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Huobi launches $100M campaign to support metaverse development

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Huobi launches $100M campaign to support metaverse development

Investments make a splash in the metaverse, the latest one to launch a multi-million dollar worth campaign is Huobi.

Prominent cryptocurrency exchange Huobi has announced the launch of its Lunar New Year campaign that focuses on the development of metaverse. Worth a staggering $100 million, the campaign is called Prime Fest: Tiger Year which will focus on pushing users to explore future possibilities in the metaverse, that encompasses an expansive network of virtual worlds including areas of augmented reality (AI), virtual reality (VI), 3D holographic avatars, etc.

Huobi’s $100M Metaverse Exploration

Huobi launches $100M campaign to support metaverse development

According to the official press release, Huobi’s new initiative of $100 million consists of prizes and rewards, that include access to new metaverse token listings under Primelist. As part of the campaign, the digital asset exchange plans to invite users for the registration of DIDs (decentralized identifiers), or personalized virtual identities in the metaverse. These participants will be eligible to win unique tiger-themed NFT avatars. 

As designed by Huobi, the DIDs will serve as users’ entry points into the metaverse. These identifiers will offer the users with an access point between Web2 and Web3. Huobi’s NFT platform had earlier rolled out its very own DIDs last year to provide select users access to exclusive NFT releases, airdrops, and other unique advantages.

Underscoring the importance of crypto experience in the metaverse, Huobi Co-founder Du Jun noted,

“Our emphasis on the metaverse reflects our intentions to provide a more fun and unique crypto experience. We’re not just another spot trading exchange. We pride ourselves on our diverse set of products and services, and the promotions we run are designed to gamify the trading experience and make it more fun.”

Huobi launches $100M campaign to support metaverse development

The metaverse opportunity

Investments in this sector has intensified last year, a trend that appears to have remained firm beyond the initial hype. Huobi had also jumped the metaverse by supporting GameFi and related projects through several investments and token listings. The cryptocurrency exchange had announced the release of a $10 million fund to back budding GameFi initiatives in September 2021. So far, the fund has poured capital in a Vietnam-based Zuki Moba and GameFi project leveraging “Play to Earn” model, Project SEED.

Still an abstract concept to many, the metaverse represents a market opportunity that is around a whopping $1 trillion market, as revealed by world’s largest asset manager, Grayscale. The bustling new frontier is the metaverse property. Metaverse real estate is on an expansion and several high profile companies have raked in their own share of lands on well-known platforms such as Decentraland, The Sandbox, etc.

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