Cryptos and the metaverse have a close connection. Why? In a virtual world, such as the metaverse, cryptocurrency represents an excellent method of payment. Additionally, many metaverse platforms make use of blockchain technology.
The emergence of the Metaverse
The metaverse allows users to immerse and interact within a digital universe.
It could be compared to a mix between a social network and an augmented reality experience.
The metaverse is a concept that existed long before Facebook changed its name to “Meta”. Even so, it must be acknowledged that this name change has pushed metaverse technology into the spotlight.
The Metaverse, “A Huge, Huge Opportunity” For Cryptos
The metaverse and cryptos have a lot in common.
Therefore, the metaverse is viewed as a substantial opportunity for cryptos, as Haim Israel, director at Bank of America, said in an interview.
“I really believe that this is a huge, huge opportunity… You need the right platforms… it’s definitely going to be a big opportunity for this whole ecosystem.”Haim Israel, strategist and a director at Bank of America
During this interview, Haim Israel also stated that the metaverse will allow “cryptocurrencies to be used as currencies.” For him, this new technology is going to be a catalyst and will enable the mass adoption of cryptos as a means of payment. If this were to happen, then institutional payment companies would be pushed to increase their gateways with cryptos.
But which cryptos will be able to play this role? For Haim Israel, cryptos are still too volatile to be used for this purpose. Also, he leans more towards the use of some stablecoins.