The word metaverse may sound new since Facebook just changed its name to Meta and unveiled its unique augmented reality features amidst other futuristic features. Still, the metaverse isn’t a new concept at all. The metaverse concept has been since the 90’s. It is really amazing how a concept has become a reality and soon is going to be mainstream.
What is the metaverse?
The metaverse combines multiple technology elements, including virtual reality, augmented reality, and video, where users “live” within a digital universe. In lay man’s terms, the metaverse is a virtual world. Some concerts from A- list musicians have already been held in virtual spaces. This is not the peak; this is just the beginning. With the possibilities being endless how then does cryptocurrency come in?
It is said that the metaverse needs crypto to function properly. Let’s jump into the reasons for this:
1. Blockchain and blockchain platforms have proven, to this point, to be unhackable and firm. This feature is very important if any virtual reality platform is to gain acceptance by the majority. If individuals are going to be engaging with other people in a virtual environment, there needs to be some form of assurance that transactions involving the use of real funds are secure. Since the virtual world will somewhat mirror the real world, virtual currencies are also going to be in high demand and transactions are going to be highly anonymous.
2. The trend toward virtual and online payments has been growing. Transacting, and engaging in commerce in an online environment, is a mainstream evolution that has become even more commonplace with the implementation of cryptocurrency. In an entirely virtual ecosystem, which the metaverse is, crypto-enabled or augments payments will even be more popular. It makes sense that crypto-enabled payments will move to the forefront as we advance. It almost seems like cryptocurrencies were built for this purpose from the onset.
Now that you know how crypto will play out in the metaverse, how can you plug yourself into this myriad of possibilities before it becomes mainstream?
First, you can take advantage of cryptocurrency auto trading platforms to make money for you in your sleep. It’s a steal, making money from well-known platforms like Bitcoin Profit and other famous cryptocurrency auto traders.
Using auto trading platforms absolves you of the time and effort put into analysing and manually placing trades. They simply make money for you while you do other things without having to fear for your investing capital. With these platforms the risks associated with trading cryptocurrency has been reduced.
Also, you can buy cryptocurrencies now before they become highly sought after when the metaverse goes mainstream. Though not all cryptocurrencies will be used (obviously). This would surely birth new cryptos and probably bring more blockchain technology to the forefront. Today, there are not so many cryptos that are solely created for the metaverse but we hear rumours of Decentraland (MANA), Axie Infinity (AXS), and Enjin coin (ENJ) amidst other popular cryptos which might be on the radar of potential metaverse currencies for transacting business in the virtual space.
We are still not very sure as to how exactly cryptocurrencies will blend into the metaverse but we are pretty sure it will be quite similar to the NFT games like Axie infinity, Gods unchained, and Idle cyber.
With new use cases for blockchain and its technologies, we are surely going to see a sharp rise in cryptocurrency value as well as adoption by more countries over the world over the next few years.
The metaverse would surely bring more innovation to the world of commerce, entertainment and communication and we are optimistic as to the next phase of technological advancement.