Cardano CEO says Metaverse will be an “enormous product category” for crypto. Charles Hoskinson, the founder of Cardano (ADA), shared his thoughts on how the Metaverse coin’s relevance to the cryptocurrency space has caught his attention recently. For details Cryptocoin. com
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Cardano CEO comments
Speaking privately with Tony Edward on the Thinking Crypto podcast on November 16, Hoskinson was asked what his Metaverse would look like in light of the growing controversy around virtual reality. The mathematician Hoskinson noted that interfaces have changed. Now there’s the oculus rift, HTC Vive and Apple investing heavily in augmented reality. According to the Ethereum co-founder, there will most likely be Apple glasses by 2025, and when that happens, Samsung will develop its own version. Then the AR mixed reality VR revolution is on the way. Thus, Charles stressed that these advances in artificial intelligence, semantics and interfaces imply that Web 3.0 is not just a thin layer, but a vertical layer on which the Metaverse lives. Hoskinson says:
When you look at a building like a restaurant, you can cover the digital attributes of the physical world, such as your AR glasses showing you what time it opens and what time it closes, or you can go completely digital and have a truly virtual reality experience. When the cryptocurrency space comes into play, you need some kind of control layer for the logic of these things and a database for these kinds of things to enforce their scarcity uniqueness, so NFTs, that sort of thing comes into play here.
Facebook and Metaverse
Notably, within a week after Facebook, a subsidiary of Meta Platforms, announced the name change, the value of most Metaverse tokens increased. While crypto and non-tradable tokens (NFTs) seem to play a role in Meta’s creation of the Metaverse, the crypto community is not happy about it. Hoskinson: “The metaverses are really cool; they are the real thing, it’s not a gimmick. “As you physicalize the digital and digitize the physical, you basically need crypto to put a trust model and scarcity model into it, and in the next five to ten years it will become a huge product category for cryptocurrencies.” NFTs represent ownership of assets in a virtual metadatabase held by the people who use it, while developers aim to build a blockchain-based metadatabase that will act like a community by going beyond gaming to areas such as fashion, architecture, virtual concerts and performances. .