Niantic, the company behind the popular augmented reality (AR) game Pokemon Go, has partnered with payments platform Fold to build an AR experience in which players can earn Bitcoin in a virtual realm dubbed the “real world metaverse” by the business. Fold App users may earn Bitcoin and in-app perks by exploring their actual surroundings, and the functionality is presently available in beta for Fold App users. Niantic is striving to enhance this experience, bolstered by Coatue’s $300 million (approximately Rs. 2,234.7 crores) investment.
Fold CEO Will Reeves stated, “This is the simplest, most enjoyable method to buy your first piece of Bitcoin.” “By exploring the world around them with our [Fold] software, anybody may earn Bitcoin and other benefits. It has always been crucial to us to make it simple for anybody, regardless of their level of education or technical knowledge, to participate in the Bitcoin economy.”
Fold users will be able to locate and gather Bitcoin and other rewards around them, due in part to Niantic’s AR platform technology. A new block holding a new reward is dropped in the neighborhood of a player every 10 minutes. When a user claims a block, they receive Satoshis, a type of cryptocurrency, as well as other in-app benefits. However, there is a chance that you will lose your Bitcoin wins if you stumble across a ‘poison pill,’ for example.
To play the game, players do not need to own a Fold card, however, cardholders will receive additional bonuses and prizes. Customers will also be able to conceal and sell Bitcoin once the game is completely published.
The Pokémon Go creator’s concept for the metaverse differs significantly from the one promoted by Facebook nicknamed Meta, which intends to link people in virtual reality. In a blog post earlier this year, Niantic’s founder and CEO John Hanke called this strategy, which depends on virtual reality and was popularised by Ready Player One, a “dystopian nightmare.”
According to Hanke, Niantic’s ambition is to create an “ever-evolving AR map of the planet” that would “bring the actual world to life with knowledge and interactivity.” Coatue’s investment will be used to enhance the Lightship ARDK, Niantic’s augmented reality technology that it began licensing to other developers earlier this month.