Crypto news site Metaverse.sg has announced that it is being acquired by the Singapore-based company V3V Ventures in a $3 million deal. Metaverse.sg is a convenient dashboard for sorting NFT projects that offers insight from industry leaders and access to breaking news and allows users to research crypto topics. The site is a popular resource for crypto enthusiasts in Singapore and throughout Asia. Metaverse.sg appears to own the worldwide trademark of the word "Metaverse," which makes $3 million a reasonable sum for the acquisition.
Metaverse.sg also has a strong social media presence. Their profile on Debank has more than 30,000 followers, and their total volume of confirmed funds is currently set at over $500 million. Debank is an analog version of X—formerly Twitter—that operates in the crypto space. Each user connects their crypto wallet to their profile, allowing other users to see the balances of anyone in their social network. This gives users a clear understanding of how much crypto others hold, and how it compares to their own funds. Metaverse.sg's high-profile presence on the site may have influenced V3V Ventures' decision to purchase the company.
V3V Ventures plans to develop exciting new products and expand into Asia following the acquisition. The entire Metaverse.sg team will remain on the project and continue to develop the services, with the possibility of transferring efforts to other related V3V Ventures projects.
Metaverse.sg is heavily focused on news and statistics related to the exchange of non-fungible tokens, or NFTs. An in-depth study conducted by the NFT research firm NFT18 revealed the resilience of the NFT market in 2023. The study found that despite a 62% drop in volume to $10 billion and losses of nearly $1 billion, active wallets fell by only 10%, showing significant signs of recovery. Experts refer to this phenomenon as a market correction phase, noting that the last quarter of 2023 showed a promising upswing. The proliferation of sidechains and other blockchains besides Ethereum, such as Polygon, Solana, and Bitcoin showed the resiliency of the market. Many NFT projects are now expanding across multiple chains, taking advantage of the unique opportunities offered by each network.
Global NFT interest has shifted significantly from the West to Asia, the Middle East, and Southeast Asia. This change in the market has been supported by a $100 million boost in Asia's blockchain gaming market and numerous Web3 events such as the FinTech Festival Asia, which was held in multiple countries across the continent in 2023, including Singapore.
Both companies stand to benefit from V3V Ventures' acquisition. Leadership at Metaverse.sg seemed optimistic about the next steps for the company. "I am excited to see the company move forward on a stronger footing as we continue to expand our news, research, and data offerings," said Mr. Buzz, CEO of Metaverse.sg.
