed major cryptocurrency-related businesses, including Polychain Capital, OpenSea, Solana (SOL), Avalanche (AVAX) and Yuga Labs.A week ago it announced the launch of its fourth cryptocurrency fund at $4.5 billion, bringing the total amount of capital invested by Andreessen Horowitz into crypto businesses to just over $7.6 billion.According to a letter penned by Managing Partner Chris Dixon, a16z launched the latest fund to capitalize on what Dixon calls the “golden era” of Web3 development. Related: Binance Labs’ $500M fund to catalyze crypto, Web3, blockchain adoptionAndressen concluded the podcast with a succinct explanation for why a16z is tipping so much money into the industry.“We could actually imagine the entire global economy running on the blockchain like 30 or 50 years from now.”

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