World Blockchain Summit: Phemex is confident in the future of the Metaverse

Phemex took part in the 19th global World Blockchain Summit in Dubai, UAE. Jack Tao, Phemex CEO, speaking at the event, emphasized the growing importance of Metaverse in the blockchain industry.

During the World Blockchain Summit in Dubai, Phemex CEO Jack Tao gave a presentation, explaining how his crypto exchange platform supports Metaverse development in various ways, including listing relevant coins and holding engaging user events.

Mr. Tao said at the meeting that the current banking system is unequal and more friendly to richer players. Having over a decade of Wall Street experience, he believed that users needed a more secure and stable platform for crypto trading. So in 2019, he and his Morgan Stanley colleagues launched their own platform – Phemex.

At the moment, the company is in the top-10 of the world’s largest crypto exchanges for derivatives trading. It provides a secure, user-friendly interface and rock-bottom transaction fees for a variety of popular crypto pairs.

Mr. Tao shared his thoughts on the explosive trend in the crypto world – the Metaverse. The crypto space is changing and developing every day, and the Metaverse has caused stirred discussion among industry insiders.

Jack sees great potential in the concept. The Metaverse has gained its wide popularity thanks to growing global interest in cryptocurrency.

“The Metaverse represents a new way of interacting with the digital world, even more, exciting and disruptive than our current Internet,” Tao noted. “No one knows exactly what it will look like, but that’s how it’s meant to be. You see, the Metaverse is meant to be created by each participant, not by a central authority.”

By his words, the main driver for the development of this trend are non-fungible tokens (NFTs), which have also grown significantly.

“This year, we have witnessed massive growth, decline, and a new rise in the NFT market,” Mr. Tao pointed. “An eloquent sign that NFTs will stay here forever is not that several NFTs have been sold for millions of dollars but that tens of thousands of NFTs have been sold for modest amounts. This demonstrates that digital collectibles are not only the playground of crypto-whales; they are spreading in the direction of mass distribution.”

Phemex CEO predicts that in the long term, the digital sphere will offer a wide range of opportunities: “Powerful companies outside the crypto industry, such as Facebook and Epic Games, have begun to invest heavily in virtual reality, cloud games and other elements related to the Metaverse.”

Although Phemex is primarily a cryptocurrency exchange that provides extensive opportunities to its users, it develops and establishes various connections to the Metaverse.

For example, Phemex is listing on its platform coins related to the Metaverse. Such as AXS, the main management token for the GameFi project Axie Infinity, and MANA, a native token of Decentralaland, the game, where participants can buy, own and manipulate NFTs representing the digital real estate.

This March, Phemex organized a major event dedicated to NFT. The result was the community-driven creation of a composite mural displaying QR codes of all participants for their Ethereum deposit addresses on Phemex. More than 1000 users were able to participate in this event. Later, after this NFT was registered and sold, the proceeds were distributed to each participant because the company takes care of its users.

Phemex is confident in the future of the GameFi model and follows an approach that supports systematic development. The company will continue to support the expansion of the Metaverse.

“This is the most important gateway for newcomers to enter the crypto world,” emphasized Jack Tao.

Phemex is a Singapore-based cryptocurrency trading platform founded in 2019 and led by former Morgan Stanley executives. It is serving around 2 million active users in over 200 countries. It was also the first major exchange to pioneer an optional premium membership model for zero spot trading fees.

World Blockchain Summit is a global series of elite gatherings that takes place in more than 16 destinations across the world. It connects global blockchain gurus and technology players in this space, including emerging startups, with regional businesses, government authorities, IT leaders, tech entrepreneurs, investors, and blockchain developers.

Gulf CryptoInsight, as the event’s media partner, publishes essential updates from the summit.