Cryptocurrency exchange Huobi Global launches Lunar New Year-themed non-fungible tokens, drawing people into the metaverse

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The metaverse became one of the top buzzwords of 2021, as Facebook changed its name to Meta and the media started speculating about the many possibilities the metaverse has to offer. But what, exactly, is it?

The metaverse is an expansive network of global virtual interconnected worlds that may incorporate augmented reality, virtual reality, 3D holographic avatars, video and, in the future, other means of communication. People will be able to live out virtual lives in these worlds, similar to that of an MMORPG (massively multiplayer online role-playing game). Transactions of digital art, avatars, land and more will be tied to the blockchain, and transferable non-fungible tokens (NFTs) that represent ownership of these items are to form the building blocks of the metaverse.

Cryptocurrency exchange Huobi Global is making strides to bring people into the metaverse this year. As part of its Lunar New Year campaign, dubbed “Prime Fest: Tiger Year”, the company is inviting millions of users to register for on-chain decentralised identifiers (DIDs), or personalised virtual identities that act as a gateway to the metaverse. Those who register are eligible to win tiger-themed NFT avatars, in addition to special access to new token listings, high-yielding asset management products and special blind-box draws.

DIDs are widely considered a prerequisite for users looking to access the metaverse. DIDs offer security, ownership and interoperability, enabling users to connect all of their virtual assets and NFTs. Different companies may encourage users to sign up for DIDs by providing access to exclusive NFT releases, airdrops and other benefits.