The cryptocurrency market and related fields, such as DeFI and NFT, continue to expand their own audience with the integration of various companies into meta-currencies. The mainstream cryptocurrency is keeping pace with global trends and will also launch a metaverse in the near future. Developer Moonray PBC has held its first round of investment, and judging by the results, investors are looking positively at the possibility of hosting a metaverse on the Bitcoin network.
First Bitcoin metaverseAccording to the company, the project managed to raise $3.5 million from Animoca Brands and other investors in a seed round. The initial concept involves developing an online game, Moonray, with NFT elements on the main cryptocurrency network. Since bitcoin does not support smart contract technology, the project will use Stacks, a smart contract blockchain that transfers transactions to the main Bitcoin network. This will offset the lack of functionality of the main digital asset and accommodate a meta-universe based on the crypto network.
Moonray will add various skins, weapons, in-game items, and unique events in the form of NFT. There are plans to expand the game by adding digital online cities and spaces where users will be able to acquire land. The final stage in the development of the project will be a full-fledged transformation into a metaverse.
Consequences for Bitcoin
The launch of the metaverse will have a positive marketing impact on Bitcoin, as it will mask the obvious weaknesses of the main cryptocurrency network. In addition, a single digital space could provide a springboard for hosting Bitcoin-based projects and products. Many analysts note that for bitcoin to confidently dominate in the twenties of the 21st century, the coin needs to introduce new solutions and enter the DeFi and NFT market. The launch of the digital universe could be the first step towards this. However, it is important to realize that at this stage, Bitcoin's quotes are not dependent on the value of its ecosystem, unlike ETH. The projects are designed to solve different problems, so there is a possibility that the main cryptocurrency will not reach a new level of development with the launch of the metaverse. In that case, BTC will gradually decline and Ethereum and Solana projects will come to the fore, reaching a local peak by 2025, when metaclasses will become a full-fledged part of human reality.
Current BTC/USD situation
The main cryptocurrency gained 4% and managed to consolidate above $48k, which is a positive signal. The asset could probably try to move above $50k, but the resistance line at $48.8k prevents the coin from reaching the psychological mark. At the same time, the technical indicators show a continuation of the bullish momentum. MACD has formed a bullish crossover and is moving towards zero, while stochastic has entered the overbought zone. These are signs of local upward momentum, which has allowed bitcoin to consolidate above $48k. However, the Relative Strength Index is showing the first signs of fading momentum by falling towards the lower end of the bullish zone. Fundamentally, the situation around BTC/USD has not changed. Low volumes are circulating in the market, buying activity continues to drop, but sellers are no longer in control either. I guess everyone is waiting for the Fed meeting, which will determine the bitcoin price movement in December.