Author: Staff

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Business

South Africa’s Revix Launches New DeFi Bundle

Revix, a Cape Town-based investment platform, has launched a new package that focuses on the top ten decentralized finance (DeFi) cryptocurrencies by market capitalization. By simply clicking a button, consumers can instantly obtain a bundle of the top 10 DeFi cryptocurrencies, including Uniswap, Aave, Thorchain, Anchor, and many others.

According to Revix, the Revix DeFi Bundle outperformed Bitcoin and the traditional financial services business in the previous calendar year. The bundle returned more than 137 percent, well outperforming Bitcoin’s 63 percent and the US financial services sector’s 36 percent. 

Brett Hope Robertson, The Head of Investment at Revix stated that;

“If you believe in the future of Decentralized, Automated, and Digital-first financial systems, then this is one way you can gain exposure to what is almost certain to become one of the fastest-growing market segments in the crypto universe.”

Revix is a smart investment management tool that allows anyone to build a diversified portfolio, or “Bundle,” of the world’s most popular cryptocurrencies.

Investors’ bundles are automatically rebalanced every month as a result of our Bundle Technology, ensuring that they remain current with the fast-changing market.

Our bank-grade security methods keep investors’ assets offline, while air-gapped multi-signature vaults keep investments safe. With our Crypto Bundles, you can control more than 80% of the market in just a few clicks – cryptocurrency investment has never been easier.

The Revix DeFi Bundle currently holds cryptocurrencies such as Uniswap, Aave, Thorchain, Anchor, and many more.

Categories
Social Good

Ghana’s dancing pallbearers donate $250k from NFT sale to Ukraine.

The Ghana dancing pallbearers have pledged a quarter of their 1 million dollar earnings from the sale of an NFT of their popular Coffin Dance to Ukraine. In 2020, they danced their way into our social media and news channels with a vibrant casket-carrying routine and as of April, 9th 2022, the Ghanaian dancing pallbearers have sold their famous coffin dance meme as a Non-Fungible Token (NFT) for over $1 million.

The 10-second video meme was minted as an NFT by the Dancing Pallbearers’ team on 7th April 2022 and auctioned in a historic NFT auction led by Zlodei Advertising, a Ukrainian advertising agency. In essence, this means the coffin dance meme was turned into a non-fungible token with unique metadata that cannot be duplicated. Instead of having to process how a meme that has been around for years is being sold, it helps to look at it as a sale of the digital certificate that shows who owns the meme.

Turning Memes into Millions.

Initially valued at 2 ETH (about $6,000), the sale was topped by Dubai-based 3F Music for 327 ETH- an equivalent of $1,047,806 making them now the official owner of the Coffin Dance meme. The amount places the meme among the biggest African NFT auctions and one of the most valuable NFTs to have crossed the million-dollar mark worldwide.

The sale hits three birds with one stone as it enables the group to earn from their worldwide fame while availing them with resources to further develop their creativity on top of providing support to Ukraine as it fends off the Russian invasion. 

According to reports, the donation was part of an agreement attached to the auctioning for 25% of the sale designated to supporting Ukraine.  At least $250,000 from the sale will go to support Ukraine through the international charitable foundation Come Back Alive, $500,000 will go to the stars of the viral video and the creator of the meme and the advertising agency will receive $250,000.

Reception and reactions. 

This sale comes as Africa’s biggest NFT art auction, the Out of Africa NFT Collection, is underway and shows the scale to which creatives in Africa can earn from their craft and the NFT space. While the dancing pallbearers went viral in 2020 amidst the pandemic and attracted global interest, they previously had almost no profitability from their popularity as the meme videos were monetized by the music label instead. 

Amidst criticism from local groups for supporting a distant cause such as Ukraine while Ghana itself is dealing with an economic downturn, the group leader, Benjamin Aidoo made the case that from a public relations standpoint, this was the best cause for them to attach to at this time. With the world stage focused on Ukraine,  the group hopes to gain recognition for supporting the humanitarian efforts with this gesture. 

Beyond the humanitarian good, this sale has driven interest in NFTs with more individuals on the African continent open to learning about crypto as well as ways they can contribute to and grow the ecosystem to be more lucrative.

Categories
Business

SA wine producers jump into digital hype with the first NFT on auction to boost the industry

NFTs are becoming more and more popular in South Africa. A month ago, there was an auction for Mandela’s arrest warrant NFTs and these raised over $130,000. Yesterday, Strauss & Co announced that it has partnered with five of the world’s most prestigious fine wine producers to auction Africa’s first fine wine NFT next week. NFTs have evolved into a highly efficient method of packaging a selection of wines for trading and investment, and winemakers believe they generate great buzz for the industry. 

Vertical collections of Klein Constantia Vin de Constance, Kanonkop Paul Sauer, Meerlust Rubicon, Mullineux Olerasay, and Vilafonté Series C are included in these one-of-a-kind digital contracts, documenting past, current, and future vintages. Each NFT, according to Strauss & Co, houses between 20 and 50 vintages, with collections ranging from 66 to 288 bottles.

All provenance, pricing, transaction, sensory, and aging information is included in the digital contract, which is kept on the polygon blockchain. Because all of the wines were chosen from the estate’s library stocks, each bottle’s seal code was used to authenticate the bottles within the NFT.

The wine auctions are a collaboration between WineCellar.co.za, sommelier Higgo Jacobs, and Strauss & Co. a leading auction company.

Roland Peens, Director and Fine Wine Specialist at Strauss & Co, believes that Africa’s first online NFT auction could help raise international exposure for South African fine wine.

“Various fine wine NFTs have become available over the last 2 years as the NFT market has boomed. Strauss & Co Fine Wine NFTs, however, offer a unique iconic South African industry collective of verticals direct from the producers, providing unprecedented ownership of vintage wines and futures to the collector and investor,” Peens said.

Many of the wines in the NFT are extremely rare, with the estates owning only a few of the 1980 Rubicon and 1986 Vin de Constance, and entire verticals are unlikely to exist. While South Africa has been producing wine for over 350 years, historic wine estates like Meerlust, Klein Constantia, and Kanonkop have only been making bottled wines for the past 40 to 50 years.

The top SA wines have exhibited strong appreciation on the secondary market, providing collectors and investors with a platform.

In 2021, a single bottle of 1821 Grand Constance sold for R967 300 (UGX 233,893,140), while Kanonkop Paul Sauer jeroboams from 1986 to 2006 sold for R546 240 in 2020.

South Africa was the world’s eighth-largest wine-producing country in 2020, accounting for 4% of worldwide wine consumption.

The wine business is important to South Africa’s economy, contributing 1.1 percent to GDP in 2019 and employing up to 300 000 people, or little less than 2% of the workforce.

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Business

Crypto Market melts down as Bitcoin falls 15% and Ethereum falls 14%

Today, Bitcoin has fallen 15%, sliding below $40,000 for the first time since March 15. Meanwhile, Ethereum lost 14% of its value, falling below $3,000 for the first time since March 23. It’s part of a bigger trend, with crypto markets falling 8.5 percent in 24 hours to $1.84 trillion in market capitalization, according to CoinMarketCap.

If you’re searching for plausible answers for the meltdown, the stock market is a good place to start. The S&P 500, a stock index of the 500 largest publicly traded businesses in the United States, fell 1.7 percent on Monday, the Dow Jones Industrial Average fell 1.2 percent, and the tech-heavy Nasdaq lost 2.2 percent of its value.

Bitcoin, which has previously been connected with the values of other cryptocurrencies, has recently become more correlated with stock prices. BTC’s price correlation with the S&P 500 reached 0.49 in March, with -1 indicating that they move in completely opposing directions and 1 indicating that they move in perfect lockstep. According to Arcane Research, it was the highest rate since October 2020.

What factors are influencing prices?

You could take your pick from either  the ongoing Russian conflict in Ukraine, the fresh round of COVID restrictions in China, or , of course, the Federal Reserve’s determination to hike interest rates rapidly and suffocate the economy’s money supply.

Last week, the Nasdaq was already down roughly 4% from Monday to Friday. Things haven’t gotten much better over the weekend. According to BitMEX creator Arthur Hayes, crypto market caps may collapse as the Fed strives to combat inflation by pushing less money into the economy. On Sunday, the billionaire investment banker-turned-crypto entrepreneur warned of “future crypto carnage” and projected that Bitcoin and Ether would plummet even more.

He predicted that “Bitcoin and Ether would bottom well before the Fed moves and reverses its policy from tight to lose.” Before the end of June, he expects them to test the $30,000 and $2,500 levels.

When the price of Bitcoin was below $5,000, Hayes forecasted that it will reach $10,000 in 2019. That proved to be accurate, as the price rose to above $12,000. He predicted that BTC would achieve $50,000 this year and would bottom out between $3,000 and $5,000 a year ago. While he was well wrong on the first forecast, he was spot on on the second.

Bitcoin bulls are hopeful that Hayes’ latest projection is incorrect. However, a look at today’s market changes suggests otherwise.

Categories
Opinions

Key Web 3 Players in Africa

The new phase of the digital financial system Web3 is booming throughout Africa. It is a broad movement aiming to make the web and the internet more decentralized, verifiable, and secure. Web3 is the vision of the serverless internet, the decentralized web. It is where users are in control of their own data, identity, and destiny. It includes crypto and blockchain.

Africa’s crypto market increased in value by more than 1,200 percent between July 2020 and June 2021, according to analytics firm Chainalysis. Africa had the world’s third-fastest growing cryptocurrency economy during that time, thanks to notably high adoption rates in Kenya, South Africa, Nigeria, and Tanzania. Chainalysis also observed that Africa is nearly at the top of the globe in terms of the percentage of total crypto transaction volume coming through peer-to-peer, indicating that African customers in crypto-unfriendly regimes are increasingly finding workarounds to explicit and implicit bans. Along with the overall growth in cryptocurrency trading and transactions in Africa, the last few months have witnessed an increase in activity from blockchain networks/protocols, venture capital firms, grant funders, governments, and others across the continent.

It appears that major blockchain networks are now witnessing new Africa-focused initiatives on a daily basis. Within the last year, Ethereum, Cardano, Stellar, Celo, and others appear to have been actively jockeying for a place to build and mold Africa’s emerging Web3 financial system. For example, the Ethereum Basis donated funds to a Kenyan insurance program that covers over 6 million farmers.

The Stellar Improvement Foundation also announced several initiatives, including a $30 million matching fund that has already invested in Afriex, an Africa-focused firm with customers in Nigeria, Ghana, Kenya, and Uganda, and most importantly blockchain boot camps for African startups. Another example is the Celo Foundation’s announcement of a number of initiatives, a pilot in Kenya with Mercy Corps Ventures to drive monetary inclusion amongst gig workers and equity-free grants to a number of African initiatives as part of its Wave IV Grant Program, support for various early-stage African firms via the Celocamp boot camp, and a Founders in Residence program. Celo also recently co-hosted a blockchain conference together with BiTKE, a Kenyan crypto blog. The conference aimed at expanding the Celo community in Africa.

Cardano has also been very busy all over the continent. Cardano CEO Charles Hoskinson has just recently returned from a visit to African countries, from South Africa to Egypt, where he discussed Cardano’s vision for the continent. Cardano also announced cooperation with Kenya’s Pezesha to build a “peer-to-peer monetary operating system.”

Several startups from different sectors have also stated their intention to use revenues from recent fundraises to deploy or explore Web3-related initiatives. For example, Carry1st, an African mobile gaming publisher, has recognized that “gaming content material is increasingly starting to combine with NFTs and cryptocurrencies,” according to its CEO, and has announced that it will use a portion of the funds raised in its most recent fundraising round to research Web3 play-to-earn gaming.

Various NGOs are also desperate to discover the chance Web3 presents for the continent. Mercy Corps, a non-profit humanitarian organization, recently announced the formation of a $1 million Crypto for Good fund to support blockchain-based initiatives that promote financial inclusion in Africa and other emerging countries. Similarly, the UNICEF Innovation Fund, a United Nations monetary vehicle focused on technology for the world’s next billion customers, is making equity-free cryptocurrency investments of up to $100,000 in African startups developing blockchain-based solutions that “have the potential to learn humanity.”

Even former Twitter CEO Jack Dorsey and international rap celebrity Jay-Z have joined. They recently launched the Bitcoin Belief Fund, a 500 Bitcoin (BTC) vehicle, and named four Africans to its board of directors to help define how the fund will be handled with a strong focus on the African continent.

Web3 Future in Africa

The brand new Web3 is delivering a multitude of options all across the world, and the consequences for the African continent are enormous. Given the current state of affairs and the rate of innovation across the continent, it’s evident that Web3 has a bright future in Africa.

Categories
Business

The Nigerian Central Bank is fining banks for allowing cryptocurrency transactions

United Bank for Africa (UBA), Fidelity Bank Plc, and Stanbic IBTC Bank, the domestic unit of Standard Bank Group Ltd have been fined a total of 614.3 million nairas by the Central Bank of Nigeria (CBN) for failing to comply with a regulatory order sanctioning clients from dealing in cryptocurrencies. The CBN sanctions have been put in place to aid in Nigeria’s fight against corruption.

Additionally, a customer from United Bank for Africa has been fined 100 million nairas, full-fledged commercial bank, Fidelity Bank Plc, has been fined 14.3 million nairas and Stanbic IBTC Bank has been fined 500 million nairas for two accounts that were allegedly used for crypto transactions. 

Wole Adeniyi, the CEO of Stanbic IBTC, indicated that the bank complied with the CBN regulations, but that sanctioned transactions may have gone undetected through its system. Adeniyi went on to say that the CBN was able to discover the relevant transactions thanks to improved capabilities, which prompted the bank to make the technology public.

However, this all remains surprising as the West African country is known for having one of the highest volume of crypto transactions in Africa (second to the United States of America on the global scale) and has the highest share of retail users conducting transactions under $10,000 according to Chainalysis.

Categories
Opinions

Crypto Use Is More Prevalent in Corrupt Countries, IMF Study Finds

Cryptocurrencies are becoming popular in nations that are regarded to be corrupt or have severe capital controls, according to a recent analysis by the International Monetary Fund, bolstering the case for stronger regulation of the industry.

According to the group, the analysis demonstrates why countries may want to compel intermediaries, such as digital currency exchanges, to follow know-your-customer processes, which are ID verification requirements aimed to combat fraud, money laundering, and terrorism financing. Some countries, such as the United States, have already implemented such controls.

Nations all over the world are debating the best method to regulate the $2 trillion cryptocurrency market, with levels of regulation differing widely from one jurisdiction to the next.

The findings suggest that crypto assets could be used to “transfer corruption proceeds or avoid capital regulations,” according to the organization, which did not name specific countries.

The IMF said it based its baseline data on bitcoin usage on information gathered in a survey done by Statista in Germany. There were 2,000 to 12,000 respondents from each of the 55 nations in the poll. In 2020, participants were asked if they owned or used digital assets.

The organization stated that its findings are important to pay attention to, but they should be interpreted with caution due to the limited sample size and unreliable data quality.

Categories
Social Good

Kenyan Photojournalist to be used as the Face of NFT

Mohamed Amin, a Kenyan photojournalist, best known for drawing the world’s attention with photographs of Ethiopia’s famine in 1984 which inspired the Live Aid concerts, is now to be used as the face of NFTs that will raise funds for archiving African cultural work and history. Five of his images will be used to raise $250,000 in startup funds.

“What we found out is that there are very few archivists in Africa,” said Salim Amin, the son of Mohamed, who died in 1996 after his plane was hijacked and crashed in the Indian Ocean.

“We are losing so much of our history because nobody is really interested in putting it together.”

Salim and the Kenyan organization that bears his father’s name are pioneering the idea, which includes collaboration with famed African NFT artist Osinachi, whose work has sold for hundreds of thousands of dollars. 

A non-fungible token, or NFT, is a one-of-a-kind item (typically digital art) that is registered on a blockchain.

Mohamed photographed the wars and coups that accompanied the rise and fall of numerous African governments, as well as the continent’s cultures, flora, and animals, over the course of his decades-long career. While he is best known for documenting the Ethiopian famine, he lost his arm in an explosion while photographing the country’s civil conflict in 1991. He also spent a lot of time in the Middle East, traveling and working there.



“Funding from the NFT will be used to both preserve African history and teach people around the continent how to archive,” Salim said.

The 51-year-old is also working on a Decentralized Autonomous Organization (DAO) called AfrofutureDAO with Andrew Berkowitz, a web3 entrepreneur who co-founded online platform Socialstack. According to Salim, a portion of the profits from the initiative will go toward preserving the continent’s historical antiquities.

There are valuable items around the continent – including in museums owned by families – that are not archived and risk getting lost, according to Salim. “They don’t know what to do with it. It is just sitting in a box in the basement. So, we are hoping after we finish ours, we can go out there, collect, digitize and monetize it.”

“My long-term goal is to make it available for educational use, that can be given free of charge to every school in Africa,” Salim said. 

Salim estimates that properly archiving his father’s work will cost around $3 million.

Categories
Business

Kenyan bag designer launches NFT inspired by Maasai woman

A number of Kenyans are joining the millennial billionaires in splashing their fortunes on digital art assets offered on blockchain-backed platforms. NFTs (Non-Fungible Tokens) are quickly becoming the most valuable digital art assets.

Kenyan artist and luxury leather bag designer Nthenya Mwendwa has also utilized the space and resorted to selling her digital works. Mistari, her Cardano NFT collection, was on show at Fibo, a Cardano NFT marketplace managed by Emurgo, a worldwide blockchain technology business.

The musician is one of a few Kenyans profiting off the global NFT craze, including world marathon record holder Eliud Kipchoge.

“My passion for telling stories about my beautiful heritage and showing that Africa can make luxury products that can compete on a global scale led me to tap into the NFT space,” said Nthenya.

“I wanted to share my stories and fashion in creative ways. And as an African designer who wants to share my African experience through my fashion, NFTs and soon the metaverse presents a unique and exciting way to let other people across the global experience the same and have ownership in that experience,” she said.

NFTs are non-replicable digital assets that are encoded on the blockchain and represent goods such as art, music, films, gaming items, and images.

Mistari’s Binti collection is made up of five different NFT artworks intended to represent the women who work in the value chain to manufacture her bags. It’s also a nice addition to the brand and the NFTs on the Fibo platform.

Each NFT will be unique, using fish leather, Maasai beading, or a combination of the two. She’ll also introduce one NFT at a time.

Artists and artists can use Cardano’s underlying digital currency, ADA, to transact their creative works on the public blockchain network.

Each NFT is being sold for 250ADA, which is equal to Sh30,897 as of Thursday’s exchange rate, but is subject to dollar currency valuation. The five will be sold for Sh154,485 each.

Nthenya is a member of Cardano NTFs fourth artist introduction cohort. The artwork is on show alongside NFT versions by artists from Australia, the United States, and India.

The collection, which is open to crypto aficionados all over the world, pays homage to her Kenyan heritage and the strong female lineage that distinguishes her artistic business, in which she has collaborated with women to produce the bags. The.Label.Saba’ is a leather bag designer brand she owns.

With an eye on the worldwide market, the bags are constructed from hair-on cowhide, Maasai beadwork, fish leather, and top grain leather.

The costs vary between $150 to $420. (Sh17,289 to Sh48,409).

She has been working in traditional bead-making with the Ushanga Association, which is operated by women from pastoral areas. She also works in a fish leather factory alongside women.

With the help of a graphic designer, the digital artwork has been in the works since December.

“I worked alongside a talented graphic designer to bring my vision for this collection to life. It has taken some time to get to this point but I am happy that we achieved the desired effect for the artwork, which I truly feel translates the brand’s message through the expression of my art,” she said.

To promote the expansion of her brand, she is now pursuing the NFT space.

“As the brand grows its presence in the real world, we want that the same growth is reflected in the NFT space and the metaverse,” she added.

Categories
Blockchain

What is Metaverse?

You could have heard about the metaverse before late 2021 if you pay attention to the tech, gaming, or crypto worlds. Even if you’re not involved in the tech/blockchain realms, chances are you’ve noticed a significant increase in “metaverse” talk since Facebook announced its high aspirations to develop the “metaverse”. Breaking down the metaverse might be quite challenging to nail down in a snippet. However, it’s the vision that the internet could be more immersive and all-encompassing, with Virtual Reality (VR) and Augmented Reality (AR) headsets likely to play a big role as online experiences and potentially replace some real-world activities.

According to JP Morgan, the metaverse represents a $1 trillion market, and a slew of corporations have expressed an interest in exploring the possibilities it has to offer.

What you need to know about the metaverse:

While there may be competing visions for how the metaverse will work, one thing appears to be consistent: it’s being viewed as the next major evolution of the Internet, moving away from today’s text-driven websites and often-closed ecosystems and toward shared, overlapping 3D spaces where users interact through avatars.

The metaverse, according to proponents, will be utilized for a variety of purposes, including socializing, events, gaming, commerce, and even work. The metaverse will not be a single website or platform, but rather a collection of online places that will allow you to transport your customisable avatars and assets from one virtual location to the next.

NFTs and blockchain technology could be used for this final component. Popular NFTs such as the Bored Ape Yacht Club and CryptoPunks may be turned into 3D avatars that owners could use in metaverse environments. These virtual assets can be sold, altered, and monetized, among other things.

The metaverse as a concept predates the current surge of interest in it. The term itself first appeared in Neal Stephenson’s iconic cyberpunk novel ‘Snow Crash’, Ernest Cline’s ‘Ready, Player One’. And then the Steven Spielberg-directed film adaptation, brought it to a wider audience.

How it works

You can own avatars, land, digital clothes, and other objects in the metaverse, and migrate them across platforms using your crypto wallet. For crypto businesses pushing the technology, interoperability is key: it’s not simply about being locked into a single platform from Facebook, Google, or any other tech giant.

Additionally, proponents of the metaverse believe it is opening up new economic opportunities for both users and creators, whether through play-to-earn video games (like Axie Infinity), creating content and items that others can buy as NFTs, or even designing games and places that users can explore and enjoy for a fee. A crypto-powered metaverse could help to democratize the Internet and provide major value to consumers instead of platform operators.

In Facebook’s vision of the metaverse, users can interact together in 3D spaces and have the ability to shift between different experiences. For example, you could share a room with other users and chat or play cards, and then pop out with a pal into a 3D surfing game. From there, you could hit an NFT art gallery, pop into a digital casino, or check out a live concert. And then you can get some alone time in your own personal, customizable home base.

Given that the metaverse is being marketed as a more immersive Internet, it’s no surprise that virtual reality and augmented reality glasses will be essential for experiencing the 3D worlds. The metaverse is described by Meta as an “embodied Internet,” enhanced not only by 3D graphics but also by a stronger sense of digital presence and interactivity. The metaverse, though, will not be limited to headsets. Anticipate it to appear on PCs and mobile devices as well.

Who is building the metaverse?

There are a lot of companies, supposedly investing and building the metaverse and the list keeps increasing over time. 

But it is not Facebook building experiences: it’ll likely be an array of companies and creators, large and small. The unifying element may be the use of a crypto wallet or similar functionality to log in to services and tap into your owned assets. Whether it’s equipping a 3D avatar, playing with in-game items, or loading up a personal location that you own as an NFT, you’ll want access to your own digital stuff no matter where you’re at.

In other words, the metaverse is not a single destination run by a single company or community. It’s expected to be more open than that, but all built on an interoperable, potentially blockchain-based framework that enables easy movement across places and spaces.

Apart from Facebook, Chinese tech and gaming giant Tencent has devoted a significant amount of resources to the metaverse, and Microsoft has stated that its planned acquisition of Activision is all about preparing for the metaverse.

Walmart and Disney, for example, have announced ambitions to expand their products into the metaverse, with Disney CEO Bob Chapek dubbing it “the next great storytelling frontier.” Others are more wary; Shuntaro Furukawa, president of gaming behemoth Nintendo, has remarked that while the metaverse has “huge potential,” the business has yet to have any clear plans.

Every realm, formerly Republic Realm, is also putting millions of dollars into valuable digital real estate, including buying a single Sandbox plot for $4.3 million, with hopes to construct premium metaverse attractions. Coinbase Ventures, Paris Hilton, and Nas were among the investors in a $60 million Series A fundraising round led by Andreessen Horowtiz in February 2022.

The Future

Facebook says its vision for the metaverse is potentially 5 to 10 years out. That’s a large gap, but it likewise reflects just how far off a lot of this is. It’s going to take years to build the infrastructure for the metaverse, not to mention establishing best practices, adding interoperability between platforms, and plenty more. VR is hardly mainstream, AR headsets aren’t ready for consumers, and your average home laptop or tablet today can’t handle heavily populated, super-polished 3D worlds with ease.

Nevertheless, there’s a potentially massive opportunity ahead. Bloomberg estimates that the metaverse market could be worth $800 billion by 2024. Grayscale and JP Morgan, on the other hand, see the metaverse as a potential $1 trillion market at some point in the future but haven’t specified when. Again, a lot about the metaverse is currently uncertain, but investors and startups see dollar signs ahead.

Conclusively, even if the broader vision of the metaverse is years out, we’re sure to see rapid, albeit gradual growth elsewhere in the months and years to come. It might be a long time before we’re really “living” in the metaverse, but it should be very interesting to see it take shape in the years to come. However, it is unclear how the metaverse will function or who will manage it, and the word has recently been adopted as a catch-all for a variety of forward-thinking tech, gaming, and NFT-related activities.