Reinventing the Third Place with NFTs

The "third place," in sociology, refers to the social surroundings that are separate from the two usual social environments of home ("first place") and the workplace ("second place"). Many are using NFTs and the metaverse to reinvent the third place.

South Korea's Minister of Science and ICT Lim Hyesook called the metaverse “an uncharted digital continent with indefinite potential,” with the government earmarking 223.7 billion won ($177.1 million) for the endeavour. Seoul’s metropolitan government is also building a 3.9 billion-won metaverse platform to allow citizens to access public services virtually. CNBC has more here.

Starbucks recently issued a press release on their new Starbucks Odyssey experience, to offer members the ability to earn and buy digital collectible stamps (NFTs) that will unlock access to new, immersive coffee experiences, and enable Starbucks to meet their customers wherever they are – in a Starbucks store, on-the-go, or online.

Singapore tycoons’ sons are also planning a private NFT club, the ARC, which will start as an app-based community and eventually grow into a metaverse with a gaming element, according to CoinDesk. They recently released an infographic of the ARC Universe ecosystem here.