The metaverse is a great opportunity where cryptocurrencies will be widely used as currencies, says Haim Israel, managing director of research and global strategist, Bank of America. He highlighted the need for the right platforms, which would be a significant opportunity for the entire crypto ecosystem.
The metaverse, Israel believes, is where we are going to start using cryptocurrencies as currencies. People will finally start using cryptocurrencies widely for transactions. However, he also acknowledged the fact that cryptocurrencies are likely to be too volatile.
The BOA’s strategist predicted that traditional payments companies would be much more interested in cryptocurrencies if they become widely used in the metaverse. There will be a lot of collaboration between the two, he says.
Facebook brought metaverse to the forefront and even rebranded itself as ‘Meta’, reflecting its commitment to building out its own platform. This has created further interest and excitement around metaverse, an online virtual world that is made up of augmented reality, virtual reality, 3D holographic avatars, video, and other means of communication. It should be noted that games such as Fortnite, Roblox, and Minecraft use this concept. Metaverse is, basically, a combination of multiple elements of technology, including virtual reality, augmented reality, and video, where users live within a digital universe.
A number of companies are keen and stepping into the metaverse; and blockchain already has a critical role in this. A good example is Binance – the Binance Smart Chain is home to several metaverse projects, including RPG games like Alien worlds and Cyber Dragon. It should be noted that more games are coming into the metaverse. It allows users to interact, play the game and potentially generate income as well.
Nevertheless, metaverse is in its initial days but attracting a lot of attention.