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The importance of cryptocurrencies in the metaverse

The importance of cryptocurrencies in the metaverse

Cryptocurrencies and metaverse. An inseparable marriage. A symbiotic relationship in which everyone wins. Or put another way, in a virtual world a virtual currency is necessary to buy and sell virtual things. It is something that experts and the media agree on. Two very fashionable concepts for the money that moves around them and that, united for the same purpose, can give rise to much more money. Real money.

Everybody talks about the cryptocurrencies. Virtual currencies that are exchanged on the Internet and whose value rises or falls depending on the market dynamics virtual exchange. Despite their speculative use, cryptocurrencies like 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 the blockchain.

On the other hand, there is more and more talk of metaverse. 3D virtual worlds that offer a immersive experience thanks to virtual reality and/or augmented reality. And like any self respecting world, physical or virtual, will have shows and events live, 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, in the metaverse the dynamics of the physical world are replicated. On an economic level, this means that in the virtual worlds that are being created, everything can be bought. EITHER 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 like those of Decentraland Y The Sandboxtwo of the most popular blockchain games of the moment, are experiencing an investment fever in which investors from all over the world buy metaverse land. And it is that everything in the metaverse is an NFT, a non fungible token that has value in itself. 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 whole booming real estate market in which the available space 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 discussed at the beginning, in the metaverse transactions are mainly made through cryptocurrencies. What’s more, the aforementioned virtual worlds have their own virtual currencies. In The Sandbox, the exchange currency is called SAND (sand in English). And it’s not even a cryptocurrency. It is a token. Both are equally safe and make it easy to virtual transactions. For its part, Decentraland uses the virtual currency is called MANA.

Characters, clothes, means of transport, 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 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 done with cryptocurrencies.

Virtual worlds to create, explore and exchange

To see more clearly symbiosis between metaverse and cryptocurrencies let’s take an example Decentraland, a virtual world that reminds veterans of past experiences like Haboo or Second Life. Thanks to its tools, we can move around this virtual world and enjoy your activities or create new experiences in it such as scenarios, events or challenges for users.

But not everything is free 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 buy, sell and trade 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.

The social interaction It is one of the pillars of every virtual world. Hence, from time to time there are world events in which we can participate. Science, cinema, music… There are many possibilities. In addition, activities promoted by well known brands such as Samsung are already beginning to be seen. And with the advantage that the scrolling through the metaverse it is immediate unlike the physical world.

In short, the metaverse offers endless experiences, experiences, activities and possibilities based on virtual services and elements likely to be marketed. And for these exchanges are so agile Like the interaction with the metaverse itself, cryptocurrencies appear to be the most appropriate solution.