METAVERSE COULD CHANGE THE CRYPTO INDUSTRY!

Mainstream adoption of things like NFTs, crypto, and the Metaverse has increased dramatically over the past year

METAVERSE CRYPTO META CRYPTO

What does the metaverse have to do with blockchain?

Just like in real life, metavers are the place for commercial exchanges. Transactions are made in cryptocurrencies.
Each metaverse has its own cryptocurrency: MANA for Decentraland, SAND for The Sandbox and soon Diem for Meta. Meta is the metaverse developed by Facebook.

In a metaverse it is possible to buy and sell land, buildings, clothes for an avatar, etc. These virtual products take the form of money, which can be used to buy or sell goods. These virtual products take the form of non-fungible tokens (NFTs).

NFTs are an essential part of metaverse. They represent all goods that can be kept or earned on the metaverse: 3D constructs, accessories for avatars, digital artworks displayed in museums, or proof of attendance protocol (POAP) to collect.

Blockchain and NFT technologies have enabled the development of interoperability between these different worlds. Since NFTs are titles of ownership that are registered on the blockchain, ownership of a digital asset is not limited to the boundaries of any particular platform or game. Technically, it is standards such as ERC-721 that allow an NFT to be used in various applications and metaverse.

A pair of virtual sneakers in the form of NFTs can be worn by an avatar on Decentraland, but also in another virtual universe, and partly in the real world where they will be seen through augmented reality (AR) glasses. Hence the growing interest of brands such as Adidas or Nike in metaverse.

From a technical point of view, this is only possible with open and decentralized metaverses based on the same blockchain. Such interoperability is not yet possible on most existing metaverses, but it is an option that is gaining traction.
The main NFTs in the metaverse are virtual real estate, whose prices are constantly breaking records. Some are reaching new heights, such as this virtual land that sold for $2.43 million on Decentraland. How about an Axie Infinity lot that sold for $2.48 million.

Why can the metaverse change the crypto industry?

Metaverses are sure to disrupt the digital economy. They offer new experiences to users of digital instruments. Augmented reality, virtual reality and volumetric video technologies that are rapidly evolving and gaining popularity will make these experiences more and more immersive.

Users can visit shops and museums or attend concerts. They can interact with each other, but also with products. They may also work, attend meetings or trade shows, or study. There is even a university under development in Decentraland.

You have to imagine the metaverse as a parallel world. Artists can perform on virtual stages with an avatar or in real life, with a hologram. Consumers will be able to chat with a salesperson and test drive a car. Major retailers will have their digital twins there (such as Adidas on Sandbox). Public services will also be available on the metaverse in the future. For example, the city hall of Seoul, the capital of South Korea, is currently developing a virtual version.

Metaverses will become real places to live, communicate and consume. They offer advertisers immense communication and marketing opportunities. Users can also monetize it, such as with Axie Infinity, a blockchain play-to-Earn (GameFi) game.

GameFi and crypto

With GameFi it is a lot clearer how important the metaverse can be for the crypto world. GameFi is a combination of 'Game' and 'Finance'. It means that players can earn money by playing a game. In many games on the metaverse there are items to earn that can be worth a lot of money. Think, for example, of a special weapon or piece of clothing.

When such a garment is available in limited edition, this item can become worth a lot of money. This is especially the case when a large and well-known brand decides to release the item. Think for example of Nike, Adidas, Louis Vuitton or Gucci.
The latter two brands in particular issue limited edition products. This ensures that the value of these products is very high. People are no doubt willing to spend a lot of money on the metaverse. In the past, objects (NFTs) have already been sold for millions of euros.

The moment someone expects an item to become even more valuable in the future, it is always wise to buy such an item. In fact, it doesn't matter how expensive the item is, because (if all goes according to plan) it will increase in value.
In the crypto world, there will be more and more projects that focus on the metaverse, which also ensures that more and more cryptocurrencies and tokens will be for sale within this playing field. The metaverse industry is still very young, and there is still a lot of potential for growth. This means a new playing field full of possibilities.

What is the potential of crypto in the metaverse?

According to a report by Bloomberg Intelligence, the annual metaverse market could be worth about $800 billion by 2024. Parallel to this, the American bank Morgan Stanley speaks of a market of 8,000 billion dollars. By comparison, the video game market will be worth approximately $180 billion by 2021.

The growth potential of augmented and virtual reality technologies is also exponential. PWC predicts a growth of 39.6 billion euros in 2019 to 1,280 billion euros in 2030 (+3,000%). This growth is separate from the growth within the crypto industry. More and more people are using cryptocurrencies, which also means that the blockchain is used more and more. As a result, this market will in any case increase in value over the coming years, which will have a positive effect on the metaverse.

When there is more money in the crypto world, projects also have more and more money to invest in the metaverse. These projects can raise money from the general public through IGOs (Initial Game Offerings). Do you want to know more about IGOs? We previously wrote an article about Seedify, which you can read here [LINK].

The best metaverse crypto projects!

There are already many metaverse projects, the most important of which are Decentraland, The Sandbox, Cryptovoxels, and SomniumPlace. Of course, this number is increasing, which is why there is a good chance that this list will look very different in a year.

A plethora of other metaverses are in development. In fact, most video game, social networking, and e-commerce players are planning to launch their metavers, such as Epic Games (game creator Fortnite), Roblox, Alibaba, TikTok, Reddit, VR Chat, and even Microsoft. . The latter is well positioned to become an industry leader, as it owns the famous game Minecraft and the professional social network LinkedIn.

Apple is also expected to be in the spotlight because, according to the American investment bank Morgan Stanley, it holds the key to the mass adoption of augmented and virtual reality technologies, and thus to the metaverse.

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