Haim Israel, a strategist at Bank of America, believes the metaverse will create huge opportunities for blockchain technology. It will also ensure that digital assets begin to be used extensively for financial transactions.
However, private tokens are too volatile, and stablecoins like Tether (USDT) and USD Coin (USDC) are more likely to prevail, he said.
The Metaverse is the future
In a recent interview, Bank of America CEO and Global Strategist - Haim Israel - described the metaverse as the tool that will guide the cryptocurrency industry towards mass adoption if certain conditions are met:
“I definitely believe this is a huge, huge opportunity. You need the right platforms… which will surely be a great opportunity for this entire ecosystem ”.
Israel also predicted that the metaverse is where "we will begin to use cryptocurrencies as currencies". However, existing digital assets like bitcoin, ether and the rest are too volatile to fit this role. Therefore, stablecoins are likely to prevail as they are pegged to fiat currencies or precious metals, which tend to fluctuate much less.
Next, Israel believes that if cryptocurrencies become widely used in the metaverse, big tech companies will enter the landscape.
The term "metaverse" has become increasingly popular in the past couple of months, especially after Mark Zuckerberg announced the rebranding of Facebook (Facebook shares) in Meta, a new title that emphasizes the vision of his company.
Put simply, the metaverse is a virtual world where people can play, socialize, work, build things, and even trade and earn crypto assets.
The Metaverse space could soon reach the market value of $ 1 trillion
dollars According to a report by leading digital asset manager Grayscale, the world of the metaverse industry could soon be worth over $ 1 trillion.
The investment giant noted that the opportunity for the space extends far beyond gaming and touches industries such as advertising, digital events, social commerce, hardware, and developer / creator monetization.
Assuming the most recent data is correct, the total market capitalization of Web 3.0 metaverse crypto networks is already close to $ 30 billion. However, the industry could emerge as a disruptive element for Web 3.0, similar to how Facebook changed Web 2.0.
The analysis also showed that the number of wallets in the metaverse had multiplied by a factor of ten compared to the beginning of last year. In the last quarter of 2021, the number stood at around 50.000.
