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CRYPTO BANKRUPTCIES TAKE A SURPRISING TURN – WHAT DOES THIS MEAN FOR THE FUTURE OF CRYPTO?
Big Brands Investing in the Metaverse
Metaverse is a virtual space where users can work, play, shop, communicate, and much more. It can be accessed through apps using crypto-currencies.
A number of large firms are looking to build their own experiential centers in the metaverse. This opens up new vistas of possibility.
One company aiming to help build this virtual world is Sandbox. It has backing from gaming companies like Atari, but also has the support of tech investors. The Sandbox’s editors provide powerful tools for creating virtual worlds.
Another platform is Decentraland, which allows users to own virtual property and develop a virtual world. Users can trade or sell their properties to others. They can also invest in non-fungible tokens, which are a way to store value. These tokens can be used to access digital assets, or as passes to events.
Other popular metaverse environments include Somnium, Arkane, Cryptovoxel, SecondLive, and Axie Infinity. While all of these environments are relatively new, they have already developed communities.
Big brands are also buying real estate in the metaverse. For instance, PwC’s Hong Kong wing has purchased a land parcel in the metaverse. It plans to construct a Web 3.0 advisory hub.
Animoca Brands is another firm that is attempting to establish itself in the metaverse. It has launched a subsidiary called The Sandbox, which has the backing of gaming brands. As a result of this, it has acquired over $1.3 billion in funding.
Another major player is RFOX, which has a focus on rewards. Using their native coin, the Metaverse currency, they aim to be the global leader in immersive technology.