Metaverse in general is a virtual world where all the normal activities that we do in our daily life online are possible. Will the cryptocurrency market benefit from metaverses?
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It is clear that the world of metaverses and cryptocurrencies are highly compatible as both are virtual and an integral part of what is currently known as the Web3 or the third generation of the Internet. Metaverse is a virtual reality environment that has begun to attract billions of dollars and the interest of many major international companies, led by Meta Corporation (formerly Facebook) and Microsoft.
Metavirus is a multibillion dollar industry
As the metaverse is becoming more common and already on the table of global technology companies, we need virtual methods of payment and this is where cryptocurrencies and non-fungible tokens (NFTs) come in. In fact, the metavirus industry has the potential to add significant value to the global economy as reports indicate that the industry could cross the $1.5 trillion barrier by 2030.
This in parallel means achieving more for the cryptocurrency market and blockchain technology in general. With this happening, governments and regulators will undoubtedly step up their efforts to legalize and regulate the cryptocurrency market, whether through buying and selling or trading cryptocurrencies through global trading platforms such as TradingView. It is worth noting that in recent years, some countries around the world have tended to provide regulatory frameworks for digital currency and even recognize it as an official currency, as happened in El Salvador in the middle of last year 2021.
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The path to further adoption
As digital currency has become in one way or another the main medium of exchange between individuals in the virtual world (metaverse), its users will become increasingly comfortable with the ways to obtain it. This means that they will be used frequently outside of the virtual world as well for the purpose of sending and receiving money, especially since the transfer fees are very minimal when compared to traditional money transfer methods.
This, in turn, means that current banks and financial institutions are likely to step up their efforts to facilitate the exchange and trading of cryptocurrencies with the aim of staying competitive in the age of borderless financial systems and intermediaries, they will need to streamline their own infrastructure.
Earlier, the head of the International Monetary Fund said that cryptocurrency could put an end to traditional banking. On the other hand, Paypal and Mastercard are examples of payment systems that are now fully interacting with blockchain technology and cryptocurrencies, especially bitcoin – and they both said so because it is clear that it will play an important role in the future of digital payments.
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There are certainly no guarantees on the future of metaverses or what the final form will be taken by the nascent industry or when it will be fully integrated into our daily lives and linked to blockchain technology and virtual cryptocurrencies. But what is certain is that there is great interest from global institutions in this industry, and we have seen this through Mark Zuckerberg’s interest during the recent period in developing a virtual world for all daily life matters, and that it is a priority for Meta in the coming period.
This means more adoption of blockchain technology and virtual currencies to be used in the virtual world. Thus virtual currency will play a greater role in our daily lives. This in turn means more recognition and legalization of the cryptocurrency market.