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Animoca Brands and the Metaverse
Animoca Brands, a subsidiary of Animoca, has now grown to over 600 employees and a presence in 14 countries. The company turned profitable in 2021, generating $141 million in bookings and $530 million in income. As of November 20, 2021, Animoca Brands’ digital assets were worth $15.9 billion. According to estimates, the market for the Metaverse will reach $21.7 trillion by 2030, when it combines cryptocurrencies, mixed realty technologies, and artificial intelligence.
While centralized actors such as Microsoft and Facebook are acquiring virtual land and creating new games within the space, crypto enthusiasts fear that Meta will dominate the metaverse. The company did not respond to a request for comment. But it is clear that if Meta were to capture the title of metaverse, it could become a hub for big tech players. And it could be a worry for crypto enthusiasts who fear that the big tech giants will take over the world and turn it into a centralized app store.
While early virtual reality platforms have focused on games such as Minecraft, the technology has become increasingly useful for many purposes, including business. For instance, a virtual boxing class may be useful for promoting healthy lifestyles and weight loss. VR fitness games are also popular among gamers. But even if the technology becomes mainstream, there are still many barriers to overcome to get there. The company hopes to employ 10,000 people in Europe within the next five years. So far, it has already spawned many companies and applications that use virtual reality technology.