Why Metaverse Cryptos are Critical to Blockchain adoption
Blockchain adoption is on the rise, and individuals and organizations are looking to integrate blockchain into their respective products. Several projects have been launched so far, including NFTs, which were responsible for introducing a new section of the population to blockchain for the first time.
However, crypto remains the primary reason people cared to educate themselves on the blockchain. Bitcoin, Ethereum, and BNB are just a few among the other major coins that drove crypto adoption for the longest time. Consequently, improving blockchain awareness.
Lately, a new segment of these coins, metaverse crypto coins, is popularly surfacing the internet. Many believe metaverse is the future, and along with it, few hold the opinion that metaverse cryptos will lead the initiative of blockchain adoption. How true is that? Let’s find out.
Defining Metaverse & Why It Needs Blockchain
Metaverse is a virtual 3-dimensional interactive world where users can interact with their digital possessions, the VR environment and with other fellow metaverse citizens.
We’re still short of a clear definition for metaverse as it isn’t completely here yet. It’s being defined as it is being built. However, the general idea is for a digital world to be real-time, sustainable, boundless and of course decentralized. The closest we can come to envisioning the metaverse is by imagining it to be a video game, except for the fact that you’re inside it. Interacting with everything around.
While there are contradicting arguments over if or not blockchain serves as the perfect infrastructure for metaverse, which we’ll address further in the article. There’s no double that virtual currencies, based on blockchain, are the perfect solution to conduct transactions in the virtual world.
But before we get to why there’s no better alternative to metaverse cryptos, let’s first discuss whether blockchain is essential for metaverse to exist.
Does Metaverse Need Blockchain?
The aspirations of the metaverse are quite significant, wherein it promises a virtual experience that tends to go beyond what we experience in physical reality. Along with that, it also aims to create numerous opportunities for earning money, with some being as fun as playing a game. Literally.
Jeremy Bailenson, who moderated a World Economic Forum panel along with Metaverse and blockchain thought leaders, shares an opinion that Metaverse could exist without blockchain. The Stanford University Professor supported his stance by sharing the example of Second Life. A metaverse founded in 2003, with 70 million registered accounts, and an economy that enables buying and sharing of digital assets.
Although the functional operation of Second Life may lead us to believe that metaverse can be operational without blockchain, we still have to answer. Whether metaverse could be better with blockchain? And the answer is a clear Yes.
As mentioned earlier, with everything that metaverse promises, there has to be a reliable architecture to support it. Individuals, who are expected to spend better part of their time in the metaverse, need a secure place that guarantees the security of their information & possessions. And blockchain is the solution for exactly that.
Role of Blockchain In The Metaverse
While it is true that metaverse can exist without blockchain. But for it to exist in its full glory, blockchain can’t be skipped. A lot of features that are unique to the metaverse are best conducted with blockchain technology.
Here are a few aspects that explain the importance of blockchain in the metaverse.
- Blockchain acts as a proof of identity for users within the metaverse, wherein all their details are stored and kept secure.
- With blockchain, in-game assets wouldn’t be fungible. At the same time, they would be easily traceable.
- Real estate in the metaverse will account for a major chunk of crypto transactions. A reliable record of the creation, distribution, and destruction of a property will ensure proper operation.
- Crypto enables seamless transactions and asset transfer in the metaverse. While being an investment opportunity for investors otherwise.
Cryptocurrencies are likely to be an almost inseparable part of the metaverse. And here’s why we think that.
Metaverse Cryptos Come To Play
Metaverse and Cryptocurrencies are two completely different concepts, but we often see them exist together because of their brilliant compatibility. The metaverse is going to open numerous avenues for people to spend money, which they love. But there needs to be a secure, convenient and reliable way to do that. This is where metaverse cryptos come into play.
Metaverse is fast & with minimal latency. Unlike the real world, you don’t have to spend on transport, nor do you have to sit for hours in a plane to get from one place to another. Crypto is the same. It’s quick, tractionless and exactly what a metaverse economy needs.
As the popularity of the metaverse becomes prevalent, we’ll find ourselves spending more time in the digital world, than we ever previously did. Consequently, we will need a method of payment to pay for all the goods and services at our disposal. This includes buying your own digital real estate in the metaverse.
Naturally, metaverse will supplement the global economy, expected to amount to almost $1.5 trillion of its share by 2030.
Soon, due to the widespread adoption of the metaverse, governments will be obligated to regulate crypto. Provides better protection for existing buyers and beginners, unlike the few recent market scams that raised doubt among investors.
With regulated crypto, there will be no hindrance for it to be a part of the metaverse. Additionally, more and more cryptos will be introduced that support the newer ecosystems. Such as the recently introduced Tamadoge, a play-to-earn metaverse game, welcoming many new investors to crypto. And with itself, to the blockchain.
As mentioned earlier, the metaverse could very likely become the primary enabler for blockchain adoption. As newer metaverse cryptos circulate the ecosystem, people will have a better incentive to enter the space. With a variety of cryptos catering to a variety of demographics respectively.
It’s only about time we witness blockchain becoming mainstream, alongside the metaverse.
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