Jim Cramer: Metaverse is more than just “games and entertainment”
Former hedge fund manager and Mad Money host Jim Cramer believes Metaverse will transform jobs and industries while helping to reduce costs and waste.
Jim Cramer – Former hedge fund manager and Mad Money host
Metaverse has been a hot topic of discussion since Mark Zuckerberg announced that Facebook was being renamed Meta. Over the past month, Metaverse projects such as Dentraland (MANA) and Sandbox (SAND) have done very well, with MANA up 561% and SAND up 755%.
While some of the early beneficiaries of the Metaverse hype were working on social or gaming apps, Cramer sees industrial applications as an important area to focus on.
“I think we will all live in the Metaverse Universe. It is suitable not only for entertainment but also for production applications. What is Metaverse – is waste disposal. A company can cut costs by a third with Metaverse. We have to think of it as an industrial game, not just an entertainment game.
Nvidia are trying to create Metaverse to reduce the waste in the production system and they have great success. It’s fun, but it’s also very useful. It’s a way to play around with costs that we can’t control. We need to remember that, not just games and entertainment. ”
Co-host Andrew Rose Sorkin quickly asked, “How does Metaverse do a business? What costs are we talking about here? Traveling expenses?”
“A BMW plant was simulated at Nvidia. You can then use it to find ways to get things done faster and better, since computers do everything. There are a trillion calculations, but Nvidia CEO Jensen Huang showed me exactly how BMW can eliminate a lot of garbage in its factories with Nvidia’s Omniverse. I’m talking about a cost reduction of 30%. ”
Omniverse is the name Nvidia gave to its own Metaverse technology.
Nvidia CEO Jensen Huang has predicted that this metaverse economy could one day top $ 80 trillion, making it even more valuable than the current economy of the physical world.
The focus of the metaverse
While Zuckerberg’s plans for Meta with a focus on the social applications of technology come as no surprise, Huang is aiming Nvidia’s Omniverse toward scientific and business applications.
Currently, most of the Metaverse projects are focused on games, social and life applications for their products. Axie Infinity is making big strides early on in the gaming space with a market cap of $ 9 billion. In the virtual world category, Sandbox and Decentraland are prominent names.
On September 23rd it was sandbox announced Partnership with Snoop Dogg will recreate the rapper’s villa and host a private party. Decentraland is also hosting a variety of music events with Deadmau5 and Paris Hilton, which attracted attention during a virtual concert last month.
Meanwhile, Enjin is making great strides in the field of digital goods, promoting new standards for NFTs and their commerce. Enjin emphasized that the future of digital property will be built on blockchain technology.
All of this is certainly good news for the sector, but it appears that the majority of crypto projects are shunning heavy industry in favor of social apps and games. Because of this, you may be missing out on “fat bait”.
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According to Beincrypto