- The importance of cryptocurrencies for Metaverse growth is definite.
- Development of Metaverse using NFT Tokens.
These days, Metaverse or the digital world is no longer just a science-fiction term; because emerging technologies have changed our lives, and the existence of such a world is no longer surprising. The Internet, smartphones, and cloud environments are just a few of these technologies that have initially been considered science fiction but now exist and have changed the way things are done. Most likely, the next big event of the digital age is on the way to transforming everyday life. This significant event is called Metaverse.
Metaverse is a combination of virtual reality, augmented reality, and Internet technologies. Metaverse encompasses the physical and virtual worlds, focuses on a highly efficient economy, and allows users to navigate its relative locations with relative ease and retain purchased goods and their avatars.
Like a virtual park where there is no limit to its size and creativity, Metaverse users will be able to move from place to place with thousands of others simultaneously and seamlessly.
Why is Metaverse So Important?
Even if Metaverse fails to achieve the vision many envision, it can fundamentally change how we interact with the digital world. A collective virtual experience can bring new opportunities for content creators, gamers, and artists. In the same way, non-fungible tokens (#NFTs) changed the economics of content producers and rebuilt them.
Matthew Ball, a financier, and columnist write about Metaverse:
“The most pernicious Metaverse narrative is that which supposes that users, voters, consumers, developers, etc., have no agency in how the next generation Internet develops and are instead just along for a terrible ride.”
Zuckerberg discusses how Metaverse can provide solutions to social inequalities. He also said that people’s geographical location has a lot to do with their financial opportunities. However, the world of Metaverse somehow overrides this idea, and with the advancement of virtual and augmented reality technologies, it is possible to work remotely.
The Place of Cryptocurrencies in Metaverse
Behind the scenes of Metaverse, there is a demand for Permissionless, financial services, and fast exchange. The data must be stored and made available to millions of users. The answer lies in cryptocurrency technology.
Companies like Decentraland and The Sandbox have developed a virtual world where users create and monetize digital items. Decentraland’s proprietary digital currency is $MANA, which is available at exchanges such as Coinbase.
In Metaverse, NFT tokens play a central role, giving people full ownership of characters, in-game items, and even virtual fields. Finally, it will be possible to buy and sell virtual goods related to different games and worlds in interactive markets. Therefore, one may be able to sell one’s virtual plot of land in the world of Disentrland and use the proceeds to purchase Fortnite game items. In this way, cryptocurrencies can be used as the only legal tender in Metaverse, and all virtual objects and intangibles can be expressed in the form of NFT tokens.
“Arthur Madrid, CEO, and founder of The Sandbox, says:
“Facebook’s underlying business model is to target people with extreme precision for advertising. Here’s our way to build a #Metaverse.”
The Future of Metaverse and Cryptocurrencies
Although no one can predict precisely what Metaverse and its future will look like. The importance of cryptocurrencies for their growth is inevitable as technologies such as virtual reality are involved. The methods in which current industry leaders such as Facebook use blockchain technology and cryptocurrencies will also play an essential role in shaping Metaverse.