The importance of cryptocurrencies in the metaverse
Cryptocurrencies and the metaverse. An inseparable marriage. A symbiotic relationship in which everyone wins. Or put another way, in a virtual world you need a virtual currency to buy and sell virtual things. It is something on which experts and the media agree. Two very fashionable concepts due to the money that moves around them and that, united for the same purpose, can give rise to much more money.
Everyone is talking about cryptocurrencies. Virtual currencies that are exchanged on the Internet and whose value goes up or down depending on the dynamics of the virtual exchange market. Despite their speculative use, cryptocurrencies such as Bitcoin, Ethereum, Solana, Tether or Cardano are the perfect solution for the metaverse. A method of monetary exchange that offers security and privacy thanks to its nature based on encryption and on the block chain.
For its part, there is more and more talk about the metaverse. 3D virtual worlds that offer an immersive experience thanks to virtual reality and/or augmented reality. And like any self-respecting world, physical or virtual, it will have live shows and events, shops and products for sale. In other words, we will be able to enjoy free activities, services and experiences, but there will also be a commercial component. And here cryptocurrencies are ideal for everything to flow.
In the metaverse everything can be bought
For better or worse, the dynamics of the physical world are replicated in the metaverse. On an economic level, this means that in the virtual worlds that are being created, everything can be bought. Or everything is to buy. And this affects the virtual space in which the activities of future users will take place. Or of those who already walk and move through the metaverse from their homes.
Virtual worlds such as Decentraland and The Sandbox are experiencing an investment rush with investors buying up land in the metaverse, creating a huge opportunity for blockchain development company to infuse their expertise and solutions in creating innovative and secure decentralized platforms for these virtual environments. And it is that everything in the metaverse is an NFT, a non-fungible token that has value in it. Through the games themselves or NFT asset buying and selling platforms, it is possible to acquire a small virtual piece of land. To build your own virtual house or business or simply to sell it later. A booming real estate market in which the space available is practically infinite.
If so much is invested in the metaverse, it is because a real value is attributed to it, an equivalent in dollars or euros. But as we mentioned at the beginning, in the metaverse, transactions are carried out mainly through cryptocurrencies. What’s more, the aforementioned virtual worlds have their own virtual currencies. In The Sandbox, the bargaining chip is called SAND. And it’s not even a cryptocurrency. It’s a token. Both are equally secure and make virtual transactions easy. For its part, Decentraland uses the virtual currency called MANA.
Characters, clothing, means of transportation, complete buildings or construction pieces… Any virtual element with which we can interact in the metaverse is for sale in the stores or marketplaces of the virtual worlds that little by little are becoming favored by the investors. According to Forbes, in 2030, the value of the global economy based on the metaverse could move in 1.5 trillion dollars. And those exchanges will be made with cryptocurrencies.
Virtual worlds to create, explore and exchange
To see the symbiosis between the metaverse and cryptocurrencies more clearly, let’s take Decentraland as an example, a virtual world that reminds veterans of past experiences such as Haboo or Second Life. Thanks to its tools, we can move around this virtual world and enjoy its activities or create new experiences in it such as scenarios, events or challenges for users.
But not everything is free in Decentraland. Its virtual currency, the MANA token, is valued at $4.4 billion in market capitalization. All this thanks to the fact that in this 3D virtual world it is possible to buy, sell and exchange digital elements such as avatars, names, plots and land, clothes for your characters, etc. And as soon as you move through the metaverse, sooner or later you will need some digital asset in the form of transport, costume or original avatar.
Social interaction is a crucial aspect of every virtual world, making it essential for blockchain development services to create innovative and secure platforms that enable seamless interactions between users. In the metaverse, world events such as science, cinema, and music festivals provide users with endless possibilities to engage with others. With the advantage of instant access and mobility within the metaverse, the potential for social interactions and branded events is limitless, creating new opportunities for blockchain development services to infuse their expertise and create immersive and secure decentralized platforms that enable seamless social interactions.
