- Animoca Brands, a Blockchain gaming giant, is convinced that its latest partnership with Hex Trust, a metaverse startup, will be a huge metaverse breakthrough.
- The parent company of the Sandbox, with the support of digital wallets, that it is designing with Hex Trust, expects its user base to increase to a million, doubling its current currency users of half a million.
- Axie Infinity, an extremely popular game included under the Anomica Brands’ collection of games. The players of the game had earned up to $200 per day. They can make more money by trading in game assets like Axie, the digital-monster pet.
Animoca Brands, a Blockchain gaming giant, is confident that its latest collaboration with Hex Trust start-up, will result in a major metaverse breakthrough.
It aims to serve big players who plan to buy virtual property empires worth millions of dollars.
Animoca Brands And Hex Trust Collaborating On Digital Wallets, Aims To Grow User-Base
The Sandbox, which is acquired by Animoca Brands, is building an open metaverse that will assist users in creating their own virtual world and also earn some profit from it. The parent of the Sandbox, is expecting its users to grow to a million- double its currency user base of half a million, with the help of digital wallets.
The unicorn and Hong-Kong-based startup Hex Trust, have been working together to design virtual digital asset wallets and custodial services for high-net-worth clients since November.
Since cryptocurrency tycoons like American rapper Snoop Dogg and New World Development’s chief executive Adrian Cheng Chi-kong, have stepped into metaverse, more digital asset owners are attracted towards the network. They are leveraging the increasing stock of in-game assets such as virtual pavilions or VIP concert tickets minted in the form of non-fungible token (NFTs).
According to Chainalyis data, last year crypto-related crime hit an all time high, reaching US$14 billion, indicating that high-worth clients investing in expensive virtual land plots have a great portion of their digital wealth at stake.
Yat Siu, Chairperson and co-founder of Animoca Brands, explained that most crypto owners are fairly new in the crypto space and started investing just a year ago. They are yet not comfortable holding their digital assets in their own crypto wallet, a custodial platform would give them confidence to get on board.
Axie Infinity is among Anomica Brands’ portfolio of games. It is hugely popular and players have claimed to earn a daily income of US$200. Through trading in game-assets such as Axie, the digital-monster pet, they can earn even more.
In an overwhelming report, NFT’s “play-to-earn” has helped some Filipino students pay their school fees. While some individuals were able to bridge a gap in their income due to the pandemic.
This points out the amazing way the blockchain has given its users to capitalize on their digital assets by integrating NFTs, cryptocurrencies and Metaverse virtual worlds. In addition, it has also allowed tech firms to provide financial services along with their digital assets.
“Cryptocurrencies Only Way To A Decentralized Metaverse”
Cryptocurrencies are the only way through which a metaverse that aims to render individual ownership can exist else if it would be equivalent to Facebook’s centralized metaverse, notes Hex Trust’s chief executive, Alessio Quaglini.
He further added that the demand for Blockchain gamers, who earn through “play-to-earn” or “gamefi ”, arose because of platforms like Sandbox.
Hex Trust will be designing a digital wallet that will enable Sandbox’s users to transfer their NFTs across different blockchains.
Quaglini also pointed towards the fact that Hex Trust will be obliged to obey operational requirements and obtain security certifications imposed by regulators, as a regulated cryptocurrency-custodial service provider.
In case the original holder of NFTs dies, the firm can also assist with succession planning of digital assets facilitating the smooth transition to the next of kin.
Holders of NFTs built on the metaverse can use a digital wallet to make or receive payments, exchange the NFT for other cryptocurrencies, lend it out, or borrow money against their NFTs.
According to Siu, the blockchain allows individuals to possess digital assets and data, as it gives them rights that have long been controlled by the world’s big tech companies.
Sui said that all financial breakthroughs begin with our assets being owned privately and distributed . You can’t add value to assets you don’t already own, and that’s where the metaverse’s genuine value lies.