Lately, the chatter of the “metaverse” has run riot even some coining it as the “Internet 3.0.”
Partaking in this upgrade of the internet are ostensibly the prodigious firms of the West Coast which many of you already know.
Many of those stalwarts have nothing to do with crypto, but I must bring them up because there is an uncanny correlation between the future project of the metaverse that intersects with the fortunes of crypto.
The metaverse will deliver an augmented reality experience that is habitually billed as an experience exceeding physical reality.
In this realm, digital borders most likely won’t exist.
It will be absent of free-flowing US dollars and be replaced by a currency that doesn’t pertain to a sovereign nation.
A digital currency must embed in a way that facilitates the smooth functioning of the metaverse and it is highly likely that currency will be a cryptocurrency or various types of cryptocurrencies.
The rules of the realm aren’t written up yet, but I firmly visualize a deep intersection between cryptocurrencies and the business of the metaverse.
For example, instead of visiting the official NFL website and clicking on their official shop, I’ll be able to walk over to a 3D NFL shop in the metaverse and view the apparel myself then pay directly in crypto.
The goods will then be shipped to my physical address in the real world. No more flipping up a mobile or computer screen and entering www dot blah blah blah.
Another transformative issue, if you believed that personal data and the protection of it was a do or die issue now, then wait until the metaverse exists and we are represented in avatar form inside of it.
Virtual reality has gotten miles better in the last 10 years and it's all part and parcel of priming this technology to insert it into the metaverse.
For information to be secure and decentralized, we will need to harness the power of blockchain technology which cryptocurrencies run on.
Blockchain is a system of recording information in a way that makes it difficult or impossible to change, hack, or cheat the system. A blockchain is essentially a digital ledger of transactions that is duplicated and distributed across the entire network of computer systems on the blockchain.
There is no protection of personal or financial data on a virtual reality platform if there is no blockchain technology.
Engaging with other people in a virtual environment is going to open a can of worms and expose people to hackers and it’s the developer’s responsibility to create a secure environment.
People will not partake if it’s the status quo of modern-day data breaches and minimal punitive fines followed up by little legislation to prevent this from occurring again.
Blockchain enables not only instantaneously confirmed information but also enables these transactions to be cryptographically secured and protected.
Compared to the future of money, our antiquated system of wire transfers, paper checks, and “know your customer” forms seem idiotic when we have the technology for so much more.
Crypto transactions are the panacea to all these questions.
Even with price volatility that has been engulfed by bitcoin and other decentralized cryptocurrencies, the rise of stable coins and central bank digital currencies (CBDCs) means that the ability to conduct transactions via crypto has never been simpler.
I can easily envision some sort of metaverse stable coin partially pegged to a basket of fiat currencies.
Clearly, technology and cryptocurrency are at a fork in the road where major Silicon Valleys are going to move mountains to make this work as they see fit.
Moving mountains means pouring gobs of capital into improving the technology of cryptocurrency and the ecosystem that integrates with it.
The investments coincide with major capital earmarked for metaverse structural development with several companies spending $5 billion per year.
As we receive each incremental upgrade from Ethereum, Bitcoin, and the other alternative coins, it’s literally a fight to the top to see who will be the fittest to first deploy itself into the metaverse and carve out a massive role in the future of the digital money.
If you believe that these headliner cryptocurrencies are part of the metaverse formula, they are highly likely to appreciate 10X by the time the metaverse is ready to rock and roll.
