Hodl Ninjas
  • News
  • Markets
  • Guides
  • NFTs
  • Defi
  • Exchanges
  • Subscribe
Search
bitcoin
Bitcoin (BTC) $ 27,243.30
ethereum
Ethereum (ETH) $ 1,907.12
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 307.36
usd-coin
USD Coin (USDC) $ 1.00
xrp
XRP (XRP) $ 0.526787
staked-ether
Lido Staked Ether (STETH) $ 1,905.85
cardano
Cardano (ADA) $ 0.381115
dogecoin
Dogecoin (DOGE) $ 0.072867
solana
Solana (SOL) $ 21.95
matic-network
Polygon (MATIC) $ 0.902253
tron
TRON (TRX) $ 0.081625
litecoin
Litecoin (LTC) $ 96.11
polkadot
Polkadot (DOT) $ 5.36
binance-usd
Binance USD (BUSD) $ 1.00
shiba-inu
Shiba Inu (SHIB) $ 0.000009
avalanche-2
Avalanche (AVAX) $ 14.75
dai
Dai (DAI) $ 0.99996
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 27,263.30
uniswap
Uniswap (UNI) $ 5.11
chainlink
Chainlink (LINK) $ 6.51
leo-token
LEO Token (LEO) $ 3.60
cosmos
Cosmos Hub (ATOM) $ 10.82
okb
OKB (OKB) $ 46.00
monero
Monero (XMR) $ 149.75
ethereum-classic
Ethereum Classic (ETC) $ 18.22
the-open-network
Toncoin (TON) $ 1.74
stellar
Stellar (XLM) $ 0.092486
bitcoin-cash
Bitcoin Cash (BCH) $ 116.72
internet-computer
Internet Computer (ICP) $ 4.85
filecoin
Filecoin (FIL) $ 4.85
true-usd
TrueUSD (TUSD) $ 1.00
lido-dao
Lido DAO (LDO) $ 2.30
aptos
Aptos (APT) $ 9.22
quant-network
Quant (QNT) $ 116.80
hedera-hashgraph
Hedera (HBAR) $ 0.0509
crypto-com-chain
Cronos (CRO) $ 0.061945
arbitrum
Arbitrum (ARB) $ 1.23
near
NEAR Protocol (NEAR) $ 1.65
vechain
VeChain (VET) $ 0.020032
apecoin
ApeCoin (APE) $ 3.16
the-graph
The Graph (GRT) $ 0.128718
algorand
Algorand (ALGO) $ 0.153097
the-sandbox
The Sandbox (SAND) $ 0.580988
eos
EOS (EOS) $ 0.918614
paxos-standard
Pax Dollar (USDP) $ 1.00
frax
Frax (FRAX) $ 0.999874
render-token
Render (RNDR) $ 2.72
elrond-erd-2
MultiversX (EGLD) $ 39.00
optimism
Optimism (OP) $ 1.50
Hodl Ninjas
  • News
  • Markets
  • Guides
  • NFTs
  • Defi
  • Exchanges
  • Subscribe
Search
Hodl Ninjas
Home Metaverse

Asian Titan Alibaba Enters Metaverse

Is It Dead or Alive?

Ryan Tinh by Ryan Tinh
May 9, 2023
in Metaverse, News
0
Asian Titan Alibaba Enters Metaverse

Learn how Alibaba is shaking up the Metaverse!

Share on FacebookShare on Twitter

Just as Facebook begins shuttering its doors on its metaverse division to focus on A.I., Asian conglomerate Alibaba is taking another swing at the metaverse. In a move that will cost the company millions, we may be all wrong about Meta in the first place.

The cloud division of Chinese tech behemoth Alibaba (BABA) built the launchpad for businesses to deploy metaverses on the Avalanche blockchain.

What’s So Special About Cloudverse?

Named Cloudverse, the launchpad is designed to provide an end-to-end platform for companies to customize and maintain their metaverse spaces to try and find new ways of engaging with their customers.

According to an emailed announcement on Thursday, Avalanche will provide the technology for building the metaverse spaces, while Alibaba Cloud will provide the computing and storage.

We may see a re-emergence of Avalanche and the tech underlying the metaverse.

The partnership is Alibaba’s second such tie-up with a blockchain network in less than a month, following its agreement with Mysten Labs, developer of the Sui Layer 1 blockchain, to provide node services for validators on the network’s test net.

Avalanche’s native token AVAX was little affected by the initial announcement of the news, rising less than 1% from $16.86 to $16.98 as of 15:20 UTC.

Why is Alibaba Investing in Avalanche?

Avalanche (AVAX) is one of the fastest-growing blockchains in the world. It’s designed to support developers building decentralized applications and looks to solve the blockchain trilemma: finding the perfect balance between scaling, decentralization, and security.

Avalanche (XVAX) uses a consensus protocol to provide low latency, high throughput, and industry-leading security and has become the third-largest blockchain with over 500 apps using Avalanche (AVAX) for their foundation.

Given its success, Avalanche (AVAX) has received over half a billion from several funding rounds, having raised over $350 million during its latest funding round in April 2022.

As of April 2023, Avalanche (AVAX) has a market cap of $5.86 billion, with one Avalanche (AVAX) token priced at $17.94. Having already shown its potential in 2023, some analysts believe that it could become one of the top-performing cryptocurrencies in 2023.

How do the Avalanche project and Alibaba meet in the middle?

The partnership will provide Alibaba’s clients with a launchpad, Cloudverse, to help businesses customize, launch and maintain their metaverse spaces on Avalanche’s blockchain.

There’s also a third partner, MUA DAO, which is the service layer that will help implement the integration and customization for metaverses, John Wu, president of Ava Labs, told TechCrunch. “For [Alibaba Cloud], their partners are asking to be a part of web3,” Wu said. “So we will be dedicating resources to make it easy for them to make their own SDKs on top of ours.”

Avalanche has subnets, short for “subnetworks,” which are a set of nodes (or validators) that can be built on top of the blockchain. Subnets are application-specific blockchains that can be customized to fit one’s needs on top of a blockchain.

Will Metaverses Explode Now?

This infrastructure will also help create customizable blockchain solutions through the Cloudverse. The ability to launch metaverses quickly and easily could open doors for enterprises that don’t have the time or resources to launch these platforms but want exposure to the space.

“You and I can create a metaverse right now. Within 15 minutes, the chain is up; within hours, the wallet is up, and the turnkey is up,” Emin Gün Sirer, the founder and CEO of Ava Labs, said. The technology has been made “very easy,” and all of the tools are open source.

ShareTweetPin
Previous Post

Will the Fed Raise Interest Rates Again This Week?

Next Post

Remember Wall Street Bets?

Ryan Tinh

Ryan Tinh

Ryan Trinh is a freelance copywriter and content writer located in Los Angeles, California. He is a 2021 UCLA graduate with an English major. He covers the latest crypto headlines for Hodl Ninjas.

Related Articles

Bittrex Officially Files for Bankruptcy
Exchanges

Bittrex Officially Files for Bankruptcy

May 18, 2023
ChatGPT Founder's WorldCoin Becomes Fastest Growing Wallet
Blockchain

ChatGPT Founder’s WorldCoin Becomes Fastest Growing Wallet

May 17, 2023
Binance Suspends Withdrawals
Exchanges

Binance Suspends Withdrawals

May 15, 2023
Founder of Twitter Jack Dorsey Donates $10 Million
Markets

Founder of Twitter Jack Dorsey Donates $10 Million

May 12, 2023
Next Post
Remember Wall Street Bets

Remember Wall Street Bets?

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Trending Articles

  • High Growth NFT Categories for 2022

    What NFT Categories are Set to Go Ape in 2022?

    0 shares
    Share 0 Tweet 0
bitcoinBitcoin
$ 27,243.30
$ 27,243.30
0.24%
ethereumEthereum
$ 1,907.12
$ 1,907.12
0.18%
tetherTether
$ 1.00
$ 1.00
0.02%
solanaSolana
$ 21.95
$ 21.95
3.73%
cardanoCardano
$ 0.381115
$ 0.381115
1.16%
polkadotPolkadot
$ 5.36
$ 5.36
1.23%

Become a Hodl Ninja.

Stay on top of market trends, find exciting new projects, hold on for dear life.

johnsmith@example.com
© 2021 Hodl Ninjas – A BettorView Brand.
No Result
View All Result
  • News
  • Markets
  • Guides
  • NFTs
  • Defi
  • Exchanges
  • Subscribe

© 2021 Hodl Ninjas - A BettorView Brand.

Search
$ USD
  • $ USD
  • € EUR
  • ₹ INR
0
Previous 25
Next 25
#CoinPriceMarketcapVolume (24h)SupplyChange (24H)Price Graph (7D)
Previous 25
Next 25
Subscribe to Hodl Ninjas

Get the latest news in crypto and be the first to hear about exciting new projects.

Enter your email address

No thanks, I’m not interested.