Metaverse: Can there be a Metaverse without cryptocurrency? This is what the experts say

New Delhi: Metaverse has been a buzzword among technocrats and crypto fanatics. Metaverses are connected 3D virtual worlds, where humans can communicate virtually.

However, this is not the whole truth. The term includes a wide range of virtual realities, including working tools for games and community platforms.

Interestingly, the term “metaverse” was coined in 1992, when American author Neil Stevenson used the word in his 1992 science fiction novel “Snow ‘Crash”, which depicts a virtual reality-based successor to the Internet.

Over the years, the metaverse has evolved and this virtual theme is now a reality, thanks to the influx of theme applications based on blockchain technology.

However, the bigger question is whether there can be a metaverse without cryptocurrency. Market experts have mixed opinions on this as some believe that cryptocurrencies have no security, while others see them as fuel for the metaverse economy.

On the contrary, metaverse and crypto are two concepts that can exist separately. A token can be useful in both the real and virtual worlds, but the concepts must have clear synergies with each other.

Hitesh Malviya, founder of IBC Capital, said that cryptocurrency can be used to support the economy in the metaverse. “Cryptography could be used as a utility in metaverse platforms in the future,” he added.

The metaverse can be thought of as the digital version of the world in which we live. Recently, we have seen widespread application of the metaverse in daily life activities such as art fairs, product launches and even weddings.

However, BuyUcoin CEO Shivam Thakral said that the metaverse and crypto cannot be separated because the underlying technology for both is the same and cryptography is an integral part of managing and operating the metaverse.

Contrary to their opinion, Edul Patel, co-founder and CEO of Mudrex, said that the metaverse and cryptocurrency are two completely different concepts that can exist without each other.

“The metaverse can add significant value to the global economy, and this value can be realized in cryptocurrency using it as a means of payment,” he added.

The basic premise is that metaverse projects need a medium of exchange or payment mechanism to purchase digital assets in the digital world, which is usually token.

On the contrary, cryptographic-based technologies have proven effective in combating cyber attacks such as data breaches, hacking and phishing prevalent in the digital space.

So far, the only currency accepted in the metaverse is cryptocurrency. Decentraland, Sandbox, and NFT Worlds are three popular blockchain metaverse projects that have also launched their own cryptocurrency to power their own ecosystem.

However, the fact that the metaverse also accepts fiat currency cannot be ruled out. However, this is only a hope or a concept for now, but the future may be different for users.

Market experts suggest that if an investor is willing to plan his trip to the metaverse region, he should realize the potential before investing there.

IBC Capital’s Malviya said investing in metaverse real estate and investing in metaverse utility token are two separate things and investors need to understand the difference between the two.

“L’immobilier Metaverse a une barrière d’entrée un peu élevée pour les débutants, de l’autre côté, les investisseurs avec un capital limité peuvent toujours investir dans leurs jetons pour faire partie de la croissaé”, guest atsystéle .

The metaverse will also need to expand from existing limitations and evolve toward interoperability between self, while adding more assets beyond Earth, symbols, avatars, and structures.

Mudrex’s Patel said this is followed by extensive research into the basics of the Metaverse. “Then devise strategy and experiment based on your research and risk appetite.”

Blockchain and cryptocurrency enthusiasts are entering the field with their wallets. However, a specialized understanding of the subject allows them to expand the portfolio wisely and reduce the bet.

“Investors should not only aim to make money from the metaverse at this point and explore it experimentally,” he added. “Metaverse tokens can be a small part of the portfolio depending on the risk appetite.”

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