Avalanche (AVAX) announced yesterday that it was entering the Metaverse market with a $290 million investment in developer incentives. The announcement helped clarify Avalanche’s next steps for continued growth in the Metaverse market.
Will There Be Another Metaverse?
Avalanche has made a name for itself in the crypto market for its robust growth. Its recent announcement of goals to enter the Metaverse sector underscores its plans to continue on its robust growth trajectory. The blockchain network recently announced an incentive program through which it will spend up to $290 million to develop the Avalanche Multiverse.
Blockchain technology involves the use of subnets. According to the company’s statement, subnets will be a key area of focus in its plan to create a scalable blockchain technology aimed at app development. Subnets will reportedly make it easy and efficient for institutions to leverage the DeFi protocol, while also helping them with on-chain migration. CEO Stani Kulechov says:
Avalanche Subnets enable us to create an ideal environment for institutions to migrate on-chain and experience the power of DeFi protocols first-hand as users rather than just as investors.
Avalanche announced implementing Know Your Customer (KYC) integration in its subnet nodes. The platform is seen as an essential step toward the institutional adoption of cryptocurrencies. This integration will also help Avalanche foster the growth of a strong ecosystem.
Will Avalanche Multiverse Add Value to AVAX?
AVAX must be aware of the latest developments in subnetting. The development will add value to Avalanche as it provides utility for AVAX tokens. This will likely see AVAX tokens grow in the long run.
Affected by recent bearish market conditions, AVAX is trading at $49.17 after falling 7.08% in the last 24 hours and 10.39% over the previous 7 days. The price has been down 49% since its peak in April. Although AVAX is currently trading above the oversold zone, the price could still rise slightly.
AVAX has announced a new project, which means it will increase its activity in the coming months. Its development activity has already increased significantly since the beginning of the month, indicating an increase in activity from existing developers. The company’s market cap fell to its lowest level in 4 weeks yesterday.
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