The metaverse is becoming increasingly related to cryptocurrencies. This is due to the fact that there are several potential synergies possible between the two. The metaverse is therefore likely to benefit the cryptocurrency market in the long run. Before we look at some of the reasons why, it is important to keep in mind that if you want to benefit from cryptocurrencies, there are many different methods in which you may do so.
You have the option, over the medium to long term, to acquire the tokens in order to own them and make whatever use you see fit with them. Alternatively, you may trade derivative products such as CFDs (Contract For Difference). In such a scenario, you won’t have any tokens to call your own. You are just going to capitalize on the volatility of the cryptocurrency market.
No matter how you want to put your money into cryptocurrencies, you should always make sure to do it via a reputable and well-regulated broker like Easymarkets. Also remember to pick one that offers great trading tools and platforms, as well as ways to improve your knowledge and protect your funds.
What is the metaverse?
The term “metaverse” which is a contraction of the words “meta” and “universe,” refers to a network of always-on virtual environments in which a large number of users can interact with each other, as well as with digital assets and collectibles, while controlling digital representations of themselves, known as “avatars”.
Therefore, the metaverse is a new version of the Internet – one that will be more interactive and engaging, one that relies on extended reality in order to build immersive 3D virtual worlds.
What is the link between cryptocurrencies and metaverse?
If users wish to be able to build their own avatars and purchase digital goods and collectibles inside the metaverse like NFTs (Non-Fungible Tokens), which is a collection of virtual worlds in which practically anything is conceivable, they will need to have virtual money.
This is particularly relevant given that fiat currencies like the US Dollar are not usable in virtual worlds that are decentralized, immersive, or otherwise technologically advanced. Because of this, cryptocurrencies are the means of exchange for purchasing and selling goods and services in the metaverse.
What should you expect from the metaverse market dynamics?
It is believed that the size of the global market for metaverse services reached USD 38.85 billion in 2021, while it is anticipated that it will reach USD 47.48 billion this year. According to Grand View Research, a popular business consulting company, it is predicted that between the years 2022 and 2030, this market is likely to rise at a compound annual growth rate (CAGR) of 39.4%, and it is expected that it will reach USD 678.81 billion by the year 2030.
It is essential to keep in mind that the market for metaverses is still in its inception, which indicates that there is a great deal of potential for expansion. On the other hand, nobody can say for certain when or even whether the metaverse will become a part of our everyday lives.