Facebook, Animoca Brands, Decentraland, and More Are Entering the Metaverse
Across the media landscape, people are buzzing about the Metaverse. In short, it is a virtual world that is created with the help of AR and VR technologies.
Using these technologies, companies can create new forms of collaboration and creative tools. But there are some dark sides to the metaverse, including money laundering, trading scams, and regulatory uncertainty.
Some of the biggest tech companies have begun making announcements in the metaverse space. Facebook is actively engaged in the space, while several other firms have announced plans to enter it.
One of the biggest firms muscling into the metaverse space is Animoca Brands. The company is a unicorn (a company valued at over $5 billion) and has raised more than $810 million over the past two years. It is also one of the early adopters of cryptocurrencies, and is investing in foundational technologies for cryptocurrencies.
Animoca Brands owns The Sandbox, which is a subsidiary popularized by rapper Snoop Dog. This platform uses a play-to-earn model for its games.
The company has invested in non-fungible tokens (NFTs) to authenticate the ownership of virtual items on a digital ledger. NFTs can be used to purchase a virtual item, and can be sold for real world value.
Decentraland, one of the most popular metaverses, is a blockchain-based system. It has already built a community, and several larger firms have begun marketing on the platform.
The Sandbox was purchased by Animoca Brands, which pivoted to the blockchain after acquiring the company. It has completed 24 VC deals in the metaverse space.