Technocrats and cryptocurrency fanatics have been talking for a long about the metaverse. It is mainly connected to 3D virtual worlds. Here humans can virtually communicate. But this is not the complete thing. This term has a huge variety of virtual realities such as workplace tools, games, community platforms, and so on. In 1992 the term metaverse was first coined when Neal Stephenson, an author based in the US used it in Snow Crash, his novel on science-fiction. It envisions a successor that is based on virtual reality to the internet. This metaverse got evolved. Now such a virtual theme got turned into a reality. This is because of the appearance of huge themed apps based on the technology of blockchain. Yet the biggest question remains can the metaverse exist without crypto. Experts of the crypto market come with a mixed opinion as few think that cryptos do not have any mandate. While some see crypto as a fuel for the economy of the metaverse. When we talk about the virtual world, bitcoin will also come into mind and we should understand its basics as the most important information about the cryptocurrency.
All about the metaverse and crypto
- Metaverse and cryptocurrency are two concepts that may be separately existing. Any token may be having utility not only in the real world but also in the virtual world.
- But the concepts must have a clear conflict with each other. IBC Capital’s founder Hitesh Malviya mentioned that cryptocurrency can get used to power the metaverse economy.
- Cryptocurrency can be used as one utility in platforms of a metaverse in the future.
- One can consider the metaverse to be the world that we reside in’s digital version. Now we have seen a huge application of this metaverse in our daily life activities like art exhibitions, weddings, and product launches.
- Yet BuyUcoin’s CEO, Shivam Thakral mentioned that the crypto and metaverse can never be separated because the underlying technology for both is similar. Crypto is an integral part of the governance of the metaverse along with its functioning.
- Mudrex’s CEO and co-founder Edul Patel said that cryptos and metaverse are completely different concepts and they can exist without needing one another.
- Metaverse can include huge value to the worldwide economy. This value can get realized in cryptocurrency making use of it as a payment mode.
- The simple principle is that projects of metaverse require an exchange medium or a mechanism of payment for buying the digital currencies in the digital world that are mainly tokenized.
- Techs based on crypto have already established their effectiveness to combat cyber attacks like data breaches, phishing, and hacks that are hugely common in this digital space.
- Till now crypto is the only digital currency accepted in the metaverse. Three well-known blockchain metaverse projects are NFT worlds, Sandbox and Decentraland. These projects too launched their utility crypto to power their particular ecosystem.
- Yet the fact that the metaverse will be accepting fiat currency too can never be ruled out. But it is only hoped or maybe a concept now. The future can be different for all users.
- According to market experts, if any investor is interested to plan his metaverse journey, he needs to acknowledge all potential before he invests in it.
- IBC Capital’s Malviya mentioned that real estate investment in the metaverse and investing in its utility token are two different things. Investors must become aware of this difference.
- Real estate of the metaverse has a high entry barrier for all beginners. Yet investors with some limited capital will always be able to make investments in their tokens and make it part of the growth of their ecosystem.
- Metaverse needs to expand from the current limitations and move forward to the interoperability among similar things with more digital assets to get included beyond structures, avatars, symbols, and land.
- It is followed by proper research over the metaverse fundamental and finally with thorough strategies and experiments based on the risk appetite and research.
- Blockchain enthusiasts and crypto lovers have started to enter the domain via their portfolios. The niche understanding of this theme allows them to wisely expand their portfolio and reduce their gamble.
Investors should never only aim to make money from the metaverse now. They must not just explore it from any experimentation viewpoint. Tokens of the metaverse can become a small part of your portfolio based on an individual’s risk appetite.