The Future of Cryptocurrencies in the Metaverse
What is the future of cryptocurrencies in the metaverses? What are metaverses and how has Meta influenced the global crypto market?
First of all, you need to start with the fact that the future of cryptocurrencies in the metaverses has already arrived. Although the full implementation of virtual worlds with immersion in 3D format is expected in the near future, the Internet as such has long been and in fact is a metaverse.
The term “metaverse” was first used by Neil Stevenson in his novel Avalanche (1992). This term was called a certain online space that unites people with the help of augmented and virtual reality.
One of the most famous definitions is: “The Metaverse is a digital world in which everything can exist!”. In this virtual world, people interact with each other and with digital objects through avatars. In fact, users study, work, be creative and just relax! One way or another, everyone does what they do in the real world.
What is the metaverse and how is it related to cryptocurrency?
The future of cryptocurrencies in the metaverse looks more than rosy. For example, you can easily buy a realistic (or not so) avatar, various items, clothes, and even virtual real estate for cryptocurrency!
To visualize future metaverses, just imagine a normal 2D picture that shows cities and streets, but instead of urban infrastructure, you see platforms such as: Twitter, Facebook, Instagram and others. As you understand, all these sites have concentrated millions and even billions of users. However, we can only watch them from above.
The Metaverse is the 3D evolution of a 2D image into 3D space. As a result, plunging inside it, the user gets the opportunity to interact with its inhabitants and objects.
The Future of Cryptocurrencies in Game Metaverses
Some mistakenly believe that the metaverse is a certain niche product. There are currently over 3.5 billion player accounts in the world! Ultimately, for them, the transition to the world of virtual reality is just a matter of time. Of course, we are talking about the “question” of the progress of virtual reality technologies. And of course, this whole universe needs digital money, the role of which is already being successfully performed by cryptocurrency!
Blockchain technology is closely intertwined with the concept of metaverses, and cryptocurrency is an ideal means of payment for them. Moreover, it allows organizing a digital economy with different types of utility tokens and NFTs.
How did Mark Zuckerberg influence the future of cryptocurrencies in the metaverse?
The popularization of the metaverses started in July last year. It all started with the announcement of the head of Facebook, Mark Zuckerberg, about a new course that aims to create its own metaverse. In the future, Facebook is renamed Meta (after 4 months), which proves the seriousness of its intentions.
Immediately after the announcement from Meta, many other large companies joined the trend of creating metaverses. First of all, Microsoft, Epic Games and other IT giants should be noted among them.
For the cryptocurrency market, metaverses have become the most promising direction. The conversion of Facebook to Meta has initiated a new crypto market hype. As a result, a large number of projects aimed at the development of this sector began to appear.
The explosion in the development of the metaverse industry is comparable in scale to the advent of the Internet. Most analysts tend to believe that in the next few years there will be a full-fledged formation and completion of work on many announced projects, including those from Meta. By this time, a serious growth of the cryptocurrency market is predicted.
Metaverses are a new growth driver for cryptocurrencies
Against the background of the “hype”, companies such as Decentraland, Sandbox and others showed significant growth during the first months. The investment boom continues to this day. However, analysts predict a decline in popularity as soon as investors satisfy their appetites.
However, this does not negate the unconditional prospects of the metaverses for the crypto market. Not only investors agree on this, but also the world’s leading financial analysts. Moreover, most politicians also understand this. Altcoins against this background show record profitability; no less growth dynamics is expected in relation to metaverse tokens in the very near future.
Non-Fungible Tokens in the Metaverse (NFT)
Those who are going to capitalize on the expected further popularization of the metaverses should direct their investment eye to projects that directly provide this direction. These today are: Ethereum, Avalanche, Solana, Sandbox, Enjin, etc., on the blockchains of which NFTs and game projects are already being implemented. For this reason, it would be wise to consider investing in crypto exchange tokens with their own NFT marketplaces.
Every day, more and more major global brands are joining the metaverses. Celebrities are releasing their NFTs more and more often. For example, a part of the script for the film “Pulp Fiction” was recently sold in the form of NFT.
Nike, Adidas, Louis Vuitton, and even Coca-Cola are all looking to invest in and profit from the metaverse. But the biggest near-term development and application of NFTs is expected in the gaming industry.
The role of digital assets in the global economy and our daily lives will inevitably grow every year. In these circumstances, all countries of the world change their legislation and are defined with legal terminology for more adequate regulation.
Meta – the future leader of the metaverse race?
Many experts assure that in the future, with almost 100% probability, some one large company will win the race of the metaverses. As a result, one indisputable leader will appear, the project of which will be built on its own blockchain.
What kind of company will it be? The virtual world project from Meta Corporation is already valued at more than $10 billion in investments. In addition, Mark Zuckerberg stated that support for cryptocurrencies and NFTs will be given special attention when working on their universe. Firstly, it is planned to simplify the procedure for the sale, display and subsequent resale of NFTs as much as possible. Secondly, the metaverse will be open not only to the creators of individual digital objects, but also to the creators of entire game worlds.
Blockchain technology is the foundation on which metaverses are being built right now , with unlimited growth potential. Cryptocurrency and NFTs are fueling this growth and are playing a critical role in unlocking the potential of virtual platform technology.