The announcement of the Metaverse by Meta -formerly known as Facebook-, generated a lot of expectations among users. Perhaps you are one of those who are uncertain about the possibility of living in a 100% digital world very similar to that of real life.
You may think that the world we all know is characterized by one thing: money. So, if we have an avatar of ourselves in the Metaverse, how could we pay for virtual things? One great option is through cryptocurrencies, which are already being implemented in very recent virtual reality systems. Find out how!
The importance of cryptocurrencies in virtual environments
Mark Zuckerberg‘s company’s metaverse is an ambitious project, but it’s not the only one. Another clear example is Decentraland, a metaverse that has a market value of almost $6 billion.
In Decentraland it is possible to buy virtual land. The value of a property depends on the area in which it is located and the characteristics of the building itself. For example, Decentraland has a place very similar to Las Vegas. Even this city has a huge traffic potential. Therefore, the land could be worth much more in the future.
However, Decentraland can benefit enormously from cryptocurrencies. A clear case is for users who are landowners: in Decentraland, they can control the content of their properties and thus earn valuable income over time, through rent, for example.
A clear example occurred with Paris Hilton, who recently performed on a virtual island. She paid a cryptocurrency fee to the company to obtain ownership rights to that digital venue. Then, those who want to enjoy this entertainment will have to pay for a ticket. In this way, Hilton recovers the investment she made and also gains a profit.
How could cryptocurrencies be used in the Metaverse?
Meta will be looking to make a big profit from its mega-project to revolutionize the Internet. It is not yet known what the business model will be, since people could enter this world for free. Alternatively, a subscription-based system could be implemented.
However, what is clear is that in order to have access to different things, it will be necessary to pay through virtual systems. Cryptocurrencies could do wonders in this regard, and we are not only referring to the most well-known ones, such as Bitcoin or Ethereum. Although now that Zuckerberg’s dream of launching his own cryptocurrency has failed, things are yet to be determined.
The curious thing is that its performance would be aligned with the expectations around the Metaverse. If people and companies trust this platform, its value could be useful in the future. If this happens, those who buy these cryptocurrencies first could become rich both inside the game and outside.
Therefore, the Metaverse will not only mean a new world of entertainment possibilities, but you will also be able to obtain great economic income if you manage to invest efficiently.