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Metaverse – The Latest Craze in Cryptocurrency
A new game called Metaverse is the latest craze in the cryptocurrency world. Founded in 2016, it is a blockchain-based environment where players can trade virtual goods, like e-books, with one another. The game’s adoption will be largely dependent on economics and social factors. Animoca Brands CEO Yat Siu has been an early adopter of blockchain technologies and cryptocurrencies. However, he faced some challenges when dealing with cryptocurrencies due to regulatory pressure and financial issues. Today, however, Animoca Brands is bolting into the metaverse with a focus on the underlying foundational technologies. One of the most recent crazes for the metaverse is non-fungible tokens. These tokens serve as a way to store value and authenticate ownership on a digital ledger. In December 2018, trading volume for non-fungible tokens
Entrepreneurs will be the driving force behind the metaverse and will provide services, content, and other valuable items to the metaworld. However, they will need to develop ways to monetize these services. For example, they could issue tokens that represent ownership of hour sessions in a virtual cinema. Similarly, users could use tokens to purchase passes to events and visit another planet. This could help them get paid more for their products and services.
In 2017, several NFT projects began to develop on the Ethereum blockchain. The first of these projects was Ethereria, a decentralized virtual world where players could farm for blocks or buy tiles to represent real players. These projects were intended as a competitor to Metaverse, but the concept gained popularity with Dapper Labs’ CryptoKitties, which was spearheaded by Mik Naayem. Several more NFT projects are in the works.