Altcoin News by Thebittimes.Com

A consultation paper dated October 2023 shares the Financial Services Commission (FSC) of East African country Mauritius started collecting feedback about the inclusion of metaverse within the financial services industry. Over the month of November, the FSC will gather public comments on the strategic developments and repercussions of what the country describes as the virtual realm of infinite possibilities. Addressing future orientations Some of the questions posed in the public consultation include inquiries about the anticipated impact of the metaverse on the financial services industry in the short and medium term, potential business opportunities for financial institutions, specific services not available in the physical world that users would like in the metaverse , strategies for enhancing collaboration between financial institutions and other sectors and perceived obstacles to widespread metaverse financial services adoption. You might also like: Maur...

The global metaverse market is projected to grow massively, reaching $322 billion by 2030, according to a report by ResearchAndMarkets. Massive growth potential  According to ResearchAndMarkets’ latest report, the metaverse market was valued at around $42.05 billion during the 2021 bull market. However, the report notes that this figure is expected to grow to $322 billion in the next seven years. The growth will happen due to the current increase in demand for immersive experiences, the rapidly growing blockchain gaming industry, and the continuous increase in blockchain adoption, ResearchAndMarkets suggests. Segmenting the metaverse market The global metaverse market is categorized based on type (mobile and desktop metaverses), technology (blockchain, virtual reality (VR), augmented reality (AR), and mixed reality), application (gaming, online shopping, content creation, social media, etc.), and region in the report.  You might also like: UAE economy ministry sets u...

Join Our Telegram channel to stay up to date on breaking news coverage Alibaba’s cloud division has developed Cloudverse, a platform that enables businesses to create their own metaverses, in partnership with Avalanche, a layer-1 blockchain platform. Introducing Cloudverse According to Avalanche , Cloudverse is a “one-stop, end-to-end solution” for businesses to customize, launch , and maintain their own metaverse space, which provides them with new ways for engaging their customers. In the collaboration, Alibaba Cloud is expected to provide scalable, highly efficient, and secure cloud infrastructure facilities, including computing, storage, database, networking, and intelligence operation platforms. On the other hand, Avalanche will provide the solutions for building the metaverse spaces seeing as all of Cloudverse’s elements including the wearables, digital land, and other digital assets will be built on the blockchain platform.  The partner...

The metaverse platform announced that users who own LAND within Decentraland can officially rent out the rights to the space through the digital marketplace. The metaverse platform Decentranland announced a new platform feature which allows its users who own virtual LAND to essentially become landlords. Owners can now officially rent out their property to other users on the platform for predefined periods of time. This allows users to earn passive income off of their metaverse assets.  Decentraland classifies LAND owners as accounts or wallet addresses which own the smart contract for LAND, whether it be “a Parcel, an Estate, or both." All LAND rentals are performed in (MANA), the native token of Decentraland and paid upfront in total. The platform gave examples of digital universities renting out land to build campuses or DJs renting space for a club or party. Similar to most rental contracts of physical properties, Decentraland landlords can not sell the land, nor can they ...