According to Haim Israel, a strategist at Bank of America, the metaverse is a massive opportunity for blockchain technology, and it will finally push cryptocurrencies to start being used widely for transactions.
“I definitely believe this is a massive, massive opportunity, you need the right platforms that is definitely going to be a big opportunity for this entire ecosystem,” said Bank of America’s head of global thematic investment strategy, Haim Israel.
He further added that metaverse is where “we’re going to start using cryptocurrencies as currencies,” most likely the transaction will happen in the stable coins, non-stable crypto coins have high volatility adding that people will race to create new virtual world platforms.
According to a report by the leading digital asset manager – Grayscale investments, the metaverse industry world could soon be worth over $1 trillion.
The metaverse is a broad term that refers to different types of virtual worlds and games. The term metaverse became popular after the social media giant Facebook changed the name of the company to Meta. The company Meta aims to become a “metaverse company”. The metaverse space is now mostly include play-to-earn games like Axie Infinity (AXS), virtual worlds like Decentraland (MANA) and The Sandbox (SAND), and (NFTs).
The market capitalization of the metaverse token is about $52 billion, according to CoinMarketCap data.
“The market opportunity for bringing the Metaverse to life may be worth over USD 1 trillion in annual revenue and may compete with Web 2.0 companies worth USD ~15 trillion in market value today,” Grayscale wrote in the report, noting that “Metaverse virtual world users are still in their early innings.”
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