Metaverse: How to play the next big theme in crypto world?

Metaverse: How to play the next big theme in crypto world?
Written by Publishing Team

New Delhi: JP Morgan, the largest US lender, has entered the metaverse by opening ‘Onyx lounge’, which is a virtual lounge in the blockchain-based world of Decentraland.

The bank has also released a paper exploring how businesses can find opportunities in the metaverse, which has made tokens in the higher segment move.

Metaverse is a digital avatar-based universe. It is a virtual reality world where users can interact, play games and experience things or activities as they would in the real world.

The majority of the metaverse-based top tokens were trading with strong gains today. Among the top 100 coins based on market cap, Decentraland, The Sandbox, Theta Network, Enjin Coin, Axie Infinity rallied up to 12 per cent.

Smaller tokens including Onooks, DeRace, Defina Finance, DEAPcoin and Ultras zoomed between 20-55 per cent in the last 24 hours, the data from Coinmarketcap suggested.

Edul Patel CEO & Co-Founder, Mudrex, said J.P. Morgan’s entry into the metaverse world is a positive development. “Other key features such as real-time persistence, digital avatars, virtual reality, and accessibility across multiple devices are fueling the metaverse theme,” he added.

JP Morgan’s foray into the metaverse didn’t surprise many, said Sharat Chandra, VP- Research & Strategy, EarthID. “In December 2021, PWC Hong Kong entered the metaverse and made a strategic virtual land acquisition on The Sandbox.”

“These developments represent an inflection point and reflect positively upon how digital financial services will be offered by incumbents and challenger digital banks,” he added.

Meta Economy, including the creator economy, is expected to boom exponentially thanks to the entry of aspirational brands in the metaverse.

Raghav Gupta, Founder of Censor Black said that big names have already jumped into the metaverse, including global icons like Snoop Dogg, who would be buying a plot of land on Sandbox to build a mansion and release his own NFTs.

“Web3 and the open metaverse are giving a meaningful part of the ownership or value of the network to the users, turning it into a movement,” he added.

Decentraland released its 2022 Manifesto, announcing a prototype mobile app, improvements to its play experience, the greater utility of nonfungible tokens (NFT) and protocol enhancements.

The Sandbox team also announced a partnership with UniX Gaming, a decentralized autonomous organization, and a release of more ‘land’ in its metaverse.

Supply and demand dynamics are driving the metacommerce momentum, said Chandra of Earth ID. “If rising virtual real estate prices are any indication, the market would eventually gravitate towards financial services such as mortgage and credit.”

Metaverse will transform the way businesses take place in the coming days and the way people interact with each other, believe market experts.

Experts said metaverse is the next big thing in the crypto world. They are extremely bullish over metaverse and are suggesting investors to buy the strongest name in the segment on every dip.

Chandra said, “Metaverse tokens prices are bound to skyrocket and it’s definitely a buy opportunity.” He has picked The Sandbox, Polkacity and Decentraland among tokens to look out for.

Patel from Mudrex said long-term buyers who are looking to invest in the future of building a metaverse should look at Decentraland, Axie Infinity, SafePlus, Island Girl, The Sandbox, and Wilder World to play this theme.

Major movements in the metaverses are expected, as knowledge about ‘play 2 earn’ projects increase, and as institutional players hop on the new gravy train, said Gupta of Sensor black. Axie Infinity, Blocknet and Enjin Coin are his top picks.


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