eToro taps into metaverse craze, rolls out portfolio

January 17, 2022 08:54 PM AEDT | By Aditi Saha
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  • The metaverse is a virtual world in which users can roam around as avatars and engage with other individuals in both economic and social ways.
  • Many large corporations are venturing into the metaverse as a result of the rapid advancement of technology.

A recent buzzword that has taken the global IT sector by storm and has become a macro-level goal for every global digital behemoth to work on is “the metaverse”, meaning "a universe beyond." The metaverse is a virtual world in which users can roam around as avatars and engage with other individuals in both economic and social ways.

Many large corporations are venturing into the metaverse as a result of rapid advancements in technology. The latest one to have hoppedon the metaverse bandwagon is eToro, a well-known social trading and investment platform.

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eToro’s metaverse entry

Seeking to tap into the latest metaverse frenzy, eToro has declared the introduction of MetaverseLife, a metaverse-themed smart portfolio. Its goal is to give investors long-term exposure to stocks, crypto assets and significant metaverse projects.

Moreover, it favours enabling platforms that will build these metaverses, like Roblox and Meta Platforms, as well as blockchain-based metaverse platforms, like Enjin, The Sandbox, and Decentraland or crypto assets.

In addition, eToro's MetaverseLife service provides a variety of long-term investing alternatives with no management costs. The initial investment begins at around US$500. Users can monitor the performance of their portfolios using the platform's analysis tools and charts. Users of eToro get access to over 60 portfolios.

Dani Brinker, the head of eToro's investment portfolios, said:

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Other companies that have joined the metaverse race:

  • Nike declared last year that it would launch Nikeland, a new virtual environment on Roblox's metaverse platform. Nikeland will have arenas, fields and stadiums modelled after the company's real-life headquarters, where gamers may engage in dozens of virtual games like dodgeball and tag. They could also dress up their avatars with the latest Nike apparel and sneakers, which they would purchase from a platform-based virtual store.
  • Facebook has been instrumental in promoting the concept of the metaverse in today's IT world. The social media titan has poured US$50 million into the safe construction of the metaverse. The corporation stated that it would collaborate with Seoul National University, Howard University, and the University of Hong Kong to study the ethics, equity, and safety of the metaverse.
  • Google intends to adopt a gentle approach, focusing on augmented reality to bridge the gap between the real and digital worlds.
  • In the metaverse, Microsoft focuses on virtual workplaces and working spaces. Clients can create long-term virtual places for their staff to communicate and operate in.
  • The Binance NFT Marketplace connects buyers and sellers of digital metaverse assets. Binance also has a liquid market for trading metaverse tokens.

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Last thoughts

The metaverse has taken the world by storm. With the growing popularity of the metaverse, more and more businesses are venturing into the metaverse. It seems the metaverse space will only become more crowded with time.

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