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Facebook’s name change to Meta, and the announcement of its strategic pivot to becoming a Metaverse company, has sent shock-waves through the tech community. Metaverses are already considered to be the next technological great leap forward, and potentially far bigger than the internet revolution. They can be defined as a combination of multiple elements of technology, including virtual reality, augmented reality, and video where users “live” within a digital universe. These users will be looking for a messaging and trading solution inside the metaverses, something that could offer.
The gaming sector is already pioneering the Metaverse era with significant success, and combining it with the advantages of Blockchain technology. Games like Axie Infinity and Sandbox turn in-game assets into Blockchain-based Non-Fungible Tokens (NFTs), which hold real economic value and can be traded and/or held for long-term appreciation. The use of NFTs in gaming metaverses has resulted in an unprecedented boom in player spending and NFT values:
Axie Infinity is generating USD 2.7 billion in annualised revenues, mostly from NFT character sales, with an in-game currency with a market valued over USD 9 billion.
Sandbox, a virtual world development game, saw its sales of NFT land plots surge by over 1,600% in 2021 with sales of over USD 3 million per day.
LitCraft Nysperience’s limited-time NFT launch sale raised USD 2 million in under two weeks.
The overall NFT market has also remained robust, with new records being set in 2021:
To date in 2021 NFT sales have surpassed USD 9 billion, a more than 25-fold growth over 2020’s total sales of reached USD 340 million.
Digital artwork “Everydays — The First 5000 Days,” sold for USD 69 million at a Christie’s auction in March.
Sales of NFT trading platform…
