As the world prepares for the next level of internet experience driven by the Web 3.0 revolution, the biggest names in the digital technology space are positioning themselves to become leaders when the revolution begins. KuCoin Labs, owners of one of the biggest cryptocurrency exchanges in the world, has announced that it will invest $100 million into the development of the Metaverse.
KuCoin Labs announced the launch of the $100 million funds to support the Metaverse development. The fund will be used to develop projects that will implement the Metaverse and the cost of educating people about the Metaverse. This fund is the latest in a long list of 50 projects that KuCoin Labs has backed for the future.
Although Metaverse is in its early stages, more investors are providing financial backing for the different Metaverse projects that are being developed. More and more, the promise of a virtual world looks realistic. Several analysts have predicted that the Metaverse will take off in full swing within three years.
Into The Metaverse
Although the idea of a virtual world has been made popular by the movie industry, it was not until September this year that the world got a glimpse of what it could truly be. In September, Mark Zuckerberg, the CEO of Facebook Inc. (as it was then called), took to social media to give a live presentation of the virtual world.
In his presentation, Zuckerberg showed the possibilities of the Metaverse and then promised that his company, Meta (as it is now called), will dive into the Metaverse project. Although Zuckerberg made history with that presentation, the Metaverse has been a discussion for years now as developers merged ideas to create a virtual world.
The Impact On Cryptocurrencies
Following Zuckerberg’s presentation about the Metaverse, certain cryptocurrencies, AXS, MANA, and SAND experienced a spike in value. This gives a simple indication of what the future holds for the crypto industry. The KuCoin Metaverse Fund will position KuCoin as an early adopter of the Metaverse and lead to the appreciation of its native token, KCS. KuCoin is backing the Metaverse to develop and become an important world in the future.
KuCoin has announced that the $100 million funds will be used for projects that will advance the Metaverse. The projects will receive monetary support as well as corporate business support including partnership, branding, and marketing management. KuCoin also said that the funds will also focus on the emerging Metaverse markets in Africa and Latin America where cryptocurrency adoption is growing strongly.
KuCoin joins a growing list of big brands that are investing in the Metaverse. Earlier this month, another crypto company, Enjin, declared $100 million for Metaverse development on its platform. Before that, Sandbox had partnered with SoftBank to raise funds for creating a metaverse game. Popular celebrities such as Snoop Dogg have embraced the metaverse wholly and are pushing for its development. Snoop Dogg became the first celebrity to host a Metaverse concert in September this year.