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Two of the biggest Web3 beasts have joined hands in a deal that aims to enhance the metaverse experience.
OKX's investment arm, OKX Ventures, has invested in Animoca Brands' Web3 ecosystem Mocaverse. The partnership will see the pair co-build Mocaverse projects on OKX's newly announced zkEVM Layer-2 network, X1.
Mocaverse has served as a gateway for Web3 collaborations with the Animoca Bands ecosystem. Ubisoft, TON, and Pixels are among Mocaverse's partnerships. Animoca has over 400 portfolio companies and its partner network with over 700 million addressable users.
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Through the tie-up, OKX and Animoca plan to scale the global blockchain ecosystem. Mocaverse's 400 projects will have access to X1's dApps, leveraging OKX's 50 million user base. The move is in line with OKX's ambitions to grow the developer and builder community on X1.
The metaverse has had a rocky 2023, struggling to revive the hype it enjoyed in 2022. Speaking to Blockhead, Animoca Brands CEO Yat Siu said the metaverse needs to undergo some damage control.
"Digital property rights will solve issues related to digital colonialism, where individuals generate valuable data but don't own it," he said. "The true meaning of the metaverse is tied to the ownership angle, and we are already in a quasi-metaverse, although it's a feudal construction."
The value of the metaverse lies in digital property rights and data, Siu said. "It represents a new economic paradigm centred around stakeholder capitalism."
Cohan Chew
Siu also pointed out that NFTs are still integral to the metaverse. "We're still heavily focused on NFTs because we look at NFTs as digital property rights," Siu explained.
"We believe that's the foundation of all economies in terms of property rights, and therefore, the digital economy, including the open metaverse, would still depend on NFTs."
In August, monthly trading volumes hit their lowest in two years, with OpenSea Ethereum active users shrinking to just 126,000. But just as we were ready to write off NFTS, NFT volumes hit a 4-month high in November.
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