A strategist from Bank of America believes that the “metaverse” will present huge opportunities for blockchain technology.
The “metaverse” revolution will lead to the start of the widespread use of digital currencies in digital financial transactions.
However, crypto-tokens are very volatile, and stablecoins like Tether (USDT) and (USDC) are likely to prevail.
Metaverse is the future:
In a recent interview, the general manager and global strategist at Bank of America described the “metaverse” as the tool that will push the cryptocurrency industry toward mass adoption if certain conditions are met, and added:
I definitely think that this is a huge and huge opportunity.
You need the right platforms…which is definitely going to be a huge opportunity for this entire ecosystem.
Also expect the “metaverse” to be where we will start using cryptocurrencies as currencies.
However, current digital assets such as Bitcoin and Ethereum are too volatile to fit in this role.
As such, stablecoins are likely to prevail because they are pegged to fiat currencies or precious metals, which tend to fluctuate much less.
Also, if cryptocurrencies are widely used in the “metaverse” big tech companies will enter the scene.
The term “metaverse” has gained increasing popularity over the past two months, especially after Mark Zuckerberg announced the rebranding of Facebook to “Meta,” a new title that confirms his company’s vision.
Simply put, the metaverse is a virtual world where people can play games, socialize, work, build things and even trade and earn crypto assets.
The Metaverse may soon reach a market value of $1 trillion:
According to a report by leading digital asset manager Grayscale, the metaverse could soon be worth more than $1 trillion.
The investment giant noted that the space opportunity extends beyond gaming and touches on sectors such as advertising, digital events, social commerce, hardware, and investment for developers and creators.
Assuming the latest data is correct, the total market value of the Web 3.0 metaverse is already close to $30 billion.
However, the industry may emerge as an accelerator of Web 3.0 adoption, similar to the way Facebook changed Web 2.0.
The analysis also showed that the number of accounts connected to the “metaverse” had doubled by a factor of ten compared to the beginning of last year.
In the last quarter of 2021, the number stabilized at around 50,000.
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