On Tuesday, the brokerage house eToro MetaverseLife unveiled, a new smart wallet that includes stocks and cryptocurrencies from the burgeoning metaverse industry. The company said that the goal is to offer a diversified portfolio of investments for long-term effect.
The wallet currently includes Meta Platforms, the new parent company behind Facebook, Roblox and other blockchain-based metaverse developments such as Decentraland, The Sandbox and Enjin.
There are also several companies included in this portfolio which are not only based on the blockchain, but which still contribute to the adoption and development of the metaverse. These include technology companies such as Microsoft, Amazon and Nvidia.
“Diversification is key when considering investment opportunities in emerging industries, as not all participants will benefit from it,” said Danny Brinker, eToro’s portfolio manager. As the metaverse industry continues to grow, he suggested that it makes sense to create a centralized portfolio to lower barriers to entry for investors. Brinker explained:
“By consolidating a select group of assets into a portfolio, we remove the hard work and enable our clients to learn about the metaverse and spread the risk across a diverse set of assets.”
According to a Bloomberg analysis, the meta-verse could be a $ 800 billion market by 2024. The company said it is investing most of its resources in developing assets that will be used to support investor interests in these projects. So far, these resources have been dedicated to the inclusion of sandboxing (SAND) as a resource on the platform, as well as plans to buy land in the future.
Tomer Neave, Director of Global Crypto Solutions at eToro, said:
«EToro is a leading cryptocurrency company with a proven track record of delivering new technologies for the benefit of retail investors. We are happy with the opportunities the metaverset has to offer. “