Avalanche Blockchain Partners With China’s Alibaba for Metaverse Creation May 5, 2023 May 5, 2023 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Market NewsMay 5, 2023 by Kelly Cromley

Avalanche Blockchain Partners With China’s Alibaba for Metaverse Creation

Alibaba Cloud, the digital technology and intelligence division of Alibaba Group, has partnered with Avalanche (AVAX), a blockchain platform on Layer 1, to assist companies in creating, launching, and managing their own metaverse spaces on the blockchain. The pace at which a digital world parallel to our real life is growing is immense. The idea of “Metaverse” has gained popularity since Facebook’s announcement of rebranding to Meta. The metaverse bandwagon has attracted a wide range of individuals and groups, including global conglomerates and street artists, who see the potential for a new digital economy where users can create, purchase, and trade goods without the need for a central authority.

The Metaverse intends to connect the physical and digital worlds by utilizing Web3 technologies like Distributed Ledger Technology (DLT), artificial intelligence (AI), virtual reality (VR), and augmented reality (AR). Avalanche announced on Twitter their partnership with the e-commerce giant to create “Cloudverse”, a launchpad that offers a comprehensive platform for businesses to personalize and manage their metaverse areas.

Alibaba Cloud clients and billions of users worldwide will have access to this launchpad. Furthermore, through the Avalanche platform, companies developing on Cloudverse will be able to obtain assistance, visualizations, and other interactive features.

Cloudverse provides businesses with a simple, secure, and affordable method to extend their brands into the Web3 virtual world, utilizing Alibaba Cloud’s efficient and secure cloud solutions.
As per the blog post, the Metaverse Universal Assets Autonomous Decentralized Organization (MUA DAO) is mentioned as the third collaborator. It will serve as the service layer to aid in the implementation and customization of metaverses integration. Enabling businesses to efficiently launch metaverses could be advantageous for global companies that are short on time or resources to initiate these digital platforms.

The intention behind the collaboration of Avalanche (AVAX) and Alibaba, as explained by John Wu, the president of Ava Labs, is to change the way businesses can benefit from Web3 opportunities and generate value. Businesses are eager to enter the Web3 world due to the rapid growth of blockchain technology and the metaverse. Concluding,

Avalanche’s Cloudverse offers a single, affordable Web3 gateway for numerous businesses that interact with consumers. We anticipate observing the growth of businesses in the Cloudverse and working with Alibaba Cloud to build the future.

Despite the recent economic downturn, many corporations have invested billions of dollars in the metaverse without hesitation. Despite incurring significant losses, Meta and other major players in the metaverse industry are still actively pursuing the development of the metaverse. The aim of these companies is to lower expenses and obstacles to entry, enabling the technology to be accessible to a wider range of businesses and have a worldwide influence on people’s lives.

Several multibillion-dollar corporations across different industries have recently become a part of the Web3 and metaverse craze. Four new Web3-related trademarks for its Infiniti, Nismo, and Nissan brands in the United States have been filed by Nissan, a Japanese multinational automaker. Automobile sales in the metaverse are being experimented with by the Japan division of the automaker.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.