Alibaba to Launch Cloudverse on Avalanche
In the latest example of an increasing pace of Web 2.0 firms expanding into the web3 space, Avalanche, a layer 1 blockchain, has teamed up with Alibaba Cloud – the digital technology and intelligence arm of the Alibaba Group, to develop metaverses on the blockchain.
At the Avalanche Summit II Conference in Barcelona, the two companies announced Cloudverse, a metaverse launcher that aims to help businesses within the Alibaba ecosystem quickly and easily launch and maintain their own metaverses.
Cloudverse offers businesses a cost-effective, easy, and seamless way to expand their brand presence into the web3 virtual world, according to the Avalanche team. In addition, Metaverse Universal Assets DAO (MUA DAO) will provide middleware, a service layer that will integrate and customize the metaverses.
— Alibaba Cloud (@alibaba_cloud) May 5, 2023
Avalanche developer Ava Labs announced that it will offer crypto infrastructure through Amazon Web Services (AWS) to promote “enterprise, institutional, and government adoption of blockchain.”
Avalanche is a blockchain optimized to support NFTs, web3 games, and a unique technology it calls “Subnets,” which are custom blockchains that can have custom rulesets and use their own tokens instead of Avalanche’s native AVAX for paying network fees.
This partnership enables companies building on Cloudverse to access a variety of features, such as support, visualizations, and interactive functions, that will be available through Avalanche and MUA DAO.
Alibaba’s partnership with Avalanche is the latest move by the tech giant into web3, following its deployment of infrastructure-as-a-service (IaaS) on the platform in December 2022. This allowed Asia-based users to launch node validators, with the aim of increasing blockchain adoption in the region.
Web3 presents a significant opportunity for companies to earn through the creation and expansion of metaverses, which are virtual worlds built on the blockchain. With Cloudverse, businesses can quickly and cost-effectively establish a presence in the web3 virtual world, allowing them to explore new revenue streams and provide unique experiences to their customers.