The Hedera Network, which bills itself as the “only public distributed ledger network fit for the security and stability requirements of large enterprises,” is attempting to capitalize on the cryptocurrency-fueled craze for virtual worlds by developing a “corporate metaverse.”
According to a Dec. 14 press release, the HBAR Foundation, which provides funding to developers on the Hedera Network, has struck a new relationship with MetaVRse, a web-based 3D creative platform, to assist the development of metaverse-related products.
The metaverse is a concept of digital worlds that mix elements of augmented and virtual reality, the internet, gaming, art, culture, and social networking – all of which are made possible by digital assets and dispersed networks. Non-fungible tokens (NFT) are important in the metaverse because they allow players to own their characters, in-game things, and virtual land.
The network is “owned and administered by the world’s leading corporations,” according to Hedera’s website, which includes Google, LG Electronics, and the Singapore bank DBS.
In a news statement, MetaVRse co-founder Alan Smithson stated, “The metaverse represents the future of human communication, collaboration, and trade.”
Performance of the HBAR token
According to a report from DappRadar, sales of virtual NFT land on metaverse projects such as Decentraland and The Sandbox totaled more than $100 million in the last week of November.
According to Nonfungible.com, NFT sales have totaled over $280 million in the last 30 days. In September, only $18 million was raised.
The rebranding of Facebook to Meta in November sparked a surge of interest in virtual worlds. The announcement propelled metaverse-related tokens to new highs and drew the attention of major financial institutions.
The native token of the Hedera Network, HBAR, has grown sevenfold in the last year. That outperforms Ethereum’s ether (ETH) cryptocurrency’s fivefold increase, but it lags significantly behind considerably higher gains for other projects, such as Polygon’s MATIC’s 104-fold increase.
The HBAR tokens now have a market capitalization of around $4.2 billion, after being eclipsed this year by metaverse-related initiatives such as Decentraland, whose MANA token has surged 35-fold to $5.5 billion.
Concerts and exhibitions in virtual reality
Builders may use MetaVrse’s no-code technology to create digital and interactive experiences. Its usage of the Hedera network allows the assets it develops to be owned and exchanged on the builder’s preferred marketplaces and platforms.
The Hedera ecosystem is fueled by the HBAR Foundation, which provides grants, marketing, and business development to developers, businesses, and organizations that use the Hedera Network. According to the foundation’s website, it has a $2.5 billion starting budget of 5.35 billion HBAR tokens.
The HBAR Foundation and MetaVRse cooperation was formed with the goal of expanding job options in the metaverse.
“Whether it’s a virtual show room showcasing tokenized versions of a new product line or NFTs allowing access to virtual concerts and galleries,” said Donald Thibeau, co-founder and chief strategy officer at HBAR Foundation, in an interview with CoinDesk.
Hedera is a public distributed ledger that uses a hashgraph technique to keep track of transactions. Distributed ledgers are used by developers to embed computational trust directly into their applications. According to a blog post by the project, Hedera focuses primarily on enterprise use and offers 10,000 transactions per second as well as low fees and consumption. The public network has executed over 1.75 billion transactions since its inception in 2018.