Blockchain-enabled cybersecurity, metaverse advertising platform and social media company DatChat on Tuesday said its wholly owned subsidiary, SmarterVerse, entered into a joint venture with MetaBizz to develop an all-new metaverse named the “Habytat.”
The Habytat will be a mobile-based social networking metaverse that will use DatChat’s dynamic content NFTs, patented blockchain digital rights management and micro-blockchain technology to create a new social networking and commercial metaverse.
The Habytat will democratize ownership in the metaverse by making land obtainable for almost anyone.
“There is currently a land grab occurring for metaverse property, which we think has hindered widespread adoption. I believe the Habytat will be at the forefront of a solution that will allow more people to have an ownership stake in the metaverse, and which will create further growth opportunities.” DatChat CEO Darin Myman stated.
“We believe that the metaverse should be a shared virtual space that is interactive, immersive and hyperrealistic, and, while it initially presents those characteristics, we are quickly noticing users only participate if they own property.”
The joint venture will be led by Gianfranco Lopane, who is currently the head of business development at DatChat.
DatChat will initially own 60% of the joint venture and MetaBizz will own 40%. Additionally, MetaBizz will contribute over 20 engineers and designers based in both North and South America.