, an animated, metaverse play-to-earn blockchain game, was sold for $2.5m. This came a few days after an estate of 116 virtual land parcels fetched $3.2m in the Decentraland metaverse. Also last December, multinational Softbank invested $92m in The Sandbox, another virtual reality platform. While these terms may seem foreign to traditional investors, the sheer magnitude of these transactions should be a calling card to take note.
While a few years back this space was dominated by tech-savvy cyber elites, mainstream backers have now entered the fray. In October 2021 Facebook announced its corporate name change to Meta to signal an increasing focus on the sector. These environments have surged in popularity in 2021 as the pandemic caused people to spend more time online, with an estimated 100-million users worldwide engaging with these platforms.
Notably, the Commonwealth Bank of Australia, which partnered with the initiative to launch the first crypto trading services offered by a big four Australian bank, also backed the round.company is embracing a decentralised path with plans to develop Gemini experiences across multiple metaverses. Their portfolio is held by the Gemini Frontier Fund.
Back home Africarare, Africa’s first metaverse, recently concluded an agreement with artist Norman Catherine to develop a bespoke collection of 3D Avatars that players can invest in and inhabit to experience the platform in virtual reality. The platform will shortly be launching the $UBU token through which Ubuntuland can be bought, built on and traded.
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