On Efinity, the group led by Enjin is attempting to establish the “foundation for the decentralized, cross-chain metaverse.”
Efinity is one of the first bidders in Polkadot’s parachain auction, promising to build a “cross-chain NFT superhighway” to support Web3.0 development.
Expansion of NFTs
“With NFTs rapidly expanding beyond art and games, we now have the opportunity to connect creators from all over the world in an open, decentralized, and collaborative metaverse,” Enjin Chief Technology Officer Witek Radomsky said.
Radomsky said their objective is to make NFTs accessible to everyone, and collaborating closely with their ecosystem partners helps them get closer to their goal.
“The companies do not require an in-house blockchain team to gamify their project with NFTs, and they will also avoid paying excessive gas fees on Ethereum,” Radomski added.
Hololoot and VRJam are two of the assembled participants who will support the decentralized metaverse’s visual aspects by providing augmented reality (AR) and virtual reality (VR) capability.
Additionally, Lost Relics, Age of Rust, Forest Knight, Dvision Network, Uniqly, Pluto Alliance, and SwissBorg have collaborated.
Enjin has established a $100 million fund to aid in the development of decentralized metaverse initiatives.
Since Facebook announced its rebranding as Meta, the metaverse has garnered significant attention. The tech behemoth is attempting to establish a firm foothold in the burgeoning sector.
Metaverse might be worth trillions
Matthew Ball, chief executive officer of Epyllion Venture Capital, estimates the metaverse economy might be worth $30 trillion in a decade.
According to Nvidia CEO Jensen Huang, the metaverse economy could reach $80 trillion in the future, surpassing the real world’s economy.
However, even in modern years, history has favored the smaller and more energetic rival. As Matthew Ball points out, the advent of the internet brought its own set of surprises.
“The consensus was that AT&T and AOL would dominate the internet era and that Microsoft’s advantages would continue, but none of that occurred,” he said.
While the metaverse’s future is uncertain, current blockchain metaverse projects are doing well.
Meanwhile, Decentraland (MANA) is up 59%, Decentral Games (DG) soared 24%, and The Sandbox (SAND) rallied 316% in the last 30 days.
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