How The Metaverse Can Affect Cryptocurrency

Shriya Sarang

8th Apr'22
How The Metaverse Can Affect Cryptocurrency | OpenGrowth

When Satoshi Nakamoto published the blockchain technology through Bitcoin in 2008, it is fair to say that he unleashed a future with nearly endless possibilities. Even though the cryptocurrency has been there for more than 14 years, it was explored by the masses quite recently and yet remains an unexplored realm for many. 

Therefore, let's find out how does the metaverse affect cryptocurrency and in turn how can our investments shape around these developments -

 

What is the Metaverse? 

 

Talking about the Metaverse, we all have heard about the concept either during the Facebook rebranding or the spiderman movie. Even though we may have explored some aspects of Metaverse, the concept remains fairly new to us. So let's first take a look at the formal definition of ‘Metaverse’. 

According to reports, the Metaverse is defined as “a simulated digital environment that uses augmented reality (AR), virtual reality (VR), and blockchain, along with concepts from social media, to create spaces for rich user interaction mimicking the real world.”

Matthew Ball, who is a venture capitalist and essayist, wrote that the metaverse will become “the gateway to most digital experiences, a key component of all physical ones, and the next great labor platform.” 

In layman's language, it's a world in itself but without the reality of the matter. It is free from the laws of physics, chemistry, or biology. It is run and carried by supercomputers and servers similar to those of the internet. 

The extent of evolution in the Metaverse depends on the creativity of an individual. Hence, the sky is the limit for the possibilities of what the Metaverse can be in the future. 

In addition, the Metaverse isn’t being built by any one group or company. Different groups will build different virtual worlds, and in the future, these worlds will be interoperable – forming the metaverse.

This can also be observed in the movie ‘Ready Player One’ which was set in the future revolving around the concept of the Metaverse and the possibilities around it. Mathew Ball also believes it will be the driving force in creating a new generation of companies, similar to what happened with the popularization of the internet. 

 

How the Metaverse affects Cryptocurrency 

 

The Metaverse has become more relevant after the Facebook rebranding. And the most important thing is that the currency used in the Metaverse is completely digital, primarily cryptocurrency. 

Due to this, there was a spike observed in the prices of Crypto tokens and non-fungible tokens (NFTs) during the rebranding of Facebook. Nonfungible items mean they are unique and not replaceable. They are the opposite of fungible items like the currency of any nation. For example, the price of the Decentraland token MANA shot up almost 5X its price following the day of the Meta announcement. 

Another example can also be seen as digital pets. The crypto-gaming pioneer, Axie Infinity, witnessed a substantial increase in the sale of their native tokens during this period as well.

As the transactions in the Metaverse can only be carried out through digital currencies, it encourages individuals towards buying these financial instruments like NFTs, cryptocurrencies, and other digital assets. Therefore, the Metaverse has increased the market for cryptocurrency in a way. 

 

Shopping in the Metaverse

 

The Metaverse is not just a world of gaming. Rather it is a world of digital consumerism. Every diverse individual who calls themselves “a techno-grandparent” also has a place in this Metaverse. How? This is how -

The Metaverse includes digital assets like movies, music, graphics, NFTs, applications, etc. These assets aren't particularly tangible in nature. Which means that they may not have a physical form. Rather, they are stored in the cloud and the rights or ownership are given to the individual or company. 

Talking about this, we all are a part of the entertainment industry one way or the other. We download songs, movies, pictures, videos, etc. Sometimes we also buy or rent films on platforms like YouTube, BookMyShow, etc. And similar to these transactions are the transactions in the Metaverse. 

The Metaverse would also become a shopping arena for various digital assets like these. The only difference is that a nation’s currency or hard cash won't be accepted here. Instead, individuals would have to deal in digital tokens like Cryptocurrency to buy or sell assets. 

Major brands are also getting into the NFT mix, including Dolce & Gabbana, Coca-Cola, Adidas, and Nike. In the future, when you buy a physical world item from a company, you might also gain ownership of a linked NFT in the Metaverse.

For example, when you buy a particular branded outfit to wear to a real-world dance club, you might also become the owner of the crypto version of the outfit that your avatar can wear to the virtual Ariana Grande concert. And just as you could sell the physical outfit secondhand, you could also sell the NFT version for someone else’s avatar to wear.

Basically, you would be carrying a crypto wallet around. Your crypto wallet will also hold your Metaverse-only digital goods, such as your avatars, avatar clothing, avatar animations, virtual decorations, and weapons. And just like it happens today in real life, these avatar clothing, decorations, etc would be traded with one another. 

 

Generation of Income in the Metaverse

 

The Metaverse is not just a place for consumers and gamers, but also for earning money. It is obvious that if someone is buying something then someone is selling it and making a profit. This also means that the Metaverse is going to be generating new careers for the coming generations. Playing games and earning money sounds like a dream, but it is going to be a reality now.

In fact, the example of the Metaverse generating good sources of income can be seen in the country of Ghana. The company Axie Infinity which is a crypto-gaming pioneer company as mentioned before has generated higher income than the minimum wages for the people of Ghana just by playing games. 

 

The Conclusion

 

The Metaverse is the future of gaming, trading, shopping along with so much more and there is no doubt that it is here to stay. Cryptocurrency already existed pretty much on its own too, but with the new use of it in the Metaverse, the masses would be inclined towards holding digital assets and also having day-to-day transactions in digital tokens. Therefore, the Metaverse can affect cryptocurrency by increasing the demand for it. 

There is also a possibility that people may start trading in crypto for the transparency that it offers. Public blockchains, like Bitcoin and Ethereum, are also transparent. This means that all transactions are available for anyone on the internet to see, in contrast to traditional banking books. This also eliminates the risk of cybercrimes to negligible.

Apart from this, the Metaverse would also generate income for individuals and pay them in the form of digital currency like NFTs, crypto, etc. So, when the income itself is crypto, people would also spend this crypto in Metaverse. 

With this, we have discussed only a few possibilities that we can think of today but in reality, they are endless. The Metaverse and Cryptocurrency are the concepts under Futurism, therefore, they have a vast scope of what they may grow into. 


We at OpenGrowth, are committed to keeping you updated with the best content on the latest trendy topics from any major field. Also, both your feedback and suggestions are valuable to us. So, do share them in the comment section below.

Shriya Sarang holds a degree in Political Science and Public Administration. Apart from having no political opinions, she advocates financial literacy among her friends. 

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23rd Mar'24 04:39:43 PM

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joeljanicki845@gmail.com

21st Mar'24 09:33:39 PM

Email: prowizardgilbertrecovery(@)engineer.com & Telegram: @Pro_Wizard_Gilbert_Recovery Bitcoin recovery through Pro Wizard Gilbert Recovery has been nothing short of amazing. I found solace in their commitment to locating and retrieving missing goods. It's terrible how scammers work without mercy, preying on naïve people and leaving them in financial ruin. However, organizations such as Pro Wizard Gilbert Recovery are beacons of hope, dedicated to assisting victims in reclaiming what is properly theirs. In today's digital age, bitcoin scams have become more common, leaving many people feeling helpless about retrieving their lost assets. But I can attest that with Pro Wizard Gilbert Recovery skills and services, there is a path forward. Just last week, I asked for their assistance in recovering almost $150k lost due to a cryptocurrency investment scam. Despite my initial doubts, I took a leap of faith. and they requested their help from them. The January scam episode left me feeling furious and powerless. But I remained resolute and refused to concede defeat. I came across their evaluations at this difficult moment, and I will always be happy that I did. They assured me right away that they would put my case first and work nonstop to get my money back. As promised, they handled the situation's intricacies with ease, and before I knew it, my money had been securely returned to me. It was a smooth and stress-free experience working with them. They helped and reassured me at every turn as they led me through the procedure. If you are in a similar situation, please do not hesitate to ask for help. Don't allow intimidation or fear to prevent you from taking back what is truly yours. With the assistance of Pro Wizard Gilbert Recovery take a stand right now and reclaim your financial independence. visit https://prowizardgilbertrecovery.xyz, To learn more about Pro Wizard Gilbert Recovery. Kindly find the contact information above, Reach out to them if you need any help in getting back your lost funds.

Blank User| OpenGrowth

daisylucy237@gmail.com

17th Mar'24 12:03:34 AM

Losing my job was a devastating blow, and just when I thought things couldn't get any worse, I found myself grappling with an even more distressing situation. A week after being laid off, I fell victim to a ruthless cyber attack that wiped out my Bitcoin account, draining it of its £40,000.67 worth of digital currency. The feeling of betrayal and devastation was overwhelming, as I struggled to come to terms with the magnitude of the loss. The hackers had managed to gain access to my Bitcoin account credentials, leaving me feeling utterly vulnerable and exposed. It was a violation of not just my financial security, but also my sense of trust and privacy. The realization that my hard-earned savings had been plundered by faceless criminals left me reeling with shock and disbelief. In my darkest hour, a friend reached out with a glimmer of hope. They referred me to Digital web recovery , a renowned asset recovery team specializing in combating cybercrime. With little left to lose, I reached out to them, sharing all the necessary information about the incident in the hopes of finding some semblance of justice amidst the chaos. To my amazement, the team at digital web recovery sprang into action with unwavering determination. Utilizing their advanced technology and expertise, they embarked on a relentless pursuit to track down the hackers and recover my stolen bitcoins. It was a race against time, but their commitment to helping victims like myself never wavered. Days turned into weeks as the investigation unfolded, each moment filled with uncertainty and anxiety. But finally, after what felt like an eternity, I received the news I had been desperately hoping for – digital web recovery had successfully traced the hackers and recovered my stolen bitcoins. The sense of relief and gratitude that washed over me was indescribable, as I realized that justice had finally been served. However, the assistance provided by Digital web recovery didn't end there. In addition to recovering my lost funds, they also helped me secure my digital access reliably, providing invaluable guidance and support to prevent future cyber attacks. Their dedication to their client's safety and well-being is truly commendable, and I am forever grateful for their unwavering commitment to helping individuals like myself navigate the complexities of cybercrime. In the aftermath of this harrowing experience, I am filled with a newfound sense of resilience and determination. While the scars of the past may never fully heal, I take solace in knowing that I have the support of organizations like digital web recovery to help me rebuild and reclaim my financial freedom. Contact info; Email; digitalwebrecovery@mail-me.com Telegram user; @digitalwebrecovery or visit their website https://digitalwebrecovery.com

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suzanneeddie633@gmail.com

15th Mar'24 05:18:26 PM

Hello everyone, I'm Suzanne from Vancouver, Canada. I'm here to tell you about my experience with Wizard Web Recovery. I was scammed by a Bitcoin miner company! They shut their website down after they took all my money worth over 490k CAD. I was furious, I desperately needed to get my funds back. Due to the situation I was in I was much more careful in finding a company that could help me get my funds back. I read some reviews about Wizard Web Recovery. `they had the best reviews among the companies I checked and did some research about their services and I came into contact with Wizard Web Recovery's team of experts and shared my problem. Investigation began to recover my 490k CAD. Wizard Web Recovery has been an amazing team to me, having been scammed out of a substantial amount of money they have successfully assisted in retrieving my losses so far, with no stone being left unturned I am confident they will obtain a refund for me in due course. They are helpful, professional, and compassionate at all times fully understanding my position, and always available to assist and answer questions. I can only recommend Wizard Web Recovery and the staff working there to the world. They have all been first-class. I'm thankful for their professionalism and unwavering commitment to assisting individuals like myself during my darkest moments. To anyone out there who finds themselves in a similar predicament, grappling with the aftermath of a cryptocurrency scam, I urge you to consider reaching out to Wizard Web Recovery. Their proven track record and compassionate approach make them a beacon of hope in the fight against fraudulent activities. Trust that you are not alone in this journey and that there are resources available to help you reclaim what rightfully belongs to you. They can be reached via the information below. Waste no time and contact the right team to assist you recover whatever you lost to fraud. Email ; w i z a r d w e b r e c o v e r y @ p r o g r a m m e r . n e t Web ; w i z a r d w e b r e c o v e r y . n e t Telegram ; w i z a r d w e b re c o v e r y t e a m

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gilbertdobson5@gmail.com

27th Feb'24 05:29:03 PM

DEPENDABLE AND EFFICIENT HACKER_TECHNOCRATE RECOVERY The internet can be a scary place, especially when it comes to phishing attempts. Exercise caution when interacting with emails and websites, and be skeptical of any requests for personal information or passwords. Remember, not every prince from a distant land is looking to make you a millionaire. Cybercriminals employ cunning strategies called phishing assaults to deceive unsuspecting victims into divulging personal information like passwords, credit card details, and, in this case, Bitcoin wallet credentials. These assaults typically employ phony websites or emails that look real, tricking people into unintentionally providing their personal information. Phishing attacks specifically target Bitcoin users because of the decentralized nature and irreversibility of Bitcoin transactions. Once scammers gain access to your wallet credentials, they can empty your account with a few clicks, leaving you in a state of financial despair. Technocrate Recovery is an industry-leading platform that specializes in recovering lost Bitcoin. With a team of seasoned experts and cutting-edge technology, they have developed a systematic approach to track and retrieve your lost funds. For proper insight, you can call Technocrate recovery through: Send Txt: Technocratrecovery(@)contractor.net Telegram: @TECHNOCRATE_RECOVERY Web: w ww.technocraterecovery(.)site

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ashleyphiliprecovery@gmail.com

9th Feb'24 03:33:25 AM

So many people put up adverts and recommendations every minute online about who you should work with and you have done that severally but you keep losing your money. Why don't you learn how to trade binary options crypto currencies Forex and work for yourself and stop losing to scammers and their sugar coated adverts. If you need an assistance with regards of your lost funds from your broker or maybe your broker manager asking you to make more deposit before you could make a withdrawal or your account has been manipulated by your broker manager or your broker has blocked your account just because they need you to make more deposit to your account.Kindly get in contact with me on ashleyphiliprecovery@ gmail.com for more info and special guidelines

Blank User| OpenGrowth

donaldsteve26@gmail.com

23rd Dec'23 02:45:00 PM

HOW YOU CAN RECOVER YOUR STOLEN FUNDS NOW I was scammed over ( $275,000 ) by someone I met online on a fake investment project. I started searching for help legally to recover my money, and I came across a lot of Testimonies about HACKER STEVE. I contacted him, providing the necessary information and it took him and his team of experts about 36 hours to locate and help recover my stolen funds. I am so relieved and the best part was, the scammer was located and arrested by local authorities in his region. I hope this helps as many out there who are victims. I strongly recommend Steve professional services for assistance with swift and efficient recovery. You can reach him for any form of recovery (Crypto, Credit card, Gift card, Forex, NFT, etc) on Gmail: Hackersteve911@gmail.com

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graywalker92@gmail.com

15th Dec'23 09:04:49 AM

I was duped by some fake crypto fx platform, but I wish I had not even paid credence to them. I lost a lot to them because they're not real. I am thankful for the opportunity to receive aid by Mr Jeff through his mail Jeffsilbert39 gmail. com. He supported me through reclaiming what I lost to them with little effort on my parts. Thank again, Jeff. You could also WhatsApp him privately at +84 94 767, 1524,

Blank User| OpenGrowth

henrywalker3060@gmail.com

5th Dec'23 10:10:56 PM

I was convinced to invest here by a friend I met on Instagram, Her name was Ruth (now I know she could be anyone online working with scammers). At first, everything was good until I requested a withdrawal, that’s when the nightmare started… I had to put in more funds before I could withdraw. Then came the unending taxes; I was fined and taxed for various reasons which I complied with until I was tired of everything and I noticed it was a scam then began to look for a solution to get all I had spent back. Since all the payments I made were through crypto, my local Police could not do anything to help. Luckily I finally found Lord Hacker Ultimate Digital Assets Recovery Agency through the Google search engine online. I contacted them through their hotline and I finally got help from this authority. Wonderfully, after providing all the details required by them, it took them barely 4 to 5 hours to trace and retrieve my lost funds/Crypto. Get help from them if you are in a similar situation through their hotline Email: lordhacker963@gmail.com, Email: L.H.ULTIMATE@FASTSERVICE.COM, WhatsApp: +16266210821, Telegram: @Lordhackerultimate, or Signal: +16266210821. Kindly let them know that Henry Walker recommended you to them.

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lydiatolly@gmail.com

28th Nov'23 11:18:36 AM

How To Recover Cryptocurrency ; Binary Option & Fake Investments Before engaging in any of these Bitcoin investing websites with their hard-earned money, I advise beginner bitcoin investors to conduct due diligence. By promising to make huge earnings, they win your trust and get you to invest more. However, as soon as you make a sizable investment, they purposefully lock your account and demand additional payments before releasing your winnings. I lost $278,000 in cryptocurrency that I had invested with a fraudulent organization; this was almost all of my savings. a particular thank you to Wizard Larry, whose recovery company worked really hard to get my money returned. Wizard Larry can be contacted if you ever find yourself in a situation like this. Email : Wizardlarry@mail.com Email: Support(@)wizardlarryrecovery.com Visit website: https://larrywizard43.wixsite.com/wizardlarry

Blank User| OpenGrowth

lydiatolly@gmail.com

28th Nov'23 11:03:16 AM

How To Recover Cryptocurrency ; Binary Option & Fake Investments Before engaging in any of these Bitcoin investing websites with their hard-earned money, I advise beginner bitcoin investors to conduct due diligence. By promising to make huge earnings, they win your trust and get you to invest more. However, as soon as you make a sizable investment, they purposefully lock your account and demand additional payments before releasing your winnings. I lost $278,000 in cryptocurrency that I had invested with a fraudulent organization; this was almost all of my savings. a particular thank you to Wizard Larry, whose recovery company worked really hard to get my money returned. Wizard Larry can be contacted if you ever find yourself in a situation like this. Email : Wizardlarry@mail.com Email: Support(@)wizardlarryrecovery.com Visit website: https://larrywizard43.wixsite.com/wizardlarry

Blank User| OpenGrowth

cynthiamartin1095@gmail.com

26th Nov'23 07:29:27 PM

I had already given up on trusting any online cryptocurrency or Bitcoin investment platform after losing $784k to an online BTC investment scammer in March this year. Fortunately, I was able to find Lord Hacker Ultimate Digital Assets Recovery Agency online, a company that is an expert in both cryptocurrency and blockchain networks. It was a horrible time for me, but Lord Hacker Ultimate essentially saved my life by assisting me in Recovering and pulling back all of my transactions to the scammers in a matter of hours. I also received the same amount that I had lost to those scammers. I would recommend anyone in a similar circumstance not to worry; Lord Hacker Ultimate got you covered. You can reach them at Email: L.H.ULTIMATE@FASTSERVICE.COM, WhatsApp: +16266210821, Telegram: @Lordhackerultimate, or Signal: +16266210821.

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mamyers898@gmail.com

2nd Nov'23 04:32:11 AM

NO UPFRONT PAYMENT! Finally I have been able to retrieve all my lost funds of about $850k ( NO UPFRONT PAYMENT! ) which I never believed I would get again from an unregulated broker who stocked my trading capital for over 3 months now, and denied my access to my trading account. I’m so glad that I have gotten back all my funds back without stress, All thanks to my neighbor who introduced me to a certified binary option recovery expert. Do you have funds that you wish to withdraw from your account, is your Broker manager asking you to make more deposit before you can place a withdrawal, are you confused and you don’t know how to go about it. You can Contact their support team for further assistance: HQRECOVERY22 at G M A I L dot C O M You Can Whatsapp or Text: + 1 3 2 3 3 8 8 5 7 1 5 NO UPFRONT PAYMENT! 303 Second St., Suite 900 South Tower, San Francisco, CA 94107 Thank me later.

Blank User| OpenGrowth

Leahlattimore95@gmail.com

1st Oct'23 02:49:19 PM

Hello, I’m Leah, TBH having digital currency can be a confusing endeavour for some of us, but with the help of Pentiumtechs@qualityservice.com wallet hacks, they guide me through the process every step of the way. I took advantage of the exciting technology opportunity and got back all my crypto asset from scammers. Send them a message today to know more.

Blank User| OpenGrowth

Janechelsea93@gmail.com

18th Sep'23 09:42:36 PM

Cryptocurrency scam has been on the rise in the past few years but with the help of Pentiumtechs@qualityservice.com advanced Blockchain technology all crypto assets are traceable, let their team help get back your crypto asset today.

Blank User| OpenGrowth

tianagreat578@gmail.com

16th Sep'23 09:23:31 AM

I have traded on many trading site, but I have never made good profits or withdrawal until I started trading on primecryptomarket.com. Today I made my 15th withdrawal. In total I would have made over 905,000 USD on their platform.

Blank User| OpenGrowth

mamyers898@gmail.com

14th Sep'23 04:53:35 AM

Hello everyone, I’m Julia Gates from South Carolina, USA, and a few weeks ago, I was swindled off $275,000 worth of Bitcoins and Ethereum by a cryptocurrency trader who promised me huge returns on my investment. I was not aware it was a scam until I tried to withdraw my profits and I was logged out asking to pay tax. I thought I had lost everything until I came across an article just like this about Tessy Recovery, A cryptocurrency recovery team who was able to recover stolen funds for many other people. I contacted them the following day and to my surprise, I was able to recover my money in less than 5days. Their service is truly remarkable and I must commend them for getting my funds back from the hands of these scammers. Contact their support team for further assistance: HQRECOVERY22 at GMAIL dot COM You Can Whatsapp or Text: + 1 3 2 3 3 8 8 5 7 1 5 NO UPFRONT PAYMENT! 303 Second St., Suite 900 South Tower, San Francisco, CA 94107 Thank me later.

Blank User| OpenGrowth

walterphilip@gmail.com

18th Jul'23 01:23:10 PM

if you are a new or old investor on the stock and forex market,crypto or NFTs which you might have never gotten a perfect idear on how the market treands and how to understand the perfect time to buy and the best time to sell at a very profitting rate to avoide you loosing your funds and also to avoide you from falling victim to online Frawds and scammers my best advice for you is to contact EMAIL:(professortraders@techie.com) or you can also contact EMAIL:(marketmaker@usa.com and if you where a victim of online scam/fraud you can contact the recovery team that will help you recover your stolen or lost funds from any scammers within 3 days on Email:{internationalrecovery@consultant.com}

Blank User| OpenGrowth

georgeconnor365@gmail.com

18th Jul'23 01:01:03 PM

The best recovery team to assist you in reclaiming your money from these nefarious individuals is internationalrecovery@ consultant. com. A few months ago, a man online got in touch with me and told me about a bitcoin investing platform that promised large returns. I put $98,000 into this platform before being asked to put in more money without being allowed to withdraw from the previous investment. My money was being stolen, and I knew it. They stopped returning my calls and messages since my money was gone. Thank goodness, a buddy of mine informed me about {internationalrecovery@consultant.com} and how they could help me get my money back that had been stolen. After contacting them, my money was returned to me in less than 48 hours. I sincerely appreciate your assistance. Align with them at any of the links below for more details:{internationalrecovery@consultant.com}

Blank User| OpenGrowth

franklincliff@gmail.com

18th Jul'23 01:00:08 PM

I almost lost about $925,500 of my inheritance funds in a pig butchering scam after I got contacted by a stranger who pretended to be my friend using the new AI technology I fell for the deceit when I got a phone call with the same voice as my friend I thought it was a great investment project as she’s already benefiting from the profits of the investment so I decide to invest not knowing I’ve just been tricked. After few days of losing the money I found the best recovery specialist at {internationalrecovery@consultant.com} so I hired them and told the team about my situation to my surprise I got my funds retrieved within few hours I reported my case to this firm. The service was seamless and perfect without any hassle. {internationalrecovery@consultant.com} has proven to be an efficient fund recovery firm and I’m glad they rescued me in my case. Kindly send a detailed report to this amazing recovery team retrieval firm and get all your troubles fixed. info: {internationalrecovery@consultant.com} WhatsApp: +1 202,539 9047