Bitkub to launch metaverse platform

Inside Bitkub Metaverse. (Photo courtesy of Bitkub)

Bitkub Blockchain Technology is joining hands with The Monk Studios to build Bitkub Metaverse, a virtual world where avatars can trade items and join many other activities, due to be released in August.

In a signing ceremony, Passakorn Pannok, chief executive officer of Bitkub Blockchain Technology, said the creation of its own virtual platform will facilitate users in an interesting way. Blockchain, a database of financial transactions made in bitcoin or cryptocurrency, can "enhance transparency in the metaverse".

Juck Somsaman, chief executive officer of The Monk Studios, said his team has envisioned the virtual world to attract users. Its design combines elements from Asian culture and down-to-earth technology. "It is like Ghibli and Star Wars," he said.

In a sneak peek, users visit a pawnshop and a non-fungible token (NFT) gallery where digital art is put on display.

Despite being steeped in the field, developers are facing challenges of braving the new world. Passakorn said they must build a sustainable virtual platform and allow users to switch from one to another. Similarly, Juck said the fast-changing nature of the metaverse requires huge flexibility. The beta release will be in August, but prior to that, users would be allowed to trade land and NFTs.

Many businesses are jumping on the bandwagon. M Vision is managing virtual land trade on Metaverse Thailand, created by a financial tech firm headquartered in Singapore. Wat Phra Dhammakaya has launched its own virtual platform, Muthita, where portraits of monks are put on display. Others have also unveiled virtual influencers.

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