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Betashares, an Australian exchange-traded fund (ETF) provider, announced on Wednesday that it launched the first metaverse marketplace product on the Australian Securities Exchange (ASX).

The BetaShares Metaverse ETF (MTAV) listing offers exposure to a portfolio of international businesses engaged in the creation, growth, and management of the metaverse, according to a statement from BetaShares.

BetaShares Seeks Profit From The Digital World

BetaShares joins the ranks of similar service providers like ProShares and Global X as it looks to profit from the potential expansion of virtual worlds, which are predicted to generate $800 billion in sales annually by 2024. It happened after issuer 21Shares listed Australia’s first spot bitcoin and ether ETFs in May. To the dismay of market players, the US has not yet listed its spot bitcoin ETF.

The nexus of virtual reality, gaming, artificial intelligence, advertising, digital currency, and tokens are referred to as a metaverse or digital world. BetaShares CEO Mr. Alex Vynokur said in the statement.

“While still in the early stages of evolution, the Metaverse has the potential to be one of the biggest secular growth trends of the coming decades.”

Bear Market Bullish

The troubled industry is still plagued by market conditions, such as non-fungible tokens (NFTs), despite the metaverse’s expected revenue.

The total sales volume for July was $676 million, according to data from the NFT gaming platform Balthazar, which examined four of the top NFT marketplaces: OpenSea, Magic Eden, LooksRare, and Solanart. This is over US$6 billion less than the sales volume for January, which totaled about $7 billion.

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