The Metaverse will majorly impact the crypto world as they’re two concepts that go perfectly hand-in-hand (a virtual world where to spend virtual money).
The Metaverse is one of the hottest subjects discussed in the investing world these days, and entrepreneurs cannot wait to find more about it and even get a piece of the pie (if there’s one). The Metaverse enables users to interact with each other via virtual reality, buy virtual land and virtual goods, and enjoy an immersive and unique experience.
Digital coins play a vital role within the Metaverse as they are the means that enable people to purchase virtual goods and services. Web3 promises to be more engaging and experiential and provide access to immersive 3D environments through virtual and augmented reality.
Even if Metaverse and crypto coins are separate concepts that can exist without each other (some cryptocurrencies have a utility in the real world), they have a potential synergy.
What do we mean by a potential synergy between the Metaverse and cryptocurrencies?
An interesting way the Metaverse and cryptocurrencies intersect is through NFTs (non-fungible tokens), which are a form of digital ownership that allows people to trade services, goods, and experiences within the Metaverse. They can use cryptocurrencies to buy goods or land in the Metaverse, and the NFT would serve as digital proof of the exchange.
Ethereum is the largest host for NFT marketplaces, and crypto specialists expect it to play a key role in the Metaverse. People use Ethereum-based tokens like Ether to buy NFTs based on the Ethereum blockchain. If more investors use Ethereum-based tokens, ETH will inevitably grow. Besides the traditional crypto coins used to trade within the Metaverse, people can also use a series of cryptocurrencies especially made for the Metaverse, like The Sandbox and Decentraland. Besides buying goods in the Metaverse with these cryptocurrencies, people can also use them to vote on regulations and policies within the online environment.
The potential synergy between the two concepts is visible. People have always loved to spend money, and shopping has established itself as a primary feature of web1 and web2, and web3 will most likely inherit it. Also, even if no one can tell exactly what form the Metaverse will take, it definitely has the potential to influence cryptocurrencies’ evolution and their impact on society.
What is Metaverse in blockchain?
The Metaverse is now described as the next big thing that is supposed to alter people’s lives. However, everyone seems to have a different interpretation of the concept. The term was first used in Snow Crash, a cyberpunk novel written by Neal Stephenson, and it described an imaginary realm people could access using the worldwide fibre-optics network with the help of virtual reality goggles.
Since then, people have used the word Metaverse to refer to virtual worlds where people can interact with other people. The Metaverse enables users to buy digital items, attend virtual events, and take virtual trips because it aims to offer people an augmented reality experience that surpasses physical reality in opportunities and experiences.
But the Metaverse requires encryption to function properly and the immutability and un-hackability of blockchain are paramount for its broad adoption. Data breaches and hacks are common nowadays, and users are supposed to operate in a secure virtual environment.
Blockchain enables fast confirmation of information and protected and cryptographically secure transactions. Crypto assets and blockchain are key and intrinsic aspects of how virtual reality is deployed. The Metaverse requires for transactions to be completed on demand, an action only blockchain and cryptocurrencies can facilitate.
Crypto payments are prevalent in virtual environments like the Metaverse, and it’s only logical for these payments to evolve and gain more popularity in the future.
Crypto and Metaverse change the future of digitization
The world heads toward profit and innovation at a fast pace, and investors are interested in whatever series of experimenting and combinations with tech that could bring them income. The Metaverse has been thrown away in discussion for a while now, but the pandemic propelled it into trend, and it became a platform that enables innovation and creativity at a high level.
This new niche makes it easier to trade real estate assets because it removes the involvement of intermediaries like governmental regulatory agencies and banks and their associated costs. Thanks to the Metaverse, a new range of business opportunities sprang to life, and people have the opportunity to create something lucrative and extraordinary in whatever niche they desire.
Ethereum and Metaverse
Stablecoins, NFTs, and DeFi have all started on Ethereum, so it’s crucial to document it when discussing the Metaverse. Ethereum is a smart-contract blockchain that provides a decentralised and secure environment that can host all kinds of applications. Ether is the required key to unlock block space on the Ethereum network and allows users to participate in the digital economy.
If the collaboration between the Metaverse and Ethereum (with its base layer protocols) is successful, it’ll change the definition of money. Over the last years, the crypto world witnessed a growing investment in Ethereum, with entrepreneurs using platforms like Binance to buy Ethereum or stablecoins that could be used to trade virtual goods within the Metaverse.
Crypto coins such as Ether are more reflexive than traditional currencies and stablecoins, and therefore the larger their ecosystem grows, the better the virtual currency becomes.
Metaverse coins to invest in
The Metaverse project is quite new, and most cryptocurrency prices are low, opening investment opportunities for all investors. However, it doesn’t mean that all crypto projects are worth investors’ money. The following Metaverse coins are expected to perform well in the next months (due to their robust financial backing and utility).
– ApeCoin is an ERC-20 token that exists on the Ethereum blockchain
– Sandbox is a native token on the SAND platform
– Decentraland is a crypto metaverse project on the MANA platform
– Highstreet is a project backed by the tech company HTC
– Floki Inu is a dog-meme-based crypto
– Metahero creates high-definition avatars of people and real-world items using 3D scanning
Metaverse projects are found everywhere and show real potential. It’s crucial to remember that the concept is rooted in cryptocurrency and blockchain, and the buzz around digital coins will definitely increase due to Metaverse’s popularity.