SA Firms To Explore The Metaverse – This year, the non-fungible tokens (NFT) and Metaverse markets in South Africa are projected to grow in popularity as a growing number of local businesses experiment with immersive technologies to boost revenue and operational efficiency.
Metaverse, dubbed the “next evolution of social connection,” is a virtual reality (VR) place where people from all over the world can engage with virtual beings in a computer-generated environment.
Last year, when Facebook founder Mark Zuckerberg invested his resources on the Metaverse approach as the next big thing in social media technology, and subsequently changed Facebook’s name to Meta as an amazing rebrand tactic, the Metaverse entered the public mainstream.
Many companies, including Snapchat owner Snap, Microsoft, Tencent, Google, and Binance, have joined the metaverse “gold rush” and are experimenting with the new technology.
Adidas, Nike, Samsung, and Sony are among the other large businesses that have shifted to prepare for the metaverse’s impending explosion.
Tyrone Rubin, CEO and creator of MetaLabsAfrica, which helps African brands build and explore VR and augmented reality experiences in the metaverse, says, “NFTs and the metaverse are likely to be common, particularly in the local art and entertainment industries.”
By 2022, many media agencies, artists, and marketers will see the value that these technologies can unlock and will create ecosystems around them.
Local organizations from many industries will investigate various parts of the metaverse over time, which has become an interesting environment that encouraged us to start our company.”
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SA Firms To Explore The Metaverse – Cashing In On NFTs
An NFT is a highly secured file that verifies ownership and is kept on the blockchain system, with each NFT representing a unique digital property and thus being non-interchangeable.
In recent months, NFTs have exploded in popularity around the world, with expensive goods like real estate, digital artwork, and music being ‘tokenized’ and sold online at extravagant prices, resulting in a massive increase in shares of firms tied to NFTs.
According to Rubin, South African corporations are becoming increasingly interested in the blockchain-based cryptography trend, which will be integrated into their metaverse strategy.
Several breakthroughs occurred in South Africa last year, with companies like as Worldart, a Cape Town-based art gallery, and Invictus Capital, a digital asset company, releasing NFT-based art collections.
“In the metaverse, wherein users must purchase an NFT avatar, NFTs are becoming increasingly important. Massive gains are already being seen in the gaming sector, such as in Axie Infinity, an NFT-based online game where players compete for money.
“Cryptocurrency will play an increasingly essential role in this arena, as firms and individuals will utilize it to buy NFTs or Bitcoin.” So whatever you buy in the metarverse will be 90% crypto and the rest will be credit/debit card,” Rubin explains.