Metaverse is a huge opportunity for the crypto industry

Haim Israel – a strategist at Bank of America – believes that the metaverse will create huge opportunities for blockchain technology. It will also start the widespread use of digital assets in financial transactions.

However, private tokens are very volatile, and stablecoins like Tether (USDT) and USD Coin (USDC) are likely to prevail.

Metaverse is the future

at recent days to interviewChaim Israel, Managing Director and Global Strategist at Bank of America – Haim Israel – described the metaverse as a tool that will lead the cryptocurrency industry towards mass adoption if certain conditions are met:

“I definitely think this is a huge, massive opportunity. You need the right platforms… which will definitely be a huge opportunity for this entire ecosystem.”

Israel also predicted that the metaverse would be where “we will start using cryptocurrencies as currencies.” However, current digital assets like bitcoin, ether and the rest are too volatile to fit in this role. as, stablecoins It is likely to prevail because it is linked to fiat currencies or precious metals, which tend to fluctuate much less.

Later, Israel believes that if cryptocurrencies are widely used in the metaverse, big tech companies will enter the scene.

The term “metaverse” has gained increasing popularity over the past couple of months, especially after Mark Zuckerberg announced he was rebranding Facebook to Meta – a new title that underscores his company’s vision.

Simply put, the metaverse is a virtual world where people can play games, socialize, work, build things and even trade and earn crypto assets.

The Metaverse may soon reach a market value of 1 TB

according to Report By leading digital asset manager – Grayscale, the industry metaverse could soon be worth over $1 trillion.

The investment giant noted that the space opportunity extends beyond gaming and touches sectors such as advertising, digital events, social commerce, hardware, and developer/creative investing.

Assuming the latest data is correct, the total market capitalization of the Web 3.0 metaverse crypto networks is already close to $30 billion. However, the industry may emerge as a disruptor of Web 3.0, similar to the way Facebook changed Web 2.0.

The analysis also showed that the number of metaverse wallets has doubled by a factor of ten compared to the beginning of last year. In the last quarter of 2021, the number stabilized at around 50,000.