Over the years, the blockchain and crypto industry has evolved introducing new innovations every few years. The past year has welcomed the metaverse, a virtual world, which despite having little in common with crypto, the two concepts have gone hand-in-hand. The metaverse builds virtual worlds while cryptocurrency is the virtual money that is spent on the items in the virtual world.
The two concepts can happily exist without each other, with cryptocurrencies having a use case in the real world and metaverses, such as Mark Zuckerberg's Meta, having little connection with cryptocurrencies. Nonetheless, metaverses and crypto are two concepts that can easily blend to give a better user experience and easier spending within the metaverse – further boosting the adoption rates of the two virtual concepts.
How the metaverse will benefit cryptocurrencies
So far, it is clear how cryptocurrencies will help grow the metaverse field, with the former having a longer impact on the latter, especially in the past two years. People love spending money and shopping. The growth of the internet clearly showed this as the online payment statistics show with Amazon, PayPal, Alibaba, etc. snowballing in value and userbase over the past decade.
Despite the metaverse (and also crypto) still being in their formative years, there is potential synergy between virtual worlds and virtual currencies to grow the same way online shops and online payment systems grew. What is not clear is how the metaverse will impact the crypto industry in the coming years.
A new world in the real estate, gaming, and sports industries
One of the main advantages that the metaverse offers cryptocurrencies is giving it a new business niche for trading efficiently. In the past, trading assets such as real estate and in-game assets has been a tough nut to crack. The presence and heavy involvement of middlemen such as governments, banks, registration centers, and other regulatory agencies make the process slower while increasing operating costs.
With the metaverse coming up, there is a new idea of trading real estate and buying land on the metaverse. Real estate can be paid for using cryptocurrencies, which removes the need for these intermediaries, making the process simpler and less costly. This opens up more business avenues for users to spend their cryptocurrencies for real-world value. Additionally, with more crypto exchanges and platforms opening up such as Binance, Coinbase, easymarkets.com, etc. users have a simpler way to purchase the cryptocurrencies they require to spend on the metaverse.
The integration of metaverse shopping into these platforms could further boost the connection between the two virtual concepts, further simplifying the user experience.
Finally, metaverse and crypto can also become a force to reckon with in the sports and gaming industry, with fans having an opportunity to support and own part of their favorite teams. The growth of the metaverse and additional cryptocurrency development could open up the world to something really extraordinary, beautiful and lucrative in several markets.