How Facebook's Metaverse fever can drive cryptocurrency's growth
This unique concept is a step into a new direction for the future, not only for Meta but the rest of us.
Metaverse is a concept that is quite literally out-of-this-world. Although it has garnered a lot of social attention, most people are still trying to wrap their heads around it. Ever since Mark Zuckerberg changed Facebook's name to Meta, many people have asked how they can become a citizen of the metaverse?
With many offerings like 2D interactive platforms to a fully immersive virtual reality (VR) experience – a computer-generated environment aims to mimic real life. In the metaverse, people can travel — virtually — to different places or they can work in offices alongside 3D avatars of their colleagues. The concept isn't entirely new as metaverse already exists today through games. Today's gaming industry allows people to create their own alternative universes such as the popular metaverse game 'The Sandbox' or DAO-governed Metaverse project, Decentral Games that allows people to earn while playing.
Most notable impact of the Metaverse fever was on Decentraland's virtual land value, which skyrocketed after investors realized the potential of this new concept. Overall, Decentraland's MANA reached new all time highs last month increasing from a mere $2 to about $4.5 mid November. Their virtual plots of land even sold for 618,000 MANA tokens, worth about $2.4 million at the time.
As more entities expand to the Metaverse, participating in these universes will require crypto tokens. Bloomberg Intelligence estimated that metaverse could be a $800 billion market opportunity by 2024, and this is probably one reason why investors are buying up metaverse tokens due to FOMO.
The nation of Barbados is also preparing to establish a virtual embassy in Decentraland's metaverse, connecting international diplomacy and digital real estate. This further increased MANA’s prices with a 6% weekly increase in price and an annual surge of 3812.4%.
For certain, metaverse could fuel cryptocurrency adoption and the only uncertainty that will remain will be over which tokens will eventually win. Learn more on BitOasis, a place to easily buy, sell and store cryptocurrencies.