- Binance has plans to be the ray of sunshine for the metaverse as it subtly hints at its plans via a photo.
- The company’s plans are intricately tied to its NFTs and Initial Game Offerings.
- The metaverse has spiked in popularity with top brands leaping to get a piece of the pie.
The largest cryptocurrency exchange in the world wants to play a key role in the metaverse. So far, the exchange has been hard at work to fix the pieces of the complex puzzle.
Binance’s Metaverse Plan
Binance hinted at the plans to play an integral role in the metaverse after it shared a photo on Twitter. The photo depicted the metaverse with Binance’s logo rising behind the two mountains with the tag “our idea of sunrise in the metaverse.” Since posting the picture, it has received over 6K likes and multiple retweets from an excited community.
A closer look at Binance’s moves over the last 12 months indicates that the company is not merely building castles in the sand but is taking concrete steps to be a major player in the ecosystem. The strongest statement of intent comes in the form of the creation of the Binance NFT marketplace that has since become the largest centralized marketplace. The marketplace has since consolidated all the leading gaming projects to allow users to access them with relative ease. Binance has extensive plans to launch an “immersive NFT gallery virtual world” where users can see digital art in a novel approach.
NFTs are bound to play a major role in the metaverse and Binance seems to have understood this concept. The largest exchange has gone the extra mile to launch the first Initial Game Offering (IGO) to provide a direct link between metaverse gaming projects and the users. Since its launch, the platform has struck interesting partnerships, and data indicates that IGO drops regularly surpass $40 million monthly.
In early January, Binance.US announced its intent to build an office in the Portals metaverse. According to Portal’s head of community partnership Chris Lund, the move will “focus on delivering the latest news, charts, and events virtually.” Binance’s intentions indicate that it has no intent to play second fiddle as the competition stiffens. FTX, a cryptocurrency exchange has also struck a partnership with Portals.
The metaverse has risen in popularity over the last months largely as a result of Facebook’s rebrand to Meta. Since then, metaverse tokens like Decentraland’s MANA and Sandbox’s SAND have spiked in value into the leading cryptocurrencies by market capitalization.
Grayscale’s report goes bullish on the metaverse by predicting that it could be a $1 trillion opportunity and points out potential use cases for the new technology. The report noted that “this vision for the future state of the web has the potential to transform our social interactions, business dealings, and the internet economy at large.”
Aside from Facebook, top brands like Adidas and Nike are making a strong foray into the metaverse. Land plots in the metaverse have ballooned in price with the average price in Decentraland and Sandbox being $10,957 and $11,717 respectively.