The feds are coming for the metaverse — from Axie Infinity to Bored Apes

The feds are coming for the metaverse — from Axie Infinity to Bored Apes

The feds are coming for the metaverse — from Axie Infinity to Bored Apes By Cointelegraph

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Cryptocurrency 33 minutes ago (Sep 30, 2022 09:40PM ET)

The feds are coming for the metaverse — from Axie Infinity to Bored Apes

The metaverse is a futuristic iteration of the internet, featuring a digital economy and an immersive virtual environment alongside other interactive features. This relatively nascent space has gained so much traction in recent years that conservative estimates suggest that by 2024, its total valuation could top $800 billion. Meta (the parent body behind Facebook (NASDAQ:META) and Instagram), Google (NASDAQ:GOOGL), Microsoft (NASDAQ:MSFT), Nvidia (NASDAQ:NVDA), Nike (NYSE:NKE) and others have made Fortune-100-sized metaverse splashes.

But with great valuations comes great scrutiny from increasingly tech-savvy financial regulators. Unlike traditional tech products, which often spend years putting growth over revenue, some metaverse projects push questionable monetization schemes on their users prior to launching a live experience. Metaverse real estate is a prime example of this practice, with platforms like Big Time games selling land in their metaverse before opening up access to the game.

Number of active Axie Infinity users, Jan. 2021-Sept. 2022. Source: DappRadar

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The feds are coming for the metaverse — from Axie Infinity to Bored Apes

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