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Today we will be discussing the MASSIVE outflow of Bitcoin and Ethereum leaving exchanges as investors flee the fallout of the ongoing FTX collapse! Next we’ll talk about the recent calls for “Proof-of-Reserve,” are we seeing a macro shift in financial transparency?
Around the Blockchain is your favorite Cryptocurrency show discussing Bitcoin, Ethereum, Cardano, and the top altcoins. Our four crypto experts Crypto Keeper, Sin City Crypto, Crypto Crow, and Ben Armstrong. Tune in for their insightful crypto analysis.
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What is the Metaverse?
The Metaverse is a virtual world that always exists. The people who inhabit it are called avatars. These avatars can interact with each other in the virtual world through NFTs. Often, cryptography is involved to facilitate a digital economy and to provide virtual representations of legitimate ownership. In the modern day, the Metaverse is populated by video games, such as Roblox or Fortnite. In some cases, users need to wear clunky VR goggles to access the virtual world.
There are several companies that have started investing in the Metaverse. One is Animoca Brands. It has raised about $810 million in funding over the past two years. Its investors include Winkelvoss Capital, Soros Fund Management, Sequoia China, and others. It also has several partnerships with larger firms such as Temasek and Boyu Capital. It is now valued at $5 billion.
Microsoft recently announced plans to launch a Metaverse, allowing Teams users to access the virtual world as early as 2022. The company plans to invest $10 billion in Metaverse this year, and has said that it will support NFTs in the future. Other prominent figures in the crypto space share similar views. For example, Raoul Pal, a former hedge fund manager, recently stated that he believes the Metaverse can become the next big thing.
Another popular Metaverse is Decentraland, which is a blockchain-based virtual world. It allows users to build their own virtual land and earn money. The game also hosts virtual concerts starring famous artists such as Travis Scott.