Recently, Facebook changed its name to Meta, and many people are curious about what it is all about. For those who are not aware yet, this leads to the introduction of the metaverse, an alternate virtual world where users can have various identities and characters. They can also do a lot of things which they wish to do in real life.
Of course, this alternate virtual universe is not a very shocking concept to netizens anymore. In the past years, people have been introduced to bitcoin trading and cryptocurrency in general.
So, is there any connection between cryptocurrency and the rise of the metaverse? Read on.
If you are not familiar with it yet, cryptocurrency is a kind of payment that can be used online for products and services. A lot of companies worldwide have already released their cryptocurrencies, which are more popularly known as tokens. Consumers can use these cryptocurrencies to buy a product or pay for the service the company provides.
In short, these cryptocurrencies function like casino chips or arcade tokens. To access a particular service or good, a customer has to exchange cryptocurrency with real currency.
Cryptocurrencies are usable with the use of blockchain technology. It is a decentralized system that leads to numerous computers that are used to record and manage transactions. One of the admirable traits of blockchain is its security.
Facts About the Metaverse
Now, let us find out more about this metaverse. Why does it matter? How will it affect the future?
The metaverse is an online environment where people can explore and interact using digital avatars. Meta Platforms Inc., the new name of Facebook Inc., among other companies, is developing metaverse hardware, services, and experiences.
This virtual reality concept is based on sci-fi novels, such as “Ready Player One” and “Snow Crash.” The fossil fuel crisis destroyed the earth, and climate change in the former and the metaverse became an escape.
Tech companies are planning to recreate physical experiences in the metaverse. It will be a world where people can watch online shows, concerts, fights, and other activities from whatever angle they want. It would also allow them to do things humans cannot possibly do in real life, such as visiting the moon.
What Users Can Benefit from Joining the Metaverse
With the metaverse, virtual living standards will be improved. It will also eliminate the limiters that congregate digital channels and platforms into one.
Here are some of the critical benefits that metaverse will give its users:
Allow Product Testing Before Buying
One of the best advantages of being part of the metaverse is letting consumers test or experience the products they want to buy before the actual purchase.
By just using a specialized headset, consumers will have a first-hand experience of the product—its feel and other features—allowing them to reflect on what value it will bring to their lives.
Moreover, it will allow vendors to interact with target customers from different parts of the globe, letting them present products minus restrictions.
More Real Gaming
Due to the current health crisis, the gaming industry has been one of those that have thrived. Gaming became more in demand and popular since many people were forced to stay at home.
Many people began investing time in virtual games to escape boredom and loneliness. For this reason, they have been introduced to the concept of the metaverse.
Both AR and VR successfully help games eliminate the barrier between the virtual world and the real world. It has even contributed to the rising of eSports, which comprises VR sports training, post-game locker room, and even actual competition.
Enhances Medical Professionals’ Insights on Health Conditions
Medical technology continues to advance. However, there are still limitations in testing the full potentials of surgical equipment and medicines until now.
With the help of virtual reality, medical technology can level up even more. Medical professionals could gather enough data to carry one their research. By integrating metaverse technology into the medical field, modern medical apparatus has evolved all the more.
For this reason, physicians can determine and diagnose medical conditions earlier, thanks to the expanded visibility applicable to the biological process.
Allows Traveling to Other Countries Without Leaving the Room
The tourism industry was one of the most affected sectors when the pandemic exploded. Good thing, the metaverse has offered an alternative way for people to travel without risking their safety. Now, people can visit places anywhere around the globe by only using VR headsets.
No wonder more people now prefer using the metaverse technology to travel before spending much on holiday packages. Moreover, this is beneficial to those who are restricted from touring due to medical reasons. With the metaverse, they can still get those exciting travel experiences.
Overall, the metaverse is the integration of the physical and the virtual space. As a result, this technology can overcome many of the limitations that people encounter in real life.
How Cryptocurrencies Can Benefit from the Metaverse
Metaverse and cryptocurrency are linked to each other in many ways as blockchain technology developers. As expected, the usage of digital entertainment and other tools will continue to increase. It will lead to the rise of the digital asset accumulation demand over time.
The question is, how can one secure the rights to a digital item, such as a video game item, music work, or art masterpiece? Another thing curious consumers ask about is the digitalization of personal items like accessories and clothes. That is the reason why there is blockchain technology.
Nonfungible tokens (NFTs) were earlier used for digital art. However, there is a chance that it can also be the metaverse’s very fabric to secure the virtual items that consumers own.
This perspective is quite radical, but it was shown possible through the “Ready Player One” movie adaption of Stephen Spielberg. For this reason, also, cryptocurrencies and Facebook’s upcoming metaverse are essential. Aside from developing a shared online world where netizens can interact, hang out, and even do business transactions, a financial framework is also being built, which users can use to store and purchase digital items.
Sealing the Decentralized Digital Currency Deal
As of now, it is still too early to tell how cryptocurrencies and metaverse will depend on each other. Even Mark Zuckerberg, the Meta Platforms’ new CEO, revealed that it would take almost a decade before the financial results would be noticeable for the company and the crypto project to take off.
However, the project experimentation is already on the way. While the cryptocurrency Diem, together with Silvergate Capital, its bank partner, is on the waitlist, Meta Platforms has already launched Novi, its crypto wallet project. Novi was formerly called Calibra.
The said digital wallet pilot program will partner with Coinbase Global and utilize the stablecoin Paxos. These will allow a limited number of users from Guatemala and the U.S. to try cross-border and peer-to-peer money transfers or remittances.
It is known that the remittance industry caters to multibillion dollars yearly, which is very much profitable. For this reason, Novi has to catch up with cost savings and money transfers between related individuals, like family members. Currently, Novi can be used freely by consumers.
Today, these mega-companies are in the early experimentation stage for the metaverse and cryptos. Novi is just one of their experiments. However, if Meta Platforms succeeds in its goals, it would have one of the best computing platforms encompassing apps and video games, plus asset and payment security systems by the end of the decade.
In short, Meta Platforms, together with billions of social media users, will seal this large futuristic deal. It means that digital assets and cryptocurrencies will be established by then. As of now, companies are just starting the race to create the most outstanding metaverse that is supported by a secure virtual asset experience.
Welcome to the Metaverse!
Whether we like it or not, crypto payments will soon be part of our ordinary daily lives. In addition, as the metaverse continues to reach its full height, social media citizens will get used to the virtual world. Expect for the various industries of our economy to join the trend.
Soon, business transactions and other kinds of social interactions will depend much on virtual reality and payments.
The question is, should people start investing in cryptocurrencies? Which ones should they choose over the others? How can they be safe from scams?
It will be advisable for people to start learning about cryptocurrencies and bitcoins. They can approach legit traders and businesses that can help them be familiar with how virtual currencies work. Once the metaverse becomes part of everyday lives, people will not find it challenging to thrive anymore.