The Metaverse and Crypto

No one can clearly explain what exactly a Metaverse is. However, we could see a glimpse of what it may be with the development and evolution of technology.

A Metaverse goes beyond VR/AR for sure as what the big names in tech and business cited that a Metaverse is ”intrinsically linked with the blockchain concept of an open, interoperable network” where virtual assets are exchangeable and storable through a decentralized and verifiable ledger. That is where a Metarverse meets cryptocurrencies.

The idea of a Metaverse is viewed as the extension of reality via the help of crypto. In other words, crypto becomes the bridge between reality and virtual life.

Some consider that digital currencies are ready to be employed as a payments system in a metaverse-like digital world. The Vice President of the blockchain platform Aleo thinks that crypto is a fundamental part of the Metaverse since it allows ownership of digital assets and ownership creates the motivation to invest. NFT as one of digital assets has been foreseen as the fundamental economic order in a Metaverse.

Powered by blockchain tech, NFTs are distinct pieces that are proved to be scarce, unique, tradable and exchangeable. As the concept of a Metaverse becomes more clear and comprehensible, we can expect a more dynamic market for tradable NFTs which will coexist with the finance order in real-life.

NikeLand, born on the online video gaming platform Roblox is a virtual space where players interact in free sports and wear NIKE signature garments in a digital manner. Nike is now contemplating to have NFTs sales which may boost the retail numbers, too. Its competitor Adidas is partnering with The Sandbox Metaverse to acquire a land which is an NFT. Despite it is still vague that how or whether the Metaverse is going to lead a better life for human beings, nobody wants to fall behind.