By 2030, the metaverse industry will be worth up to $5 trillion

One of the main ways of earning in the metaverses will be e-commerce, with a turnover reaching about $3 trillion, say analysts at McKinsey & Company, an international consulting firm.

Experts predict that in 2030, e-commerce will spend from $2 trillion to $2.6 trillion. Virtual advertisement will become another important sector, and associated revenue is expected to reach from $144 to $206 billion.

In the first five months of 2022 alone, more than $120 billion was invested in technology and infrastructure related to metaverses, more than double the amount for the same period last year.

Cardaon Launched EVM Sidechain on its Testnet

The company behind the Cardano ecosystem – Input Output – announced the launch of its Ethereum Virtual Machine (EVM) sidechain alpha on the testnet. However, the layer-one blockchain did not specify if such EVM compatibility would be directly deployed to its mainnet one day.

Eric Czuleger, Senior Content Editor of Input Output Global (IOG), said the community believes in “an interoperable future” that allows different blockchains to communicate with each other. In regards to the latest deployment of the EVM sidechain, Czuleger viewed it as an opportunity to onboard new users outside of the Cardano community while not “adding additional complexity to the mainnet.”. Cardano’s founder Charles Hoskinson is known for his views on blockchain interoperability

Survey reveals most people buy NFTs ‘to make money’

A survey from DEXterlab revealed that most NFT investors are in it for the money. Per the report, NFT investments can bring investors profit when they make the right purchase decisions. An example is the Blocksmith Labs collections which would have brought an investor a 26x profit within three months.

The survey continued that the second reason most investors pile into the space is to have a sense of social belonging by belonging to a community and the “flex” of owning certain NFTs. Only 12.4% of respondents are Digital Art collectors who acquire these items to keep. The remaining 8.6% of NFT investors buy the assets for games-related purposes like having in-game access to special features and tools. Meanwhile, an average investor is willing to spend between $50-$500 on an asset.

JP Morgan is Experimenting with Blockchain Technology, Eyes Tokenizing Equities and Possibly DeFi

The Wall Street investment bank of JP Morgan is using blockchain technology for collateral settlements, particularly in the trading of traditional financial assets.According to a report by Bloomberg, JP Morgan carried out its first blockchain transactions of this type on May 20th when ‘two of its entities transferred the token representation of BlackRock Inc. money market fund shares as collateral on its private blockchain.’

Furthermore, representatives from the bank stated that blockchain-based collateral settlement could find real-life use cases in derivatives, repo trading, and securities lending. JP Morgan is also considering using blockchain technology for the tokenization of equities, fixed income collaterals, and other asset types.Mr. Lobban went on to add that with time, public blockchain networks will host an increasing amount of financial services.

⚠️ Solana blockchain suffers new network outage

According to data from Solana Beach block explorer, Solana's validators have not processed new blocks for the last five hours, causing a total shutdown of all of its applications.

A recent post from Solana Status said that the mainnet beta now needed a restart from validators.