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JPMorgan predicts China’s metaverse game sales at $100 billion

JPMorgan_predicts_China's_metaverse_game_sales_at_$100_billion

JPMorgan predicts China’s metaverse game sales at $100 billion

Analysts at JPMorgan say that metaverse games are about to become very popular in China. Institutions that want to get into this new market have looked into the metaverse and the market that has grown out of this new industry trend. Even though it’s a market with a loose structure and few rules, some people think it has real growth potential. Analysts at JPMorgan think that this sector is likely to explode in China, even though the country’s current crypto laws aren’t very flexible.

JPMorgan has figured out which industries would benefit the most from a growth in China’s manufacturing sector. Tencent, a group of companies that offers online games and AI services, and Netease, another huge gaming company in the country, are two of them. JPMorgan also talks about two other companies: Agora and China Mobile.

The suggestions are based on how well these companies are doing with social media and games. A report that came out on September 7th says,

The evolution of mobile internet and AI over the last 5–10 years suggests that a company’s competitive advantage in one part of the tech ecosystem is often more important for creating long-term value for shareholders than the part of the ecosystem in which the company operates.

From $44 billion to $131 billion, the value of the metaverse gaming market, which many traditional gaming companies are already trying to get into, is expected to nearly triple.

Tasks and Businesses Are Being Digitized

Most of these predictions are based on the idea that the metaverse will change the way people act and do business in the future. The average amount of time people spend online today, which is 6.6 hours, is expected to double, says the financial institution.

Businesses and services will likely play a big part in the growth of China’s market. The market for services related to the metaverse will be $27 billion, and the digitalization of physical activities will add even more, giving companies willing to change their business model to go digital a $4 trillion market.

Saga aims to advance the metaverse by expanding blockchain integration

Saga is creating open-source blockchain middleware for the Metaverse, a network of interconnected virtual worlds described in books such as Ready Player One and Snow Crash. Along the way, there have been several intriguing turning points in the saga.

The company announced the arrival of AlphaNet Andromeda last week. This is the first release of the organization’s blockchain network to its blockchain partner Saga Innovator Program’s 55 projects.

In an interview with GamesBeat, Saga’s chief executive officer Rebecca Liao stated, “And our argument has always been that the current blockchain infrastructure is inadequate to really scale applications. We wanted to find a way to make it happen, and that’s to put people on their own chain.”

Liao claims that Saga is built on the Cosmos protocol, also known as the “Internet of Blockchains,” which permits users to create their own blockchains. However, this can be difficult to achieve.

Each of the numerous “zones” that comprise the Cosmos network is driven by a conventional consensus protocol, such as Tendermint. By serving as hubs for other zones, zones make interoperability possible. Other blockchains lack effective interoperability. Using Cosmos and its hub, you can directly transfer tokens between zones and connect any blockchain. Historically, hackers have focused on intermediaries.

Cosmos was founded in 2014 by Ethan Buchman and Jae Kwon, who created the Tendermint consensus algorithm that powers the network. In 2016, he also released the ATOM token and published a whitepaper. The nonprofit Interchain Foundation assisted in the launch of Cosmos as the “Internet of Blockchains.” According to Liao, interoperability will bring about the metaverse.

ATOM tokens provide security for Cosmos. By enabling businesses to build their own blockchains, Cosmos will improve transaction performance and more. In 2020, Cosmos released his IBC. (Interchain Communications) Its communication protocol enables chains to operate cooperatively. Sky Mavis’s Ronin bridge has been compromised, and the blockchain bridge for Axie Infinity is also vulnerable to hacking, as he discovered when he lost over $600 million in game currency.

According to Liao, all chains in the Cosmos, including ours, use this method of communication. Two chains communicate and move resources. It provides a secure communication channel between the two chains and eliminates the need for middlemen.

“We allow developers to automatically put their applications into a dedicated chain. That is the infrastructure we are building. Because we believe those two sectors and Web3 are the ones most driven by user experience expectations, and the ones most interested in catering to user experience.

Ethereum and other monolithic chains are inefficient in terms of congestion and throughput, according to Liao. She believes that app chains are better suited for entertainment and games, particularly those that use non-fungible tokens (NFTs) where interoperability is essential.

According to Liao, Cosmos allows you to create your own chains, but it prioritizes interoperability. “Saga is also. You have joined the Saga society.

A group of whitelisted developers and regular users will have access to Andromeda in the coming weeks. Andromeda is the first step in Saga’s quest to create a mainnet. This is the first in a series of releases that establishes a comprehensive developer flow for launching applications in Saga’s dedicated chains (chainlets) on single-tenant virtual machines (VMs).

Program for Saga Innovators

According to Liao, several game platforms, engines, and game studios are among the 55 projects in the innovator program.

A few projects that are pushing the boundaries of blockchain technology have joined it, particularly those that enable a larger market of game and entertainment developers to launch their own chains.

Saga will collaborate with organizations that share its view that the Metaverse will be a “multiverse” in which developers can create their own chains.

RPGs, MOBAs, NFT platforms, GameFi initiatives, gaming tools and infrastructure. Among the innovators are Web2 game studios releasing their first Web3 titles, native Web3 Game platforms, games, and NFTs such as Decentralized Autonomous Organizations (DAOs), game engines and backends, and a few hand-picked DeFi initiatives.

Among the Saga’s innovators are Merit Circle, IndiGG, Gameplay Galaxy, Kujira, Satori, Pala.World, X.LA, VenturePunk, Passage, ThirdWeb, Champion Games, Game 7, Ftribe, P12, Cosmic Horizon, and Reign of Terror. It includes 55 companies, such as Planetarium, Infinity Keys, Coinfantasy, Crypto League, Flair.Finance, Eclipse, PG DAO, Adapter, and Tallyup, among others.

In addition to early access to AlphaNet and extensive joint marketing from Saga, participants in the Saga Innovator Program will receive individual access to Saga’s technical resources for implementation. Once accepted into the program, the developers will lead the project through the mainnet and beyond in accordance with Saga’s roadmap.

What is Saga?

Using the Saga Web3 infrastructure protocol and their own dedicated blockspace, developers can create games and entertainment applications. Dedicated block space ensures high throughput, is independent of other Saga-using applications, is easy to upgrade, and reduces congestion. In other words, it eliminates some of the obstacles that have prevented widespread adoption of blockchain technology.

Moreover, prices for infrastructure gas are predictable and, by design, hidden from the end user. Saga enables developers to utilize any token or currency for their applications. The same set of validators that support the Saga mainnet are used to protect the automatic deployment of dedicated blockspaces via cross-chain security.

What is Andromeda

Andromeda is currently employed as a developer tool for rapidly deploying chainlets compatible with the Ethereum virtual machine and making them accessible via Solidity development tools such as HardHat and Remix. Andromeda is the first step on Saga’s roadmap towards more advanced features for the metaverse (also known as the multiverse) and increased automation in the Saga backend. It is immediately usable.

Saga will enable IBC chainlet interconnections, replace centralized orchestration services with decentralized chains, and implement shared chainlet security in the future. Saga is introducing validator orchestration tools to manage and coordinate chainlet deployments to decentralized chains for DevNet.

Interested Saga community members will soon have the opportunity to join the network by becoming nodes and participating in staking and delegation. We will continue to inform you of these forthcoming releases.

Saga is a protocol that automates the deployment of application-specific blockchains in the gaming, entertainment, and DeFi industries. Through its platform, it intends to enable programmers to create the next one thousand chains in the multiverse. The business emerged from stealth mode in March, and he raised $6.5 million in May, valuing it at $130 million. About twenty people are employed by the company. Saga has raised $8.5 million to date.

Liao asserts that it took them several months to develop their vision in its entirety. “We raised a seed round in May. Three days later the market crashed.”
The hiring process has slowed somewhat, but the company continues to seek tech talent.

Liao stated that the company was fortunate to have completed its seed round prior to the crypto winter’s demise. As a result, we were able to develop our technology with a robust war fund.

“Being in a bear market is never advantageous. Liao says. “So we’ve seen a lot of movement and a lot of focus on game design to make money from playing. If you’re into Web2, you probably don’t care much about investing in good infrastructure, but really If you’re looking for fun games, this is the kind of infrastructure you need, so it’s been a lot of fun to really talk to these games, and we’ve seen a lot of demand.”

The GamesBeat creed When it comes to media coverage, the gaming industry is where “passion meets business.” Why is this significant? As both a fan of the game and a decision-maker at a game company, I want you to know how significant this news is. Whether you read articles, listen to podcasts, or watch videos, GamesBeat enables you to gain knowledge and enjoyably engage with the gaming industry. A review of the briefing.

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