- NFTs are an introduction to the Metaverse.
- Sfermion raises $100million to expand its horizons of NFTs and the Metaverse.
- The Sandbox too raises $93 Million to further the build of its NFT & Metaverse.
The Metaverse seems to be the buzzword that is taking rounds recently. Ever since Facebook rebranded itself as Meta, it has been on the tongues of many crypto aficionados and many believe that this could be the next big thing to hit the market since NFTs.
Metaverse is basically the world of the internet made into a 3 dimensional sect to experience more realistically, in this context NFTs seek an first introduction to the world of metaverse. Many creative artists have used this innovation to deliver autographed signed tokens of their work like an image or video or an in-game avatar to deliver the quality of exclusivity virtually.
An NFT is a non fungible token which retains its unique identity through a set of mathematical equations, The whole innovation is based out of blockchains & is used frequently by people & sometimes even corporations as a token of exclusivity or identification. However a large-scale adoption into a full-scaled virtual reality is yet to be seen.
In this direction several companies are seen taking initiatives, The head of meta products at Facebook, Vishal Shah assured that Facebook’s metaverse would support non fungible token (NFTs) and users can display their limited & unique tokens in their meta spaces, at the same time transact & exchange them securely.
Serfermion an investment firm has raised $100 million in a new category of funds which is centrally focused on NFT, it was noted that the organisation was led by the investor Andrew Steinwold and witnessed contributions from winklevoss brothers, Marc Andreessen & Digital Currency group which also funds a segment of coin desk. The fund is simply named as “fund II” & will focus on experiential infrastructure involving NFT space & around metaverse.
Another player, a subsidiary of Animoca Brands, The Sandbox has raised fresh capital of $93 million through softbank. The startup is a metaverse based on Ethereum that allows people to create their own world by purchasing the land, similar to minecraft and monetizing their own digital assets. The brand has reportedly partnered with big brands & people like snoop dogg.
Its cryptocurrency, a play to earn kinda token, “Sandbox” has a market cap worth $2.3 Billion.
In future too, such trends are expected to continue with startups making different and attractive tokens that could be displayed in gaming meta spaces that can be purchased through cryptocurrencies. Such tokens can come in abundance, like raindrops from the cloudy sky.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.