The Metaverse and its Relationship to Cryptocurrencies

The Metaverse and its Relationship to Cryptocurrencies

The metaverse is fast expanding, both in terms of cultural awareness and in terms of financial value, as a result of Facebook’s recent Meta name change. Since some big-name corporations have embraced the concept, some analysts are referring to it as “the next major investment trend.”

According to Bitcoin.com, Morgan Stanley said in a note to investors earlier this week that the metaverse — a concept that includes the creation of an alternate universe where people can model their image to whatever they want and perform real-life tasks like buying things, gaming with friends, and other activities — “can fundamentally change the medium through which we socialize with others.”

But what is the relationship between crypto and the metaverse, and how does crypto play a role in it?

According to Sina Kian, VP of Strategy at Aleo, a blockchain platform for fully private apps, crypto is a crucial aspect of the metaverse because it allows for the ownership of digital assets, which in turn creates incentives to invest.

However, one of the greatest challenges to the metaverse, according to Kian, is the possibility of being taken by an oligopoly, resurrecting the threat of monopolies in the digital world.

“The most significant thing that crypto offers is a potential alternative to that environment,” Kian explained.

The idea was mirrored by Phillippe Bekhazi, co-founder and CEO of XBTO Group, a worldwide cryptofinance organization, who told GOBankingRates that crypto is prepared to play an enormous role in the metaverse.

“Obviously, emerging technologies like NFTs and social tokens might be utilized for everything from playing games and earning money to serving as incentives for staging virtual concerts for influencers and their fans,” Bekhazi added.

“I believe that the role that large cryptocurrencies could play is underappreciated. He went on to say that “digital currencies are poised to be employed as a payments system between multiple parties within a metaverse-like digital environment.”

“It’s also not out of the realm of possibilities that in the future, even crypto dealers may trade Bitcoin and other crypto assets on a metaverse-integrated VR/AR system.” They could bargain ‘in person,’ in the form of digital avatars, over what price they wanted to trade any crypto asset in this scenario. The possibilities could be unlimited, and we are excited to see what comes of this,” Bekhazi added.

According to some experts, the metaverse is more than just AR/VR and cartoon avatars. According to Chris Fortier, Vice President of Product at Rally, a blockchain ecosystem that helps creators mint their own social tokens, a metaverse can be any form of online engagement, from a Zoom call to commenting on your favorite creators’ social posts, plus anything that gives you presence, engagement, and identity in a digital space.

“In this light,” Fortier told GOBankingRates, “crypto has a vital role to play in any metaverse.” “Crypto allows for radical ownership of ‘tokens,’ but ‘tokens,’ unlike money, are much more.”

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