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Betashares launches Australia's first Metaverse ETF on ASX
Betashares' Metaverse ETF will seek to track the Bloomberg Metaverse Select Index, which in turn tracks 32 Metaverse-focused companies Betashares joins other providers such as ProShares and Global The listing of the BetaShares Metaverse ETF (MTAV) provides access to a portfolio of global companies involved in building, developing and operating around the Metaverse, Betashares said in a statement. …
Betashares launches Australia's first Metaverse ETF on ASX
- Der Metaverse ETF von Betashares wird versuchen, den Bloomberg Metaverse Select Index nachzubilden, der wiederum 32 auf Metaverse fokussierte Unternehmen abbildet
- Betashares schließt sich anderen Anbietern wie ProShares und Global X an, da es versucht, vom potenziellen Wachstum virtueller Welten zu profitieren
Australian exchange-traded fund (ETF) provider Betashares announced on Wednesday that it has launched the country's first Metaverse marketplace product on the Australian Securities Exchange (ASX).
The listing of the BetaShares Metaverse ETF (MTAV) provides access to a portfolio of global companies involved in building, developing and operating around the Metaverse, Betashares said in a statement.
Betashares joins other providers such as ProShares and Global X as it seeks to capitalize on the potential growth of virtual worlds with an estimate 800 billion dollars in annual sales until 2024.
It comes as Australia listed its first spot Bitcoin and Ether ETFs from issuer 21Shares back in May. In comparison, the US has not yet listed its own spot Bitcoin ETF, much to the chagrin of market participants. The US has listed several futures-based Bitcoin ETFs.
Metaverses or digital worlds refer to the intersection of virtual reality, gaming, artificial intelligence, advertising, and digital currencies and tokens.
“As the range of technologies underpinning the Metaverse evolves and user growth continues, this secular trend is expected to revolutionize the way we engage with sports, live music and other ways to stay connected,” BetaShares CEO Alex Vynokur said in the statement.
“Although the Metaverse is still in its early stages of evolution, it has the potential to become one of the biggest secular growth trends of the coming decades.”
Bullish in a bear market
Despite the forecast earnings for the Metaverse, market conditions continue to plague the struggling sector, which includes non-fungible tokens (NFTs).
According to data from NFT gaming platform Balthazar, which analyzed four of the industry's leading NFT marketplaces OpenSea, Magic Eden, LooksRare and Solanart, total sales volume in July was $676 million - over $6 billion less than January, which recorded around $7 billion in sales.
MTAV will seek to track the Bloomberg Metaverse Select Index by offering exposure to a portfolio of 32 companies. These companies include companies like Roblox, NVIDIA and Meta Platforms, whose focus is on generating a “significant amount of their revenue” from Metaverse-related activities.
Meta, formerly Facebook, reported a second-quarter loss of $2.8 billion via Reality Labs, the social media giant's Metaverse division. Still, CEO Mark Zuckerberg remains optimistic about the long-term prospects for Metaverse games and endeavors.
Despite the headwinds in the market, Betashares said it remains optimistic about the promise of the metaverse, saying that these brands trying to stay connected to their customers will need to invest "increasingly significant resources" in their "metaverse strategy."
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The post Betashares launches Australia's first Metaverse ETF on ASX is not financial advice.