Simon is the crypto analyst at eToro, a social trading platform that offers investing in both stocks and cryptocurrencies.
“The pandemic and associated lockdown measures have turbo-charged the transition to this technology as we close out 2021. However, as the ultimate frontier between the real and virtual worlds, the metaverse represents the most likely evolution of the internet in the coming years.
From Facebook to Meta, from Square to Block, fresh batches of tech titans are taking bets on the future of digital assets. First coined by Neal Stephenson’s 1992 novels The Virtual Samurai and Snow Crash, the metaverse refers to a virtual world where users can move around as avatars, interact socially and economically, with other people.
Mark Zuckerberg’s latest initiative could be the catalyst of widespread, mainstream adoption of decentralized metaverse platforms such as Decentraland and The Sandbox, who have already seen extraordinary gains in the last few weeks with their respective tokens, (MANA, the token used on Decentrand is up over 400% in the last five weeks).
Additionally, Fidelity Investments recently became the latest asset manager to announce plans to launch a Bitcoin exchange-traded fund (ETF) on the Toronto Stock Exchange. However, following positive net inflows into Bitcoin from institutional investors, the Fidelity Advantage Bitcoin ETF (FBTC) will look to invest in the underlying asset of Bitcoin, or spot. This new fund, which some have dubbed the ‘holy grail’ of Bitcoin ETFs, if approved, could encourage a new wave of…