In this week’s newsletter, read about how the Metaverse is a catalyst for nonfungible token (NFT) adoption. Check out how GameStop’s NFT marketplace revenue dropped and how MTV added a metaverse award at the VMAs. In other news, learn about how the Telegram founder has been floating the idea of integrating NFT-like smart contracts for Telegram usernames. And, don’t forget about this week’s Nifty News roundup featuring Decentraland’s Metaverse Art Week. 

Metaverse is a key factor in long-term NFT success, says new research

A report published by consultancy firm Juniper Research highlighted that in the next five years, the NFT market may grow from 24 million to about 40 million. According to the report, Metaverse developments will be one of the primary catalysts to the broader adoption of NFTs.

The study also noted that Metaverse-related NFTs will be the fastest growing niche in the next five years, with a projected increase in transactions from 600,000 to 9.8 million. Despite the predictions, the researchers pointed out that the values in the report are based only on a medium scenario and urged the community to do their due diligence before investing.

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GameStop NFT daily fee revenue plunges under $4K as gloom infects markets

GameStop’s NFT marketplace witnessed a dip in daily fee revenue to below $4,000 as its 24-hour sales volume dropped to around $166,800, suggesting that interest in the NFT platform has started to die down since its launch.

The drop in profits follows a downturn in the broader NFT market as popular collections such as the Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) dropped large percentages in their floor prices.

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MTV introduces the ‘Best Metaverse Performance’ award category

Web3 continues its foray into the music scene as the 2022 MTV Video Music Awards (VMAs) added the “Best Metaverse Performance” in its award categories, giving the age-old awards show a hint of the future.

In the first year, there are six artists who were up for nomination. This includes Ariana Grande for The Rift Tour on Fortnite, Blackpink for The Virtual on PUBG Mobile, BTS for a performance on YouTube, Charli XCX for a performance at Roblox, Justin Bieber for An Interactive Virtual Experience at Wave and Twenty One Pilots for their show in Roblox.

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Telegram founder suggests ‘NFT-like smart contracts’ to auction usernames

Telegram founder Pavel Durov has suggested the idea of implementing smart contracts similar to NFTs to auction in-demand usernames, group and channel links within its messaging platform.

According to Durov, this can potentially give birth to a new platform that lets username holders sell their accounts to interested parties secured by the blockchain. The Telegram founder said that the idea was inspired by the success of The Open Network.

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

Metaverse platform Decentraland will host its third Metaverse Art Week on August 24 and August 28. The event will feature various curated NFT artworks from Sotheby’s, OpenSea and Artnet and feature panel discussions. Meanwhile, the Australian Football League (AFL) has released its first NFTs, selling out in under 12 hours.

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Thanks for reading this digest of the week’s most notable developments in the NFT space. Come again next Wednesday for more reports and insights into this actively evolving space.