Will crypto be the currency of the online space that is the metaverse?
This is the big question at the moment and one that should concern all serious entrepreneurs and businesspeople out there. Here is a clear discussion of the relationship between crypto and the metaverse detailing whether this form of finance and investment will provide the currencies of our future in the online space that is becoming the metaverse.
The rise of the metaverse
The metaverse is arguably already here; the use of virtual technology and the rise of the virtual office, online interconnected games, and online based social media, shopping, and more have all led to a space that is very real and yet all virtual. Technology has progressed to the level where virtual reality goggles and supporting technology is cheap enough for widespread use. Furthermore, augmented reality continues to provide simple ways for people to share, engage, and interact in the online space either as themselves or through the use of an avatar in what could quite easily become an alternative future reality. More people now spend a great deal of their time in the metaverse, and as it develops and progresses, there will be an increased need for a simple and seamless means of financial transactions in this space.
Cryptos and NFTs
Cryptocurrencies and tokens based on blockchain technology and the non-fungible tokens that are NFTs have arguably started to become the main form of financial interaction and engagement in the metaverse. Cryptocurrency has been around since the late 2000s as trust in the existing financial system dwindled, and from Bitcoin to Binance, the journey has been fast and development incredibly steep. A prominent crypto such as Bitcoin is now readily used in the metaverse, and you can use sites like https://www.okx.com/convert/btc-to-usd?amount=1 to know and understand the exchange rates and ongoing fluctuations. Then you are able to trade and use the crypto (Bitcoin) as easily as you would the US$ when you are in the metaverse. NFTs have since been the logical progression, and they are now also used to trade, collect and invest in this online space.
The linkage is clear, and the fact that cryptos gave rise to NFTs clearly shows the stages and levels of progression of the online e-finance model. As more people become engrossed in the metaverse and the time spent in the virtual world increases and becomes more central to daily life, then so too will the need to buy, exchange, and trade in digital assets that may only exist in this world.
It is a complex reality in that real money is used to purchase and buy into digital assets, digital art, and currencies that will generally never be touched, felt or hung up on a wall in your real home. Furthermore, the ability to develop your own cryptocurrency or mint an NFT provides more scope than ever before for more people to interact in the global economy at the highest level.
The internet and e-commerce have seen steady growth over time, and the next level of this progression is indeed going to be the virtual world. The metaverse, wherein you will want to live your best life, will need a source of finance and investment that only the cryptos and NFTs will provide.