Unless this trend reverses, the Ethereum market cap will overtake and flip Bitcoin’s. Ethereum outperforms Bitcoin by two to three times in bull markets. With Ethereum already ranging more or less one-fifth of the market cap of Bitcoin, it is only a matter of time before we wake up and see ETH at that number 1 spot!
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Is the Metaverse the Next Facebook?
The Metaverse is a virtual world created by individuals in which they inhabit their own space and interact with others using their online avatar. They can freely move around, speak, and act, and can own and sell virtual property in the world of Metaverse. These virtual properties are non-fungible tokens, which they can trade for cash or other goods. States have expressed an interest in controlling the Metaverse as a way to curb illegal activities in the space.
The Metaverse could be the next Facebook, which owns virtual reality headset company Oculus. It will be easier for users to sell non-fungible tokens, such as digital items that are limited in number. Unlike the Ethereum protocol, Facebook owns the virtual reality headset company Oculus and recently announced a massive hiring drive for their metaverse unit. These investments are a clear indication that Facebook is committed to the Metaverse’s success.
The Sandbox, meanwhile, has a strong backing from tech investors and gaming brands, including Atari. The company recently partnered with Lionsgate to create a Metaverse destination themed around the “Hellboy” movie. Sandbox’s metaverse runs on the Ethereum blockchain, which provides top-level safety but can be costly, depending on the type of transactions that are being conducted. Users can use a powerful editor provided by Sandbox, such as the OneDX platform, to build virtual worlds.
The Metaverse economy is supported by blockchain technology, which secures digital assets and encourages users to trade and commerce in the virtual world. Its Internet of Things (IoE) network facilitates connectivity and communication between people and objects in the Metaverse. 3D innovation improves the user experience, creating a more realistic interface. It’s an excellent way to create an immersive gaming experience. As for currency, it’s likely to be crypto, which is widely accepted and decentralized. Many of the metaverse platforms are already built on blockchain networks.
