Back in Jan 2021, Bitcoin made its first-ever lifetime high at $40,257.40 price.
Even today, the digital token isn’t far from bringing more traction to the cryptocurrency market.
Over the past few years, these digital currencies have been consistent in igniting a new trend in the investors market, and the reasons are well-known to us WHY.
With advancements in technologies, more-n-more unique opportunities are coming to the fore in the crypto world, and the Metaverse is the best example here.
What is Metaverse? Click here to get the answer.
But if you are already aware of this miracle of tech, it’s time to go ahead and know the connection between these two.
Metaverse and Cryptocurrency: A Quick Summary
It won’t be wrong to call the “Metaverse” an alternate world.
To simply put, it is a digital world where people can virtually talk and roam around (together or alone) with the help of internet.
Exactly same as you do in real life, but digitally!
Similarly, cryptocurrencies are an alternate currency because they replace fiat money (e.g., coin or paper note) with a digital token like BITCOIN.
Crypto currency is a digitalized and we can’t sense it in real world, but may be we can in the metaverse
We know much about crypto and a little about Metaverse.
But now the important thing comes in, how they are connected? Read on to learn.
Next, we will be discussing this critical thing in brief with example for which you have landed here.
Crypto Currency and Meta Verse: Disclosing the Connection
It’s no hidden, Metaverse is a virtual world. It is similar to those characters or avatar-based gaming. But, still different!
Unlike those gaming adventures, you aren’t bound to a story or need to fulfill a mission.
It is as real as the real world is, as your society is, as your home too.
You can walk in the virtual world, play, dance, talk and connect with other people in Meta verse as you do it daily.
Many companies and hotels have now started organizing Metaverse conferencing.
And you can watch the video here that how it’s happening.
But the important question is still unanswered. How Crypto and Metaverse are connected?
The answer is fairly simple.
If Metaverse is an alternate world to us, crypto currencies are the money that you can use there.
In short, crypto coins are the Metaverse’s money.
It is as similar to as a rupee or coin as money to India or a dollar to the US.
Crypto currencies serve as a link between the actual worlds (means physical world) and virtual world (means metaverse).
Similarly, this allows us to even make a purchase or sell an asset in the virtual world.
Learning through an Example –
In Metaverse, intellectual property law applies to virtual goods and services like virtual buildings, avatars, and interactive digital artwork.
This grants permission to people to buy and sell Metaverse-based assets (e.g., NFT, but not every NFT) within the virtual environment.
As you can see above, the most expensive virtual NFT named – Metaflower – was sold for around $650,000.
The NFT was purchased for 149 in virtual currency and that raise our interest more towards the future world.
You can buy/sell land, property, animal, house, machinery, or anything enticing you find in the world of Metaverse.
How to Use Crypto Currency in Meta verse?
You can use crypto currency in Metaverse to purchase, trade, shop, or pay for any item that has value in the virtual world.
In case you sell your virtual property purchased in virtual world to someone in the physical world, you can transform the obtained amount into the fiat currency (e.g., paper note or coin).
But make sure the purchaser has an acceptable crypto currency available to pay for your metaverse item.
The first Baby Metaverse blockchain game “The Crypto You” is already in the limelight which you can play at Binance Smart Chain (BSC).
The game is the best example of how crypto currency will work in the virtual world.
You can play and earn crypto coins from the game at the same time and what else could be much desirous than this.
Though, it is just a starting level, more opportunities are about to flourish in this digital horizon.
Please don’t forget to read our other articles as we help you stay updated with the innovation, business, and more intelligent insights that can bring a huge difference in the world and your life.