How Will Metaverse Change Cryptocurrency Future?

Nowadays, metaverses are one of the hottest topics, which can boast unlimited growth potential. What is the future of cryptocurrencies in metaverses? Just find out what metaverses actually are and what this innovative sector has to do with Meta. Let’s get started!

What Is a Metaverse?

First of all, let’s mention the fact that the future of cryptocurrencies in metaverses has already arrived. Although the full implementation of virtual worlds with immersion in 3D format is expected in the near future, the Internet has long been a metaverse.

The term ‘metaverse’ was first used by Neal Stephenson in his novel Avalanche (1992). This term was called a certain online space that unites people with the help of augmented and virtual reality. Still, one of the most famous definitions of a metaverse is:

A metaverse is a digital world in which everything can exist!

In this virtual world, people interact with each other and digital objects via so-called avatars. In fact, users can study, work, have fun, and just relax there! One way or another, everyone does what they do in the real world.

The future of cryptocurrencies in the metaverse looks more than rosy. For example, you can easily buy a creative avatar, various items, skins, and even digital real estate for cryptocurrency!

To visualize future metaverses, just imagine a standard 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 platforms have concentrated millions and even billions of users.

Thus, a metaverse is a three-dimensional evolution of a 2D image into a 3D space. As a result, diving into it, a user gets the opportunity to interact with its inhabitants and objects.

The Future of Cryptocurrencies in Game Metaverses

Some mistakenly believe that a metaverse is a certain niche product. Still, there are currently over 3.5 billion player accounts in the world! Ultimately, the transition to the virtual reality world is just a matter of time for them. And, of course, this whole universe needs digital money, the role of which is already being successfully performed by cryptocurrency.

Blockchain technology is closely connected 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 Metaverse Sector?

The mass popularization of metaverses took place in July last year. It all started with the announcement of the head of Facebook, Mark Zuckerberg, about the aim to create his own metaverse. Later, Facebook was renamed Meta (after 4 months), which proved the seriousness of Zuckerberg’s intentions.

Right 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.

This way, metaverses have become the most promising direction in the cryptocurrency market. The renaming of Facebook to Meta has initiated a new wave of hype. As a result, a large number of projects aimed at the development of this sector began to appear.

Most analysts believe that in the next few years, there will be a full-fledged formation of many announced projects, including those from Meta. By this time, serious growth of the cryptocurrency market is predicted.

Metaverse Is a New Growth Driver for Crypto

Against the backdrop of the hype, platforms such as Decentraland, The 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.

Still, this does not negate the unconditional prospects of metaverses for the crypto market. Not only investors agree with this, but also the world’s leading financial analysts. Moreover, most politicians also understand this. Altcoins and metaverse tokens showed record profitability against this background.

Non-Fungible Tokens (NFTs) in a Metaverse

Those who are going to capitalize on the expected further popularization of metaverses should pay attention to projects that directly provide this direction. Today, these are Ethereum, Avalanche, Solana, The Sandbox, and Enjin, whose blockchains successfully implement NFT and game projects. 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 metaverse sector. Celebrities are also actively releasing their NFTs. For example, recently, Cristiano Ronaldo has announced the launching of the first NFT collection with Binance. Nike, Adidas, Louis Vuitton, and even Coca-Cola are all looking to invest in and profit from metaverses.

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.

What to Expect from Meta?

Many experts assure that in the future, with almost 100% probability, one specific large company will win the race of metaverses. What kind of project will it be?

Well, the virtual world project from Meta Corporation is already valued at more than $10 billion in investments. In addition, Mark Zuckerberg stated that special attention would be given to support for cryptocurrencies and NFTs when working on their metaverse. Firstly, it is planned to simplify the procedure for selling, placing, and subsequent resale of NFTs as much as possible. Secondly, the metaverse will be open to authors of individual digital objects and creators of entire game worlds.

Conclusion

Blockchain technology is the foundation on which metaverses with unlimited growth potential are being built right now. Cryptocurrency and NFTs are fueling this growth and are playing a critical role in unlocking the potential of virtual platform technology.