According to a Bank of America expert, the metaverse is a huge opportunity for the crypto space. BofA’s Haim Israel says cryptocurrencies will eventually be widely used for transactions in virtual worlds. He says crypto-based platforms need to be developed and this will create “a huge opportunity for this whole ecosystem.” Details Cryptocoin. com
An opportunity for metaverse crypto
Metaverse will lead to the widespread use of cryptocurrencies for transactions, according to the expert. He said that as people race to create virtual world platforms, the metaverse is likely to create an explosion in development in the crypto world. However, the analyst said that current cryptocurrencies may be too volatile for this, so some types of stablecoins will likely dominate. The analyst said that the metaverse looks set to be where people finally start to widely use cryptocurrencies for transactions. The idea is that cryptocurrencies go hand in hand with blockchain technology, which underpins some new virtual worlds. This allows metaverse hubs to remain decentralized rather than under the control of tech companies or payment providers.
BofA strategist predicted that traditional payments companies will be much more interested in cryptocurrencies if they are widely used in the metaverse. “I see a lot of collaboration between the two,” he said. As the excitement around the metaverse grows, many people are more skeptical. They point out that virtual worlds have been around for decades—Second Life, for example—and virtual reality headsets never really took off. Some analysts question whether cryptocurrencies are truly widely adopted. Raj Gokal, co-founder of cryptocurrency network Solana, shared his concerns: “I am worried that the metadata has been overstated. “I have never seen so much exaggeration in the mainstream media about an unpublished product or product category, maybe never.”