Following the announcement that Facebook's parent company would rebrand In a shift towards the Metaverse, many projects have started similar initiatives entering the virtual space, from buying a property to testing the limits of what this universe has to offer.
Virtual ball drop in NYE
Ethereum-based virtual reality world Decentraland announced on Wednesday that a New Years Eve celebration would take place in the Metaverse. The owner of the Grayscale Digital Currency Group has associated with Jamestown real estate firm to create a virtual One Times Square, New York City's iconic location where a giant ball descends on a flagpole and stops at 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."
The celebrity capitalizes on the 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 NYE events in Times Square would be limited to 15,000 people (there are generally 58,000 attendees) and everyone must wear masks and show proof of vaccination.
Exchange Traded Funds Going Meta
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 its metaverse ETFs on the Toronto Stock Exchange, with the latest follow-up the performance of the Solactive Metaverse Topic 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.
Related: Baidu metaverse app would take 6 years to fully launch, says vice president
In the United States, however, the first company in successfully launch an ETF with exposure to BitcoinBTC) Futures has begun to delve into the metaverse. A Tuesday presentation from the Securities and Exchange Commission shows ProShares plans to launch a metaverse-focused ETF follow-up of SOMETAV. The SEC has yet to approve the offer.
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