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The metaverse space has gained a lot of attention in recent months, and Baidu (BIDU) said it is looking to enter the sector soon.
Chinese tech giant Baidu said it has already started working on its metaverse projects, but it could take at least six years before it fully launches. This latest development comes as more tech companies enter the metaverse space.
Metaverse has become one of the leading areas in the cryptocurrency space in recent months. The entry of social media giant Facebook (FB) into the metaverse space attracted more investors into the market. As a result of Facebook’s entry, metaverse-focused projects in the cryptocurrency market have performed excellently in recent months.
Baidu said it would take a few years before it fully launches its metaverse project, and some market experts agree with the timeline. Brian Tycangco, an analyst at Stansberry Research, told CNBC that some people are yet to understand what the metaverse stands for.
He stated, “The metaverse, while a buzzword in the global tech and investment community, is still very much in its infancy. A lot of people don’t even fully understand what the word means today or will mean in the next 3 to 5 years.”
The metaverse space is expected to grow bigger over the coming years. LinkedIn CEO Reid Hoffman recently pointed out that he expects the metaverse space to attract massive investment in the coming years, resulting in huge developments.
Over the past few months, metaverse projects such as The Sandbox (SAND-X) and Decentraland (MANA-X) have recorded massive growth. SAND, the native token of The Sandbox platform is up by more than 900% in the past three months, making it one of the best-performing coins over the past few months.
Still, further growth is expected in the coming months and years, and more companies are set to expand their portfolio to include the metaverse.
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