Why is Binance hooked on to Metaverse?

3 min read | January 10, 2022 09:02 AM EST | By Manu Shankar

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Why is Binance hooked on to Metaverse? — Image source: © Tanaonte | Megapixl

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Highlights

US is looking to build its own unique space on Solana blockchain enables metaverse platform Portals.

Binance is building the space with an aim to deliver not just charts, but also offer latest news and various events.

Crypto exchange FTX too is setting up a virtual space on Portals.

Binance.US is the latest one to catch the Metaverse bug. The world’s leading exchange is planning to cash in on the wave of companies building their virtual stores, offices, etc. Binance.US is looking to build its own unique space on Solana blockchain enables metaverse platform Portals.

Binance joins the list of other prominent companies such as Nike, Samsung etc. to join the metaverse bandwagon. Confirming the development, Chris Lund, Portals, head of community and partnerships, said that Binance is building the space with an aim to deliver not just charts, but also offer the latest news and various events. The company feels that it is building this virtual space in order to create a gathering place for its users.

Also read: How high will ACH token go following Binance listing?

The Metaverse platform

As a metaverse platform, Portals is a place where users can manoeuvre between various interactive rooms and offices. Portals is powered by the Solana blockchain and already has some of the big names of the industry on its platform.

Another exchange that will be joining Binance is FTX. Besides the two exchanges, Solana-based projects such as Bonafide, Raydium already have their offices on their platform. The metaverse craze has been on a high ever-since Facebook rebranded itself as Meta.

Also read: Is UK edging closer to crypto regulation?

In fact, Samsung and Nike already have stores set up on the metaverse. The South Korean tech giant couple of days back opened its Samsung 837X store on Decentraland platform. The virtual office has been opened with an aim to enhance customer interaction, ensuring they get the best service even during the pandemic period.

Also read: Can crypto insurance become a reality soon?

Similarly, one of the first companies to enter the Metaverse is Nike. Nike’s Nikeland allows the players to create digitised avatar with special Nike products on Roblox platform.

Conclusion

The metaverse does seem to have got everyone by the tender hooks and will definitely be the future of cryptos going forward. Backed by leading brands and blockchain companies, the games, music, virtual land, you name it, and you have everything on the metaverse today. With several metaverse projects expected to come up in 2022, this could well be the year when metaverse reaches new heights.

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