Burgeoning Optimism In Metaverse Sector
The web3 business is expanding, and riding a momentum and greater enthusiasm is Bitcoin, the world’s largest cryptocurrency, which has breached $41,000 for the first time this year, to reach above $41,550. Gains in the broader market have helped boost prices of major metaverse tokens such as SAND, MANA, and AXS.
In the last seven days, the prices of Decentraland’s MANA and Sandbox’s SAND have risen 5.56% and 7.12%, respectively. AXS has also piqued the interest of investors, with its price rising 4.31% in the last 24 hours.
Clearly, there is a lot of investor interest in metaverse gaming tokens. Moreover, cities around the world are investing in metaverse infrastructure as influential figures such as Mark Zuckerberg remain enthusiastic and committed to build strong ecosystem.
The virtual world is also brimming with several potentials and use cases, especially in creating immersive experience. Many countries/cities has initiated pilot projects to bolster travel and tourism activity. This has triggered competition among various cities to create the replica in virtual world. According to a survey by ABI Research, the World Economic Forum has named Seoul, Dubai, and Santa Monica have emerged as the main cities in the developing metaverse industry. According to the estimate, approximately 700 communities worldwide will implement metaverse infrastructure by 2030.
Let’s understand what sets these cities apart from others in this field.
In Santa Monica, metaverse has mainly manifested through FlickPlay which is a social media app enabling users to enter the city virtually. FlickPlay promotes users to visit less-travelled locations, hence increasing economic activity and decreasing crime.
Now if we talk about Dubai, the city hopes to attract 1,000 enterprises in the blockchain and metaverse sectors, as well as over 40,000 Web3 specialists, during the next seven years. According to the WEF survey, more than half of Dubai users want to generate and monetize metaverse content.
And now, let’s talk about Seoul’s future metaverse plans.
Seoul’s metaverse expansion is government-supported, with the South Korean government pledging $180 million to the development of a national metaverse ecosystem. In its early stages, Metaverse Seoul provides an urban metaverse app for inhabitants to play games, discover attractions, and accomplish jobs. Future metaverse ideas for Seoul include connecting local enterprises with overseas investors and incorporating virtual and augmented reality into the city’s infrastructure.
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