The Great Potential of Metaverse

Phemex took part in the World Blockchain Summit in Dubai, UAE, on October 13-14.

This event was attended by more than 1,500 experts from the world of blockchain, which made it especially memorable.

At this event, participants were able to:

• Establish cooperation with the largest crypto and blockchain companies;

• Meet like-minded people, opinion leaders, and leading investors;

• Improve their skills and learn about innovations.

At the meeting, Phemex CEO Jack Tao gave a presentation. He said that the current banking system is unequal and more friendly to richer players.

Having over a decade of wall street experience, he believed that users needed a more secure and stable platform for crypto trading. So in 2019, he and his Morgan Stanley colleagues launched their own platform - Phemex. At the moment, the company is in the top-10 of the world's largest crypto exchanges for derivatives trading.

It provides a secure, user-friendly interface and rock-bottom transaction fees for a variety of popular crypto pairs.

Jack Tao's Report On the World Blockchain Summit

Jack Tao shared his thoughts on the explosive trend in the crypto world - the Metaverse. The crypto space is changing and developing every day, and the Metaverse has caused stirred discussion among industry insiders.

Jack sees great potential in the concept.

The Metaverse has gained its wide popularity thanks to growing global interest in cryptocurrency. Jack noted: "The Metaverse represents a new way of interacting with the digital world, even more, exciting and disruptive than our current Internet. No one knows exactly what it will look like, but that's how it's meant to be. You see, the Metaverse is meant to be created by each participant, not by a central authority." 

In his opinion, the main driver for the development of this trend is NFTs (non-fungible tokens), which have also grown significantly.

Jack mentioned: 

"This year, we have witnessed massive growth, decline, and a new rise in the NFT market. An eloquent sign that NFTs will stay here forever is not that several NFTs have been sold for millions of dollars but that tens of thousands of NFTs have been sold for modest amounts. This demonstrates that digital collectibles are not only the playground of crypto-whales; they are spreading in the direction of mass distribution." 

Phemex predicts that in the long term, the digital sphere will offer a wide range of opportunities: "Powerful companies outside the crypto industry, such as Facebook and Epic Games, have begun to invest heavily in virtual reality, cloud games and other elements related to the Metaverse."

Phemex Supports the Metaverse

Phemex is primarily a cryptocurrency exchange that provides extensive opportunities to its users. Nevertheless, the company continues to develop and establish contacts related to the Metaverse.

In March this year, Phemex organized a major event dedicated to NFT. The result was the community-driven creation of a composite mural displaying QR codes of all participants for their Ethereum deposit addresses on Phemex. More than 1000 users were able to participate in this event. Later, after this NFT was registered and sold, the proceeds were distributed to each participant because the company takes care of its users.

Phemex is also responsible for listing coins related to the Metaverse on its platform.  Among them are:

• AXS. This is the main management token for Axie Infinity. Right now, this project probably embodies GameFi more than any other. 

• MANA is a native token of Decentralaland. In this game, participants can buy, own and manipulate NFTs representing the digital real estate. 

It is important to note that the company takes coin lists seriously in order to protect its customers from fraudulent protocols and assets.

Phemex is confident in the future of the GameFi model and follows an approach that supports systematic development. 

The company will continue to support the expansion of the Metaverse. Jack Tao stressed that "this is the most important gateway for newcomers to enter the crypto world."

Image Sourced from Pixabay