TL;DR
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The phrase “a new metaverse token is soon to be launched” doesn’t sound very exciting right now…But this launch has three key things that may just set it apart.
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While this isn’t the first metaverse token to exist, it is the first metaverse token built on the Bitcoin Ordinals protocol.
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While Animoca Brands and Darewise Entertainment (a subsidy of Animoca) have some advantages, right now it’s tough to get momentum for any brand new project in the Web3 space.
Full Story
The phrase “a new metaverse token is soon to be launched” doesn’t sound very exciting right now…
For one, metaverse tokens already exist – take ApeCoin for example, which was specifically designed for use within the ‘Otherside’ metaverse.
Plus, it seems many people just don’t really understand what ‘the metaverse’ is.
(Our definition is: “kind of like a 3D version of the internet, where 3D virtual spaces take the place of websites.”)
But this launch has three key things that may just set it apart.
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The news comes from Animoca Brands which has made a ton of investments in companies working on products for the metaverse.
If they can leverage their full ecosystem of portfolio companies, it may make this token valuable.
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While this isn’t the first metaverse token to exist, it is the first metaverse token built on the Bitcoin Ordinals protocol.
It’s unclear if this is simply a marketing tactic, or if there really are technical advantages to using the Ordinals protocol over, say, Ethereum. Ultimately, either should work and there are pros and cons for both.
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You know how we mentioned ApeCoin up above? It was 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.
Having a team of people who have been through a launch like this before is useful and it will be interesting to see what they do the same, and what they do differently this time around.
Here’s our take:
While Animoca Brands and Darewise Entertainment (a subsidy of Animoca) have some advantages, right now it’s tough to get momentum for any brand new project in the Web3 space.
The market forces are strong, but that doesn’t mean we’re not stoked to see the continued innovation.
Will it work? Who knows.
Would we love to see it work? Absolutely.
