Metaverse Magic: Rising Optimism & Market Gains
Let’s start by exploring the recent wave of optimism sweeping across the metaverse sector. With Donald Trump’s recent election victory in the U.S., there’s a renewed sense of enthusiasm in crypto markets. This upbeat sentiment has been especially notable in the metaverse, where key tokens are seeing impressive gains on the back of Bitcoin setting all-time highs one after another.
Currently, the metaverse market holds a cumulative capitalization of over $9 billion, and over the past week, we have seen a shift to positive growth. Metaverse tokens have surged, with Floki Inu rising by up to 37%, Decentraland’s MANA up over 16%, Sandbox’s SAND up to 14%, while other tokens such as Axie Infinity’s AXS and Illuvium’s ILV showed notable gains in the past seven days.
Many investors see this as a boost for innovation, which could support wider adoption of metaverse platforms in the coming months. And now let’s delve into recent updates from the metaverse sector.
A recent report by S&P Global Market Intelligence and Siemens reveals that 81% of industrial companies worldwide are using, testing, or planning to adopt metaverse technologies. Conducted across seven countries and 16 industries, the survey found that almost two-thirds are applying these tools to enhance product development, operations, workforce, and supply chains.
Many firms are investing in digital twins, industrial AI, and IoT, with plans to integrate them within three years. Spending is also on the rise, with 62% of global companies increasing their budgets in 2024 with nearly 30% investing over $10 million annually.
Well, The use cases of metaverse technology are on the rise….
Dubai’s Roads and Transport Authority has introduced a pioneering metaverse-based crisis management drill for its rail network, using digital twin technology. This immersive exercise, the first of its kind in the region, allows stakeholders to simulate emergency responses in a secure virtual environment. Key participants included Dubai Police, Civil Defence, and other government entities, enabling enhanced coordination across agencies. The drill bolsters crisis response and safety protocols, setting a new global standard in smart city safety.
Talking about the movement of money in the sector….
Animoca Brands has secured an additional $10 million in funding for Mocaverse, its open metaverse platform. Key investors include OKX Ventures, CMCC Global, and HongShan . The new funds aim to expand Mocaverse’s infrastructure for crypto and Web3 adoption. Well, Mocaverse aims to accelerate its operations and drive forward the development of decentralized digital property rights.
And now… let me share an interesting development with you all.
Electronic music star Deadmau5 has released a full-length virtual concert film in collaboration with metaverse platform Soundscape. Initially performed as a VR concert series, the hour-long film is set in a vibrant, otherworldly forest with Deadmau5’s avatar surrounded by mesmerising visuals. The setlist includes both new and classic tracks, creating an immersive audio-visual experience.
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