Crypto Exchanges are shutting off withdrawals. Something is brewing.
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Big Brands and the Metaverse
Earlier this year, Citi GPS reported that users of the metaverse could reach five billion by 2030. However, the company also highlighted some concerns that have kept people from investing in the metaverse, such as regulatory uncertainty, money laundering, counterfeit NFTs, trading scams, and the high volatility of most cryptocurrencies. Among these concerns, big firms may be able to benefit from the metaverse’s high level of trust and data privacy.
One example of such a platform is The Sandbox, a decentralized Metaverse game that allows users to create virtual worlds. Recently, Adidas bought land on The Sandbox, and is building its own metaverse called Adi-verse. This collaboration has brought together influential NFT brands and cryptocurrency exchange Coinbase to launch the platform. The Sandbox also features daily updates on new games and how to create them. It is free to use the metaverse’s developer community, and it offers instructions on how to create a demo game.
Another major development that is slowly taking shape in the Metaverse is a partnership between fashion brands and avatar creators. Fashion brands such as Ralph Lauren will create a virtual store where users can purchase the latest virtual outfits. Another exciting development is the introduction of a metaverse-compatible chat platform. Once developed, it could become a major player in the development of social media apps. This move will help users create new ways to interact with other users, and it is expected that this technology will lead to an even greater creative economy.