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The metaverse is making major gains, and as it remains a hot topic in the crypto industry and beyond, it has attracted the attention of the Bank of America, which says that the metaverse is a major opportunity for the crypto sector.
Haim Israel, a strategist with the Bank of America, has stated that the metaverse is a major opportunity for blockchain technology because it will start gaining adoption for transactions.
Metaverse to cause a crypto boom
During an interview with Business Insider, Israel stated that “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.”
The strategist further stated that the metaverse will be the beginning of the use of cryptocurrencies as payments. However, he stated that the existing cryptocurrencies could be too volatile for the metaverse; hence some form of stablecoins could dominate the space.
The metaverse is a concept that has been in existence for a while, but it mainly dominated gaming platforms. However, this is now changing, as virtual properties continue attracting much attention.
The growing adoption of cryptocurrencies could be behind the reason for the metaverse’s growth because virtual currencies have made it possible for people to transact in the virtual world.
Growth of the metaverse
The metaverse is a term that is used to talk about a wide range of 3D virtual spaces. As aforementioned, this space was associated with gaming platforms, but it now allows people to develop projects, socialize and hold meetings. Play-to-earn is also allowing people to earn through the metaverse.
The metaverse concept increased after Facebook announced that it was rebranding into Meta, and it would start building its own metaverse. Other tech giants and big brands are also racing to build a digital presence.
Some of the top metaverse projects in the crypto space currently include Decentraland (MANA), The Sandbox (SAND) and Axie Infinity (AXS). These projects and their native tokens have made major gains in recent months.
Recently, a piece of real estate on Decentraland was sold for $2.4 million, demonstrating the huge interest in virtual properties.
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