Former hedge fund manager and Mad Money host Jim Cramer believes the metaverse will transform work and industry, and help eliminate cost and waste.
The Metaverse has been a hot topic of discussion since Mark Zuckerberg announced that Facebook would be changing its name to Meta. Over the past month, crypto metaverse projects such as Dentraland (MANA) and Sandbox (SAND) have performed well with MANA up 561% and SAND up 755%.
While some of the earliest beneficiaries of the Metaverse hype have been working on its social or gaming apps, Cramer sees industrial apps as the important area to focus on.
“I think we’re all going to be in it, we’re all going to have fun with it, but it’s really a manufacturing situation. What is the metaverse – it is about removing waste. A business can eliminate a third of its costs by using the metaverse, ”Cramer told CNBC earlier this week. “We have to think of it as an industrial part, not just a fun part.”
Nvidia tries to make sure there is less waste in the manufacturing system and they are successful. It’s fun, but it’s also very useful. It’s a cost-cutting game that we can’t otherwise control. This is what we need to remember, not about fun and games.
Co-host Andrew Rose Sorkin was quick to ask how the Metaverse makes business so much more efficient. Asked where Sorkin’s savings come from, he said, “What costs are we talking about here; travelling expenses ?
“A BMW factory was simulated at Nvidia,” Cramer replied. “They can then use it to find ways to do things faster and better because everything is done by computer. There are a trillion calculations, but [Nvidia CEO] Jensen Huang showed me exactly how BMW was able to use the [Nvidia] omniverse to reduce a lot of waste in its factories. I’m talking about a 30% reduction in costs.
Omniverse is the name that Nvidia gave to its own metaverse technology.
As BeInCrypto previously reported, Nvidia CEO Jensen Huang predicted that the Metaverse economy could one day surpass $ 80 trillion, making it even more valuable than the current tangible world economy. .
While Zuckerberg’s plans for Meta have unsurprisingly focused on social applications of technology, Huang is orienting Nvidia’s omniverse more towards science and business applications.
Right now, the vast majority of crypto metaverse projects focus on gaming, social, and lifestyle applications for their products. Axie Infinity is making great strides in gaming with a market cap of $ 9 billion. In the virtual world categories, Sandbox and Decentraland are the names to beat.
On September 23, Sandbox announced a collaboration with Snoop Dogg that would recreate the rapper’s mansion and create a private party pass. Decentraland also offers metaverse music events with Deadmau5 and Paris Hilton headlining a virtual concert last month.
Enjin, meanwhile, is making great strides in digital goods, advancing new standards in NFTs and the NFT trade. Enjin points out that the future of digital property will be built on blockchain technology.
While all of this is undoubtedly good news for the industry, it seems most crypto projects are avoiding heavy industry in favor of social apps and games. Because of this, they might miss a turn.
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