Following the announcement that Facebook’s parent company would change its name in a shift to the Metaverse, many projects have started similar initiatives entering the virtual space, from buying properties to testing the limits of what this universe has to offer.
Virtual ball drop in NYE
Ethereum-based virtual reality world Decentraland announced Wednesday that a New Years Eve celebration would take place in the Metaverse. Grayscale’s owner, Digital Currency Group, partnered with real estate firm Jamestown to create a virtual One Times Square, the iconic New York City location where a giant ball descends on a flagpole and stops at the midnight to usher in the new year. The virtual event starting at 11:00 pm EST will feature a live stream of the actual Times Square, as well as crypto art galleries, games, and virtual gatherings.
“The metaverse is rapidly evolving to bring together the most interesting and attractive parts of our favorite physical places around the world.”said Simon Koster, director of real estate for Digital Currency Group. “This event highlights how virtual events can be cohesively integrated with real ones in an effort to bring once-in-a-lifetime experiences to so many who would never have been able to participate otherwise.”
A celebrity capitalizes on space
Reality TV star Paris Hilton has her own New Year’s Eve party plans involving the Metaverse, and these are (virtually) far from the hustle and bustle of Times Square. The Roblox gaming platform is home to a virtual island called Paris World, where the socialite will play an electronic set for virtual clients on December 31. Hilton, who has millions of followers on social media, can draw quite a bit of a virtual crowd.
It is unclear how many people will attend Metaverse events rather than celebrate the new year in person due to the increase in COVID-19 cases in the United States and around the world. Last week, New York City Mayor Bill de Blasio announced that NYE events in Times Square would be limited to 15,000 people (there are generally 58,000 attendees) and that everyone must wear masks and show proof of vaccination.
Exchange traded funds that focus on the metaverse
At least three companies in the United States and Canada have launched or plan to launch publicly traded products with exposure to firms related to the metaverse.
In November, Evolve Funds Group and Horizons ETFs Management listed their metaverse ETFs on the Toronto Stock Exchange, with the latter tracking the performance of the Solactive Metaverse Theme Index (SOMETAV). The index includes tech companies Apple and Nvidia, as well as social media giant Meta. Shares in the offering have fallen approximately 5% and 3%, respectively, since its launch on November 29.
In the United States, however, the first company to successfully launch an ETF with exposure to Bitcoin (BTC) futures has begun to delve into the metaverse. A Tuesday filing from the Securities and Exchange Commission shows that ProShares plans to launch an ETF focused on the metaverse that SOMETAV tracks. The SEC has yet to approve the offer.
Keep reading: