coinculture.com
Warner Music Group (WMG) has announced that it plans to host a virtual concert featuring some of its best-selling artists within the metaverse. The music label has partnered with The Sandbox, an upcoming Ethereum game. The plan is to open a music-themed space within the online game from which the music label will host their virtual concert.
Although the technology is still considered ‘a work-in-progress’, the virtual universe is expected to revolutionise how digital interaction occurs. When the metaverse will be fully functional, it will be a virtual world in which users can meet, interact, play games, watch movies, and even buy items (virtual of course) in the form of avatars.
Why you should keep an eye on Metaverse
As metaverse continues to develop and grow in popularity, the power of non-fungible tokens (NFTs) becomes more apparent. They have enhanced the ability of users to own virtual assets. For example, gamers use them to own items within one game which can be developed and transferred to other games. When the metaverse is fully developed, users will be able to use NFTs to own digital assets such as virtual properties in the metaverse.
Spaces such as Decentraland and Upland are great examples of this. Both of these spaces allow you to own digital property just as you would in the physical world. Decentraland is currently one of the most popular functional multiverses. Users can tour the virtual world with an avatar and purchase property using cryptocurrencies. For example, Samsung recently purchased land in Decentraland in order to enter the metaverse. This, so far, is the biggest land takeovers in the virtual world’s history.
There are already several other major brands that have established their presence in metaverse. Facebook for example, recently rebranded to Meta and entered the metaverse causing a surge in demand for tokens related to the virtual world. While many still speculate over the real intentions of the social media giant is making the move, the fact remains that crypto-assets soared in value as a result of Facebook’s entry into the metaverse. Tokens such as Sandbox (SAND) and Decentraland (MANA) soared in value thereafter after investors purchased virtual land worth more than $100 million.
metaverse certainly is worth looking out for as Warner Music and other big-name brands begin to take interest in the virtual world. With the development of this virtual space, virtual reality is no longer something only gamers are interested in. Even regular folk are taking interest in projects within the virtual space and investing heavily to reap the benefits. The entry of large multinationals into the space shows that it is certainly worth watching. The metaverse will probably be the next big thing in the crypto sphere.