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World’s largest derivatives company, CME group has turned their head towards metaverse tokens including Axie Infinity Shards (AXS), Decentraland (MANA) and Chiliz (CLZ). They announced in a press release that the company will offer three new metaverse reference rates as well as real time indices in collaboration with CF Benchmarks.
Leading Crypto Exchanges to Help
CME Group’s Global Head of Cryptocurrency Products, Giovanni Vicioso, said that the company took this step as they witnessed an increasing interest in the metaverse. They will stretch the suit of “regulated, non-tradeable Cryptocurrency Reference Rates and Real-Time indices to involve the aforementioned crypto assets.
According to the press release, these indices and reference rates are based on some prominent methodologies that are monitored by industry experts regularly. The company will use pricing data from top crypto exchanges including Gemini, Coinbase and more.
The initiative will potentially establish a standard in the entire metaverse token market, similar to Bitcoin and Ethereum or more traditionally, the equity indices like Nasdaq or S&P 500. CF Benchmark CEO, Sui Chung, said that “This will offer precise and resilient pricing data associated with the metaverse tokens.”
Though this collaboration will be focused on the crypto sector, as the actual metaverse market extends beyond the cryptocurrency market. Currently, Meta is considered to be the top player in this race, followed by Apple, Nvidia, Microsoft and more. Experts believe that Mark Zuckerberg has spent a lot of money on metaverse research. META Stock has lost 70% since the company has turned its head towards virtual worlds.
Neal Stephenson first imagined the concept of virtual worlds. He coined the term metaverse during 1992 in his novel Snow Crash. In 2018 Stephen Speilberg directed the movie Ready Player One which people believe is a perfect example of how metaverse should be. Crypto assets will be among the driving forces in virtual worlds alongside AR and VR.
Many people believe the metaverse is here and they are not wrong. It is here but as an infant. Tech giants are constantly contributing to make the digital spaces more immersive and glitch free. Many doubted the Internet during its early days but it eventually became part of our lives, it would be worthwhile whether the metaverse can pull off the same.
Currently, metaverse sector had a market cap at $10.02 Billion at the publication time.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
