Decentraland.

Spatial digital art exhibitions to level up metaverse experiences

Art curators are “unframing” contemporary art to create interactive experiences for metaverse goers that more closely emulate IRL experiences.

In Decentraland’s third annual Metaverse Art Week held on Aug. 24–28, curators turned to new ways to utilize digital space to bring more interactive and true-to-life experiences of art. 

The metaverse world modeled its latest virtual festival after the real-life Biennale art event, which utilizes public space to display art. Visitors to the in-real-life (IRL) festival can walk around spacious pavilions and working parts of the city to engage with artists and brands outside of traditional gallery walls.

Giovanna Graziosi Casimiro, the events and community producer for Decentraland, commented to Cointelegraph on this year’s design concept.

“The core value of this year’s art week is to unframe the art in spatial experiences. For that, what we did is to repurpose public space in Decentraland.”

In the digital world, art galleries and exhibitions aren’t new. Digital nonfungible token (NFT) art galleries have been implemented by companies like Spatial, and traditional art houses like Sotheby’s are active in hosting NFT art events. 

Sculpture exhibition from visual artist Nick Knight in Art Plaza in Decentraland Metaverse Art Week Source: Decentraland 

In Decentraland alone, there are six major art galleries hosted by big-name NFT marketplaces such as Rarible, SuperRare and KnownOrigin.

What makes this event different is the way in which visitors interact with the art. Decentraland expects sizable engagement based on metrics from past events such as Metaverse Fashion Week, which saw 108,000 unique visitors, according to the foundation. 

The quality of metaverse events and avatars is a major discussion in the industry after feedback regarding quality in events like Metaverse Fashion Week. Mark Zuckerberg of Meta was recently met with criticism over the quality of avatars available in its new digital experiences. 

Casimiro said this is a top priority for the Decentraland team in developing these events:

“Our team really worked hard in bringing new mechanics to Decentraland so that a lot of those art installations have an unedited interaction.”

This can be seen in action through Opensea’s infinite gallery, where users can stand in an interactive hall of endless moving art. According to the team, the employment of such a mechanic in its metaverse is a first and the community will be able to use it in the repository.

As engaging as digital art design can be, for new users, accessibility is still an issue. Across the industry experts highlight education as a key factor to break down barriers to entry. 

Casimiro told Cointelegraph that creating accessibility and educational components to digital events is critical to keep users engaged. 

“In the long term we need to always come out of the metaverse with actual knowledge. I am a big believer that we need to use the metaverse as an instrument of communicating knowledge and making it accessible to people.”

Interactive art galleries, poetry readings and digital performances are the next frontier in metaverse engagement. In July, metaverse infrastructure company Condense released new technology to live stream IRL events into the digital world. 

Nifty News: NFL All Day opens to the public, Boss Beauties go to Hollywood and more

Oscar-winning actor Anthony Hopkins is jumping on the NFT train, while lovers of fine art are set to enjoy a fancy exhibition event in Decentraland next week.

NFL fans at large will now be able to get their hands on digital keepsakes of their favorite football stars after Dapper Labs’ NFL All Day nonfungible tokens (NFTs) finally opened to the public after a seven-month-long closed beta.

On Wednesday, The National Football League (NFL), the NFL Players Association (NFLPA), and Dapper officially launched the project and announced the first public NFT drop, a pack of four NFTs dubbed Headliner consisting of four different new player moments.

Users will have the chance to get their hands on NFTs depicting popular players such as Tom Brady, Trevor Lawrence, Javonte Williams, and Jalen Ramsey. There will be a total of 22,500 packs on sale for $59 a pop.

The NFTs come in different rarity tiers of common, rare and legendary, with just 187 packs containing a highly sought-after legendary NFT.

Much like Dapper’s first officially licensed NBA Top Shot project, NFL All Day offers tokenized player and team collectibles depicting various in-game video highlights known as “moments.” There are also GameFi elements added to the experience via avenues such as collector challenges to earn rewards in NFTs, game tickets, VIP experiences, jerseys and others.

The project has been in closed beta since February and has generated more than $37 million worth of sales to date according to data from CryptoSlam.

“Last year’s soft launch brought in a surge of early adopters who began collecting video highlight NFTs of NFL plays and we plan to grow the number of users significantly with the official launch of the platform,” noted Joe Ruggiero, the senior vice president of consumer products at the NFL.

NFT start up pens Hollywood deal

NFT start-up Boss Beauties has penned a representation deal with major Hollywood talent agency WME.

As part of the deal, WME will represent the company across the entertainment sector as it works to secure Boss Beauties intellectual licensing (IP) deals in film, Web3, gaming, events and brand partnerships.

The Boss Beauties project consists of 10,000 unique tokenized digital art portraits depicting female avatars with various career choices such as CEOs, pilots, doctors and astronauts. The collection reportedly sold out in 90 mins after launch in September.

The project has generated more than $48.3 million worth of sales to date, with a portion of the proceeds from primary and secondary sales going toward empowering women via mentorships and scholarships.

CryptoPunks creators Larva Labs signed a similar deal with competing agency UTA back in September.

Metaverse Art Week 2022

Decentraland, one of the biggest Metaverse platforms in the blockchain sector, is set to host the third-annual Metaverse Art Week event in its virtual world between Aug. 24 and Aug. 28.

The event will see a wide array of curated NFT art being featured from big names such as Sotheby’s, OpenSea and Artnet, while there will also scheduled panel discussions, a virtual outdoor sculpture garden and a 3D interactive art wall.

“The third annual Metaverse Art Week will explore how the human spirit is hardwired to elicit an emotional response when presented with art inspired by mathematical designs present in nature, and how metaverse technology is pushing the boundaries of programmatic art and redefining what an immersive experience is,” the Decentraland team wrote in an announcement shared with Cointelegraph.

Related: Celebrities called out for shilling NFTs: Nifty Newsletter, Aug 10–16

From Golden Globes to NFTs: Sir Anthony Hopkins

Renowned 84-year-old actor Sir Anthony Hopkins has jumped aboard the NFT gravy train by announcing The Eternal Collection, a set of 10 digitally animated NFT pieces depicting Hopkins as various Jungian psychological archetypes.

The various 1-of-1 NFT artwork pieces feature realistic digital renderings of Hopkins’ face as the Hero, the Rebel, the Magician, the Sage, the Ruler, the Explorer, the Lover, the Creator, the Giver, and the Jester. The auctions are set to go live on OpenSea on September 16. The face of each art piece will also be used to create 100 profile picture NFTs for each of the 10 pieces, equating to 1,010 NFTs in total. The project is in collaboration with Web3 media company Orange Comet.

The Eternal Anthony Hopkins: Orange Comet

Other Nifty News:

The Australian Football League (AFL)’s first limited edition drop of NFTs sold out in just under 12 hours on Wednesday. The project is called AFL Mint and follows a similar format to NBA Top Shot and NFL All Day. The first Ripper Skipper 2022 drop consisted of 3,800 packs which generated more than $130,000 in revenue for AFL Mint.

Solana-based wallet provider Phantom launched a new burn feature on Thursday, which enables users to remove spam NFTs sent by scammers.

Metaverse housing bubble bursting? Virtual land prices crash 85% amid waning interest

The virtual real estate market is crashing despite a McKinsey report predicting a $5 trillion market by 2030.

The metaverse sector is witnessing its very-own housing crisis moment, thanks to massive declines in the prices of its virtual lands in 2022, led by waning users’ interest and a crypto bear market.

Land sales plunge 85% in 2022

In particular, metaverse projects built on the Ethereum blockchain, including the Sandbox and Decentraland, have witnessed substantial declines in their valuations and other key metrics, data from WeMeta shows.

For instance, the average price of lands sold across Decentraland peaked at $37,238 in February 2022. But as of Aug. 1, their costs had dropped to an average of $5,163. Similarly, the Sandbox’s average sale price dropped from circa $35,500 in January to around $2,800 in August.

Average sale price of virtual lands on Ethereum metaverse projects. Source: WeMeta

Overall, the average price per parcel of virtual lands across the six major Ethereum metaverse projects dropped from approximately $17,000 in January to around $2,500 in August, or a 85% decline. 

Declining metaverse volumes

Poor land sale volumes further indicate dampening user interest in Metaverse projects.

On a weekly average, the volume, which represents the amount of lands (derived in currency) traded, has dropped from its peak of $1 billion in November 2021 to approximately $157 million in August 2022.

Metaverse land sale volumes. Source: WeMeta

Simultaneously, the market valuations of the Metaverse tokens in circulation have dipped by more than 80%, led further by a broader retreat across the cryptocurrency sector due to unfavorable macroeconomic conditions.

For instance, the market valuation of Decentraland’s MANA tokens in circulation dropped from $10 billion in November 2021 to $2 billion in August 2022. Similarly, Sandbox’s SAND‘s net capitalization reached $8.4 billion to around $1.78 billion in the same period.

Metaverse ETF also takes ahit

Meanwhile, the Roundhill Ball Metaverse exchange-traded fund (METV) is tanking alongside blockchain-focused metaverse projects. The ETF gives investors exposure to companies that have been employing the Metaverse in their growth strategy,

On the daily chart, METV has dipped by nearly 45% from its record high of $17.11 in November 2021, with the companies iits stock portfolio, including Meta (formerly known as Facebook) and Snap, reporting substantial second-quarter losses.

METV daily price chart. Source: TradingView

Nonetheless, corporations, venture capital funds and private equity investors pour over $120 billion into the Metaverse sector between January and May 2022, more than double the $57 billion invested in all of 2021, according to a recent McKinsey report.

Related: Facebook’s metaverse will ‘misfire,’ says Vitalik Buterin

Despite the decline in the metaverse market, however, McKinsey believes the space can become a $5 trillion sector by 2030, noting that e-commerce will likely realize a market impact of between $2 trillion and $2.6 trillion alone, followed by the academic virtual learning sector, which could have an impact of $180 billion to $270 billion.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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

A new report from global consulting firm McKinsey found that the Metaverse could be worth $5 trillion by 2030.

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 etaverse have already made a purchase.

E-commerce will be the primary cash cow in the Metaverse, with McKinsey predicting it would 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 etaverse 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: Survey

While 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.

Yahoo launching Metaverse events for Hong Kong residents under restrictions

Yahoo has announced its intention to launch a series of Metaverse projects in Hong Kong, apparently creating a brief rally for Decentraland’s native token, MANA.

Yahoo has announced a series of Metaverse and nonfungible token- (NFT)-related activities in Hong Kong, a day after Meta Platforms outlined its own metaverse plans for the region.

Yahoo, a United States-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, head of audience of 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 June 9, a nationwide mandate was introduced requiring that a negative COVID-19 test be provided to enter all public venues such as bars and restaurants:

“We hope to use the Metaverse to connect people regardless of time and physical location.”

Yahoo will also launch an 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: Survey

Decentraland (MANA) token has rallied today, gaining a little over 14% in the last 24 hours, according to data from CoinMarketCap.

Top 5 cryptocurrencies to watch this week: BTC, ADA, XLM, XMR, MANA

BTC appears to be in the early stage of a recovery this week, and ADA, XLM, XMR and MANA could follow.

The bears are trying to extend Bitcoin’s (BTC) record of nine consecutive red weekly candles to ten weeks, but the bulls are trying to avert this negative occurrence. Although sentiment remains negative, Arthur Hayes, former CEO of derivatives giant BitMEX, anticipates Bitcoin to bottom out in the range of $25,000 to $27,000.

On-chain data from Glassnode shows that smart money may have started accumulating Bitcoin. The net outflows from major cryptocurrency exchanges reached 23,286 Bitcoin on June 3, the highest since May 14.

Crypto market data daily view. Source: Coin360

Another positive sign of accumulation is that investment into Bitcoin exchange-traded products (ETPs) was strong in May and has only risen further in the first two days of June, according to an Arcane Research report. The ETPs hold 205,000 Bitcoin under management, which is a new record.

Could Bitcoin turn up and start a recovery? If that happens, could select altcoins follow the leader? Let’s study the charts of the top-5 cryptocurrencies that may lead the relief rally.

BTC/USDT

Bitcoin plunged below the 20-day exponential moving average ($30,459) on June 1. The bulls attempted to push the price back above the 20-day EMA on June 2 and June 3 but the bears did not relent.

BTC/USDT daily chart. Source: TradingView

The bears will try to pull the price below the strong support at $28,630. If they manage to do that, the BTC/USDT pair could drop to the vital support at $26,700. The buyers are expected to defend this support zone with all their might because if they fail to do that, the downtrend may resume.

On the upside, the bulls will have to push and sustain the price above $32,659 to suggest that a new uptrend could be starting. The bullish momentum could pick up on a break and close above the 50-day simple moving average ($33,778). The pair could then rally to the pattern target of $36,688 and thereafter to $40,000.

BTC/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows that the price action is getting squeezed. Although bulls pushed the price above the 20-EMA, they are facing stiff resistance at the 50-SMA. This suggests that bears are active at higher levels.

A minor positive in favor of the bulls is that they have not allowed the price to break below the support at $29,282.

If the price rises from the current level and breaks above the downtrend line, the bulls will attempt to push the pair to the 200-SMA. Conversely, if the price breaks below $29,282, the next stop could be $28,630.

ADA/USDT

Cardano (ADA) broke above the downtrend line on May 31 but the bulls could not sustain the higher levels as seen from the long wick on the day’s candlestick.

ADA/USDT daily chart. Source: TradingView

Although the bears have successfully defended the downtrend line, a minor positive is that the bulls have held the ADA/USDT pair above the 20-day EMA ($0.56). This increases the possibility of a break above the downtrend line.

If that happens, the pair could rally to the 50-day SMA ($0.67) where the bears may again pose a strong challenge. A break and close above this level will suggest a potential change in trend. The pair could then rally to the breakdown level of $0.74.

Contrary to this assumption, if the price turns down and plummets below $0.53, the bears will try to pull the pair to $0.50 and later to $0.44.

ADA/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows that the price has been squeezed between the 200-SMA and the 50-SMA but this tight range trading is unlikely to continue for long. If bulls propel the price above the 200-SMA, the pair could attempt a rally to $0.64. A break and close above this level could open the doors for a possible rally to $0.69.

Conversely, if the price turns down and breaks below $0.53, the selling could pick up momentum. The pair may then decline to $0.50 and later to $0.47.

XLM/USDT

Stellar (XLM) rallied above the 20-day EMA ($0.14) on May 30, which was the first indication that the selling pressure may be reducing. The bears stalled the up-move near the 50-day SMA ($0.15) but they haven’t been able to sink and sustain the price below the 20-day EMA.

XLM/USDT daily chart. Source: TradingView

This suggests that the bulls are buying the dips to the 20-day EMA. If bulls drive the price above the 50-day SMA, it will suggest the start of a sustained recovery. The XLM/USDT pair could then attempt a rally to $0.18 and later to the 200-day SMA ($0.21).

This positive view will invalidate in the short term if the price turns down and breaks below $0.13. Such a move will suggest that demand dries up at higher levels. That could pull the pair down to $0.12. If this support also gives way, the bears will try to resume the downtrend by sinking the pair below the psychological level of $0.10.

XLM/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows the price is trading inside a symmetrical triangle. If bulls push the price above the resistance line of the triangle, the pair could rally to $0.15 and thereafter attempt a rally to the pattern target of $0.17.

Alternatively, if the price turns down from the current level, the bears will try to sink the pair below the support line of the triangle. If they do that, the selling could intensify and the pair may slide to the strong support at $0.13.

Related: 3 reasons Ethereum price risks 25% downside in June

XMR/USDT

Monero’s (XMR) failure to rise above the 50-day SMA ($202) may have tempted short-term traders to book profits. That has pulled the price down to the 20-day EMA ($189).

XMR/USDT daily chart. Source: TradingView

The bulls are attempting to defend the 20-day EMA but the lack of a strong bounce off it suggests weak demand. If the price sustains below the 20-day EMA, the next stop could be the uptrend line. A break and close below this support could pull the price down to $167.

On the contrary, if the price rebounds off the current level, the buyers will attempt to overcome the resistance zone between the 50-day SMA and $210. If they manage to do that, the XMR/USDT pair could extend its rally to $230.

XMR/USDT 4-hour chart. Source: TradingView

The pair has been declining inside a descending channel, suggesting a minor advantage to sellers. If bears sink the price below the channel, the negative momentum may pick up and the pair could slide to $167.

Alternatively, if the price rebounds off the support line, the buyers will try to propel the pair above the channel. If they manage to do that, the pair could again attempt a break above the overhead resistance at $210.

MANA/USDT

Decentraland (MANA) has failed to break above the 20-day EMA ($1.06) for the past several days but a minor positive is that the bulls have not given up much ground. This suggests that the bulls are buying on dips as they anticipate a move higher.

MANA/USDT daily chart. Source: TradingView

If bulls propel the price above the 20-day EMA, it will suggest that the bears are losing their grip. The MANA/USDT pair could then rise to the overhead resistance at $1.36. This is an important level to keep an eye on because a break and close above it could signal that a bottom may be in place. The pair could then rally to $1.68.

Conversely, if the price turns down and breaks below $0.90, it will suggest that the bears are in no mood to surrender their advantage. The pair could then retest the crucial support at $0.60. The bears will have to pull the price below this support to indicate the resumption of the downtrend.

MANA/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows that the pair has been trading inside a tight range between $0.94 and $1.04. The gradually downsloping 20-EMA and the RSI in the negative territory suggest a slight advantage to sellers. If bears pull the price below $0.94, the pair could drop to $0.90.

On the contrary, if bulls push the price above $1.04, it will suggest that demand exceeds supply. That could open the doors for a possible rally to the stiff overhead resistance at $1.15.

If the price turns down from this level, the pair may oscillate between $0.90 and $1.15 for some more time. A break and close above $1.15 could suggest that buyers have the upper hand.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Pride in the Metaverse: Blockchain tech creates new opportunities for LGBTQ+ people

The Metaverse and NFTs are allowing people across the world to celebrate Pride Month in various ways.

A number of social gatherings have started to take place in the Metaverse as companies across the globe begin to understand the value that virtual interactive environments can have for consumers. It shouldn’t come as a surprise then that Pride Month — a month-long celebration held in June to commemorate the 1969 Stonewall Riots — will be celebrated in various metaverse environments this year. 

Pride in the Metaverse creates open access

Akbar Hamid, co-founder of People of Crypto Lab (POC) — an innovation hub dedicated to increasing diversity and representation in Web3 — told Cointelegraph that the Metaverse is an incredible way to allow people around the world to partake in events they may not be allowed to participate in otherwise. “We want Pride Month 2022 to be an event anyone can join, even in countries where people are not allowed to participate,” he said.

Although Pride Month is celebrated openly in many places, 71 countries ​​currently criminalize being LGBTQ+. In order to push against this, Hamid explained that POC has collaborated with The Sandbox — a blockchain-based metaverse project — to launch a virtual diversity, equity and inclusivity hub during Pride Month. Known as Valley of Belonging, this unique youth center will enable people across the world to celebrate, said Hamid:

“Marginalized communities tend to be left behind, so POC’s goal with Valley of Belonging is to ensure that each community has access to events they can openly participate in. And given the current climate of rising discrimination against LGBTQIA+ and other minorities, there has never been a more important time to build a safe space that welcomes all.”

In order to achieve the goal of “belonging,” Simone Berry, co-founder of POC Lab, told Cointelegraph that Valley of Belonging will consist of 8,430 nonfungible token (NFTs) avatars that represent different ethnic, gender and sexual identities. “All of our avatars are non-binary, meaning they don’t identify with any gender or sexual orientation. This is also the first NFT project in The Sandbox that allows users to customize avatars using pronouns,” explained Berry. She added that avatar traits will consist of over 36 different skin shades while incorporating features that celebrate differences like prosthetic limbs, along with cultural identifiers like a hijab.

POC’s avatars featuring NYX makeup. Source: People of Crypto Lab

Berry also noted that NYX Professional Makeup — a subsidiary of L’Oreal — will integrate into The Sandbox to feature voxelized makeup looks, which will further help drive adoption. “In order to demonstrate that makeup is genderless, all of the avatars in our mint, which will take place June 17, will feature makeup from NYX,” she said. Yasmin Dastmalchi, general manager of NYX Professional Makeup, told Cointelegraph that the partnership with POC and The Sandbox is important since it allows diverse communities a forum for true self-expression, noting that the Metaverse “has become a form of digital identity.”

Decentraland will also allow users to openly celebrate Pride Month 2022 in its blockchain-based Metaverse with a month-long event featuring entertainment, experiences and curated content. Iara Dias, head of Metaverse Pride and senior producer at Decentraland, told Cointelegraph that Metapride Land is debuting its headquarters in Decentraland to celebrate Metaverse Pride:

“This will offer a permanent safe space for the global LGBTQIA+ community to engage and meet other members around the world. Users will be able to access the space year-round, not just during Pride Month, further ensuring Decentraland and its partners’ commitment to supporting the LGBTQIA+ community.”

Dias added that Decentraland will host Metaverse Pride on June 11, which is a celebration honoring the LGBTQIA+ community. She elaborated:

“Debuting during Pride, the long-awaited ‘kissing’ emote will allow avatars to kiss each other and express their feelings towards one another. Furthermore, couples from all sexual orientations can get married in the metaverse and receive NFT certificates of their union.”

According to Dias, these features present a unique opportunity for same-sex couples who reside in countries in which they are not allowed to express their commitment. “There will also be drag queens presenting for the first time in the Metaverse, along with a special vogueing-capoeira performer that marks the first time this type of dance and presentation have entered the Metaverse,” she commented.

“Metapride Land” in Decentraland. Source: Decentraland

How safe is the Metaverse?

While it’s notable that both The Sandbox and Decentraland will host Pride events this year to ensure new opportunities and access, it’s important to point out that safety and security are still ongoing challenges in the Metaverse. 

Online communities like gaming chat rooms are notorious for hate speech against racial and sexual minorities. Indeed, budding metaverse communities have been shown to be hotbeds for racism, bigotry and misogyny.

One researcher who recently entered Meta’s social-networking platform Horizon World using an Oculus virtual-reality headset announced that her avatar was raped in the virtual space.

Recent: Crypto knocking on the WEF’s door: The view from Davos

Given these concerns, Sebastien Borget, co-founder and chief operating office of The Sandbox, told Cointelegraph that the platform is taking security very seriously as more events are hosted virtually. “Education on security in The Sandbox is critical to onboarding the next billion users to the Metaverse,” he said. Borget added that The Sandbox’s recent partnership with hardware wallet Ledger will help promote security in the Metaverse.

Given that Decentraland is also a blockchain-based platform, Dias pointed out that users’ data and privacy protection are paramount. “The only user identifications on Decentraland are usernames and wallet addresses. This allows users who wish to remain anonymous the ability to fully express themselves without the fear of being identified,” she said.

In regard to appropriate behavior, Dias mentioned that Metaverse Pride has laid out behavioral guidelines, allowing users to block others if they experience harassment. “We’ll use non-player characters to offer guidance on how to do this, but we have also made this very user-friendly.”

Web3 takes Pride to new heights

Challenges aside, Web3 as a whole is allowing Pride Month to extend far beyond what has previously been possible. Shedding light on this, Dias commented that compared with real-life Pride events, the Metaverse enables people around the world — even in dangerous places — to participate. In addition, she said that a person’s digital identity defined via an avatar can give users the courage to be whoever they wish. “I wouldn’t be surprised to hear stories of people saying their avatar helped them to be brave, and finally come out and be their authentic self.”

A number of artwork NFTs are also being launched to celebrate and raise awareness for Pride Month. For example, Serge Gay Jr. and Dan Nicoletta, both photographers and close friends of Harvey Milk — an American politician and the first openly gay man to be elected to public office in California — recently launched a limited edition NFT art series inspired by Milk’s legacy.

From “The Friends of Harvey Milk Plaza” NFT collection. Source: Serge Gay Jr. and Dan Nicoletta

Nicoletta told Cointelegraph that the goal behind “The Friends of Harvey Milk Plaza” NFT collection is to foster support for LGBTQ+ civil rights and within the emerging NFT art market: “I’m not seeing a lot of LGBTQ+ content in that realm yet, so I am excited about the possibilities and to be working in that medium for the first time.”

Recent: Anonymous culture in crypto may be losing its relevance

Brian Springfield, executive director of The Friends of Harvey Milk Plaza in San Francisco, further told Cointelegraph that proceeds from the NFT project will go to the Friends of Harvey Milk Plaza to support creating a safe, inclusive space in San Francisco’s Castro district.

“The goal of The Friends of Harvey Milk Plaza NFT Collection is to raise awareness around The Memorial at Harvey Milk Plaza project in San Francisco, and to inspire other cities to build similar spaces in their own communities,” he said.

“Castro Street fire escape revelers 1978.” Source: Danny Nicoletta, original image

Pride Icons is another NFT project that aims to highlight the LGBTQ+ community. Regev Gur, chief marketing officer of Pride Icons, told Cointelegraph that the NFT collection features images of important people within the LGBTQ+ community, such as Andy Warhol and Elton John.

Andy Warhol NFT. Source: Pride Icons

Gur shared that he grew up with a gay father who hid his true identity for years. As such, he explained that the biggest goal behind Pride Icons is to put a spotlight on the LGBTQ+ community while making blockchain accessible to those who may not be aware of the benefits associated with the technology: “This is really about education — we need to educate people of all backgrounds on the power of Web3 and NFTs.”