TL; DR
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The phrase “a new metaverse token is launching soon” doesn’t sound very exciting right now… But this launch has three major things going for it that be able to just take it apart.
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While this is not the first metaverse sign of existence, it is the first metaverse token built on the Bitcoin Ordinals protocol.
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While Animoca Brands and Darewise Entertainment (a grant from Animoca) have some advantages, it’s difficult to gain momentum for a brand new project in the Web3 space at this point.
Full story
The phrase “a new metaverse token will be launched soon” doesn’t sound very exciting right now…
Firstly, metaverse tokens already exist – take ApeCoin for example, which is specifically designed for use within the ‘Otherside’ metaverse.
Plus, it seems like a lot of people just don’t really understand what “the metaverse” is.
(Our definition is: “a kind of 3D version of the Internet, where 3D virtual spaces take the place of websites.”)
But this launch does three important things be able to just take it apart.
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The news comes from Animoca Brands, which is a tons of investments in companies working on products for the metaverse.
If they can leverage their entire ecosystem of portfolio companies, they will be able to make this token valuable.
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While this is not the first metaverse sign of existence, it is the first metaverse token built on the Bitcoin Ordinals protocol.
It is unclear whether this is simply a marketing tactic, or whether there are real technical advantages to using the Ordinals protocol over, for example, Ethereum. Ultimately, both should work and there are pros and cons to both.
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Do you know what we mentioned ApeCoin above? It launched in May 2022 and the company that helped develop the smart contract and token strategy for it, Horizen Labs, is back to help with the launch of this one too.
It’s helpful to have a team of people who have been through a launch like this before and it will be interesting to see what they do the same, and what they do differently this time.
This is our opinion:
While Animoca Brands and Darewise Entertainment (a grant from Animoca) have some advantages, it’s difficult to gain momentum for a brand new project in the Web3 space at this point.
Market forces are strong, but that doesn’t mean we’re not happy with the continued innovation.
Will it work? Who knows.
Would we like to see it work? Absolute.