Alibaba Cloud Partners with Avalanche to Create Metaverse Launchpad
Speaking at Avalanche Summit Conference in Barcelona, the largest e-Commerce platform, Alibaba revealed that its cloud arm was creating a metaverse launchpad Cloudverse. The announcement conveyed on May 4 illustrated that the Alibaba Group collaborated with the Layer 1 blockchain company Avalanche to create the metaverse project.
According to Alibaba, the new Metaverse launcher will enable investors and businesses to launch and control their self-owned metaverses on the e-commerce platform. Additionally, the Metaverse launchpad will provide investors with a convenient and seamless platform to launch their projects on the Metaverse platform.
Characteristic of Alibaba’s Cloudverse
In a separate report, the Avalanche team expressed their delight in collaborating with Alibaba. They stated that the Alibaba Cloudverse platform will provide businesses with a cost-friendly, easy-to-use platform to increase brand value and explore the Web3 sector.
Commenting on Avalanche’s proclamation, the president of Ava Labs, John Wu, lauded the commendable achievement of the e-commerce company in supporting businesses to navigate the Web3 sector. Wu mentioned that the new platform would provide 4 million Alibaba users and 10 million developers with a cost-efficient, seamless, and fast method to expand to Web3.
In his statement, Wu was eager to see how businesses and investors explore the Cloudverse platform. He anticipates that the fast-growing companies will continue to support the Alibaba Cloud in the long run.
Elsewhere, the head of global Web3 solutions at Alibaba Cloud Intelligence unit Raymond Xiao argued that the release of the Cloudverse platform aims at enabling businesses to explore the metaverse sectors. He added that the Metaverse launcher would improve creativity and innovations in businesses.
Xiao affirmed that the unique features on the Cloudverse platform would boost customers’ experiences.
Analyzing the Nature of Alibaba and Avalanche Partnership
Furthermore, the attempt to improve the efficiency and reliability of the Cloudverse platform prompted the development team to seek a third partner Metaverse Universal Assets DA (MUA DAO). According to the partnership agreement, the MUA DAO team was tasked to provide an innovative middleware solution for the Metaverse launcher.
At the final development stage of the Cloudverse, the MUA DAO group is expected to provide innovative services that will assist in integrating and customizing the multiple metaverses. On the other hand, the Avalanche team will provide infrastructure for creating Cloudverse.
The Alibaba team agreed to provide computing and storage tools for the new Metaverse platform. The partners vowed to integrate various features on the platform to assist the user in accessing support services, visual elements and engaging with an interactive platform.
Alibaba Contribution to the Growth of Web3 Technology
Notably, the Cloudverse platform marks a significant milestone for Alibaba Group to explore the Web3 space. In 2022, the Alibaba team penned a partnership agreement with Avalanche to develop an infrastructure-as-a-service (IaaS) for Asian customers.
During the release of IaaS, the Alibaba and Avalanche developers enabled the Asian users to launch unique node validators on the platform in an attempt to expedite the adoption of crypto and blockchain technologies.
In February, the Alibaba Group entered into a partnership agreement with blockchain firm Mysten Labs. This partnership aimed at developing node services to allow the validators to assess the network testnet.
Following the announcement of the impending launching of the Cloudverse, the Avalanche native token AVAX dropped by 0.58% to trade at $17.10 over a day. Reportedly, the sixteenth largest crypto asset AVAX failed to break the resistance level at $17.25 in the last 24 hours.
According to CoinMarketCap data, in the wee hours of May 5, AVAX gained bearish steam to reach its lowest at the $16.83. The AVAX trading volume dropped by 28.55% in the last 24 hours, reaching $111,258,129 mark. Correspondingly the market capitalization decreased to $5,649,521,679, a drop of 0.36% in a day.
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