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What is the Metaverse?

Updated: May 23, 2022

Technology is at its peak. With such an onset of digitalization in today’s world, every industry and every individual heavily relies on data and its visualisation. With Artificial Intelligence & Machine Learning, we are able to bring concepts such as Virtual Reality (AR) & Augmented Reality (AR) into action. No one would’ve thought such advanced technological concepts would be a part of our everyday lives - but it’s here, and Cros is building the infrastructure to support it.

The term ‘Metaverse’ can be traced back to Neil Stevenson and his dystopia cyberpunk novel, Snow Crash, which describes a virtual reality data room called The Matrix. Since then, various developments have marked the milestone on the road to the true Metaverse, an online virtual world that includes augmented reality, virtual reality, 3D holographic avatars, video, and other means of communication. The expansion of Metaverse will bring about surreal alternative worlds to exist virtually, and will bring with it explosive growth.

The global Metaverse market size is expected to grow to several trillion - and so the stage seems set for an expansion of the Metaverse as we move forward in 2022 and the years beyond - we are witnessing a web-based social transformation which is very exciting, and even life-changing. This evolution of the Metaverse could, and should, change our entire lifestyle, as it promises to permit a greater overlap of our digital and physical lives in wealth, socialization, productivity, shopping and entertainment.

The question is, who will introduce the realisation of the Metaverse into people’s lives? The world took notice when Facebook rebranded as Meta - the world’s hottest social media onboarding the Metaverse bandwagon is certainly an indication of what the big players think about the scope and potential of the Metaverse - and Meta openly mentions blockchain and NFT’s as technologies enabling this transition - from clothes to digital furniture to accessories, there will soon be a plethora of virtual commodities.

Gaming will also play an important role in the expansion of the Metaverse - and in-game economies will be elevated to new heights by the revelations that come with it. Decentraland and Sandbox are amongst the most prestigious names in the crypto-currency industry - and amongst Cros’ backers and partners. These pioneering projects are building the Metaverse, connecting diverse groups of users who own, interact, and transact with in game assets, such as land, wearables, and more.

It is these Metaverses, economies, and users to whom Cros will cater with the products and services that we are building as the infrastructure for the Metaverse. Our first product will make significant strides in setting the standards for the Metaverse and the way in which stakeholders of the Metaverse can earn from their assets. We call it “The Metaverse Ad Bidding Platform”. Through the Metaverse Ad Bidding Platform, advertisers will be connected with advertising opportunities on the Metaverse via Ad Bidding Auctions for virtual assets tied to virtual events (such as billboards, wearables, etc), where the supply of such assets is constrained spatially & temporally to the event in a Metaverse, such as Decentraland or Sandbox. This is an entirely new opportunity for advertising on the Metaverse, which will connect Metaverses with sponsors, advertisers with advertising opportunities, and asset owners with the ability to earn from the associated advertising revenue.

The Metaverse Ad Bidding Platform will act as a catalyst for adoption of the Metaverse - and is just the first of the ground-breaking products that we at Cros are introducing to elevate the play-to-earn economy to unprecedented heights. Cros is launching in 2022 to build the infrastructure for the Metaverse and set the standards for the worlds within it - and we welcome you to join this bright new future.

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