The British Museum, based in London, is ready to step into the world of metaverse. The home of Britain's history since the mid-eighteenth century will now have an address in The Sandbox, a platform that provides a fully functional virtual universe that lets entities exist as avatars. The entry of this historic British landmark into the metaverse is just another testification to UK's open-mindedness about Web3. The UK, in recent months, has shown a steadfast approach towards embracing the up-and-coming Web3 sector that encompasses projects related to crypto, NFTs, and the metaverse.
As part of this collaboration, NFTs inspired by some artifacts showcased in the museum will be launched for collectors to own as a piece of history in detailed digital versions.
The Sandbox confirmed the development on July 28, saying that people from around the world will be able to visit this historic museum in a virtually immersive experience.
“The British Museum has chosen The Sandbox for its first foray into the metaverse. In conjunction with LaCollection, the British Museum's licensing partner, the collaboration focuses on developing digital collectibles and experiences showcasing the museum's history,” said a blog post published by The Sandbox.
Sales of NFTs rose by a massive 117 percent in February 2023. Around March, the valuation of the global NFT market climbed to its nine-month high since June last year to over $2 billion (roughly Rs. 17,200 crore).
Despite its element of volatility, NFTs have managed to hold people's interest in them.
NFTs hold quotients of utility and investment purpose, which are the top reasons why people invest in purchasing these digital collectibles.
A recent research study conducted by CoinGecko and the Blockchain Research Lab had condensed reasons that inspire the sales and purchases of NFTs. These included the intrigue to experiment with the new technology, gaining a stake in the NFT parent company, or promoting social welfare and contributing to charities.
Both, the museum as well as The Sandbox ecosystem, can profit financially from this partnership while also opening the museum experience to international audiences.
“This is a great opportunity for The Sandbox players, regardless of where they are, to learn about and enjoy the amazing collections of human history, art, and culture in the British Museum,” The Sandbox team noted.
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