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The Great Potential of Metaverse – Benzinga – Benzinga

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Phemex took part in the World Blockchain Summit in Dubai, UAE, on October 13-14.
This event was attended by more than 1,500 experts from the world of blockchain, which made it especially memorable.
At this event, participants were able to:
Establish cooperation with the largest crypto and blockchain companies;
Meet like-minded people, opinion leaders, and leading investors;
Improve their skills and learn about innovations.
At the meeting, Phemex CEO Jack Tao gave a presentation. He said that the current banking system is unequal and more friendly to richer players.
Having over a decade of wall street experience, he believed that users needed a more secure and stable platform for crypto trading. So in 2019, he and his Morgan Stanley colleagues launched their own platform – Phemex. At the moment, the company is in the top-10 of the world's largest crypto exchanges for derivatives trading.
It provides a secure, user-friendly interface and rock-bottom transaction fees for a variety of popular crypto pairs.
Jack Tao shared his thoughts on the explosive trend in the crypto world – the Metaverse. The crypto space is changing and developing every day, and the Metaverse has caused stirred discussion among industry insiders.
Jack sees great potential in the concept.
The Metaverse has gained its wide popularity thanks to growing global interest in cryptocurrency. Jack noted: "The Metaverse represents a new way of interacting with the digital world, even more, exciting and disruptive than our current Internet. No one knows exactly what it will look like, but that's how it's meant to be. You see, the Metaverse is meant to be created by each participant, not by a central authority." 
In his opinion, the main driver for the development of this trend is NFTs (non-fungible tokens), which have also grown significantly.
Jack mentioned: 
"This year, we have witnessed massive growth, decline, and a new rise in the NFT market. An eloquent sign that NFTs will stay here forever is not that several NFTs have been sold for millions of dollars but that tens of thousands of NFTs have been sold for modest amounts. This demonstrates that digital collectibles are not only the playground of crypto-whales; they are spreading in the direction of mass distribution." 
Phemex predicts that in the long term, the digital sphere will offer a wide range of opportunities: "Powerful companies outside the crypto industry, such as Facebook and Epic Games, have begun to invest heavily in virtual reality, cloud games and other elements related to the Metaverse."
Phemex is primarily a cryptocurrency exchange that provides extensive opportunities to its users. Nevertheless, the company continues to develop and establish contacts related to the Metaverse.
In March this year, Phemex organized a major event dedicated to NFT. The result was the community-driven creation of a composite mural displaying QR codes of all participants for their Ethereum deposit addresses on Phemex. More than 1000 users were able to participate in this event. Later, after this NFT was registered and sold, the proceeds were distributed to each participant because the company takes care of its users.
Phemex is also responsible for listing coins related to the Metaverse on its platform.  Among them are:
AXS. This is the main management token for Axie Infinity. Right now, this project probably embodies GameFi more than any other. 
MANA is a native token of Decentralaland. In this game, participants can buy, own and manipulate NFTs representing the digital real estate. 
It is important to note that the company takes coin lists seriously in order to protect its customers from fraudulent protocols and assets.
Phemex is confident in the future of the GameFi model and follows an approach that supports systematic development. 
The company will continue to support the expansion of the Metaverse. Jack Tao stressed that "this is the most important gateway for newcomers to enter the crypto world."
Image Sourced from Pixabay
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Metaverse Crypto Index Fund Launched by Matthew Ball, Multicoin, and Bitwise – Decrypt

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There's a wide array of crypto builders working to bring the metaverse to life, whether it's via platforms, tools, assets, or infrastructure. Now one of the leading voices around the metaverse has launched an index fund focused on crypto assets tied to the next-generation internet.
Today, writer and venture capitalist Matthew Ball announced a partnership with Multicoin Capital and Bitwise Asset Management to launch the Ball Multicoin Bitwise Metaverse Index. Bitwise has also made an associated fund available to qualified purchasers.
"We developed the Ball Multicoin Bitwise Metaverse Index Fund because, prior to today, there was no easy, expert, and methodologically diversified way for investors to have broad-based exposure to bona fide metaverse-focused crypto assets," Ball told Decrypt.
"To this end, the Index doesn't exist to time Event A or Market Conditions B. It exists so that investors can participate in what we believe is a multi-trillion dollar transformation, which will unfold over the coming decade," he continued. "If blockchain is relevant to the future of the metaverse, and our approach is sound, we believe the opportunity is significant—today, tomorrow, next month, and so forth."
The index will feature up to 40 crypto assets chosen by the partners, but a list of included assets was not provided to Decrypt by the time of publication. Bitwise's associated fund is available to qualified purchasers with a $100,000 minimum investment.
Ball described the Ball Multicoin Bitwise Metaverse Index as a "rules-driven index that combines the best of institutional indexing approaches with special adaptations to the crypto and metaverse spaces. That includes various risk screens, such as analyzing liquidity, developer activity, tech and regulatory risk, and "relevancy to the metaverse," said Ball.
"The ultimate goal is to curate the crypto assets that will be outsized contributors to the creation and success of an open metaverse," he added.
The metaverse refers to a future version of the internet that many believe will be built on blockchain technology. It's expected to be a more immersive and interactive experience that people navigate via 3D avatars and use for work, play, shopping, and socializing. It may also use NFT assets for user-owned items like avatars, apparel, and virtual land.
Ethereum-based games like Decentraland and The Sandbox are seen as early examples of the metaverse.
Facebook also showcased its own vision for the space and even rebranded its parent company to Meta last fall. However, it's not entirely clear whether Facebook's plan is for an open platform that is interoperable with others.
Ball is a leading writer on the metaverse whose work has been published in The New York Times, The Economist, and Bloomberg. His book, "The Metaverse: And How It Will Revolutionize Everything," is due out from W.W. Norton in July.
He's also a managing partner at EpyllionCo, which has invested in crypto startups such as Dapper Labs and Mirror, as well as a venture partner at Makers Fund. Ball is also behind the Roundhill Ball Metaverse ETF, which focuses on metaverse-centric stocks and trades on the New York Stock Exchange.
"Our objective was the creation of a diversified, balanced, and expertly-designed crypto Metaverse Index," explained Multicoin Capital co-founder and managing partner, Kyle Samani.
"This required a similarly capable team," he continued. "Matthew Ball is the definitive thought-leader in metaverse strategy and investing. We specialize in crypto assets and are one of the preeminent crypto investment firms. And Bitwise Asset Management is the proven leader in crypto indexes and index funds."

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Meta's losses show the metaverse's costly risk – Insider Intelligence

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Facebook parent Meta launches startup accelerator with India’s IT ministry in metaverse push – TechCrunch

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Meta Platforms is looking at India’s burgeoning startup ecosystem as it bolsters its bet on the metaverse. The social juggernaut has partnered with the Indian IT Ministry’s startup hub to launch an accelerator in the country to broaden innovation in emerging technologies, including augmented reality and virtual reality, officials said Tuesday.
MeitY Startup Hub and Meta’s effort, called XR Startup Program, will work with 40 early-stage startups and help them in research and development and developing workable products and services. Each startup will also receive a grant of over $25,000, the American giant said.
The program, supported by Meta’s $50 million XR Programs and Research Fund, will initially hand pick 80 startups to attend a bootcamp. It will also help startups with finding customers, inking relationships and raising funds, Meta said.
Rajeev Chandrasekhar, Minister of State for Electronics & Information Technology and Skill Development and Entrepreneurship, said the program is especially aimed at helping encourage technology innovation in smaller cities and towns.
The XR Startup Program is the latest of Meta’s growing participation in the South Asian market’s upskilling efforts. The firm, whose Facebook and WhatsApp services identify India as their largest market by users, partnered with Central Board of Secondary Education, a government body that oversees education in private and public schools in the country, to launch a certified curriculum on digital safety and online well-being, and augmented reality for students and educators in the country.
The program — to be implemented by four Indian institutions, including IIT Delhi — will also host a “grand challenge” for innovation in categories including education, healthcare, entertainment, agritech, climate action, sustainability and tourism, the American giant said.
“India will play a pivotal role in defining future technologies. Decisions and investments made here in India now shape global discussions on how technology can deliver more economic opportunity and better outcomes for people. It is critical that we help to create an ecosystem that will enable India’s tech startups and innovators to build the foundations of the metaverse,” said Joel Kaplan, VP of Global Policy at Meta, in a statement.
Meta’s interest with working with startups in India is also not newly found. The company has backed three startups in the country, including social commerce platform Meesho and online education group Unacademy.
3 views: Is the metaverse for work or play?

“India’s rapid tech adoption combined with a vast pool of tech talent puts the country in a vantage position for shaping the future of the internet,” said Ajit Mohan, VP and MD of Facebook India, in a statement.
“For this future to be equitable, it will require active participation from all stakeholders, including developers, businesses, creators, policymakers, and entrepreneurs. We are excited to collaborate with MeitY Startup Hub and hope that the XR Startup Program will act as a catalyst to unlock the use of immersive technology across sectors like education, healthcare, agritech and tourism, not only in India but across the globe.”

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