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Facebook Metaverse: How Cryptocurrencies and NFTs will be Used

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Written by   8
10 months ago

Metaverse is currently the next big thing, left to me it is bigger than Elon Musk’s Space X project aimed at taking people to the moon. Cryptocurrency is changing the digital world already I can only imagine what could be achieved when the metaverse is paired with some digital currencies. Well, today we are going to take a look at the cryptocurrencies that could get an early shot in the metaverse.

Facebook announced their new project called “metaverse” which would be a combination of web applications built around virtual reality and simulated environments. Who wants to travel to mars when you can travel inside the internet. The thought of traveling into a virtual world while seated in your room has got me excited.

Metaverse will feature different virtual reality features but the one that I am most interested in is how crypto and NFTs will work in the platform. At this point, I can only point out the cryptocurrencies that will work not sure. We are going to have fun in the comment section below by talking about different cryptos that you think will make it to the metaverse.

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One thing though while Facebook is not the only platform working on a metaverse at the moment they have taken the bold step of declaring their next step.

Which Cryptocurrencies will make it to the Metaverse?

While Elon Musk is taking Doge to the moon Facebook has been working on their crypto wallet Novi. Novi will be integrated into the metaverse which only makes more sense as to why Facebook has been working on a crypto project. The name was initially Diem but they changed it to Novi earlier this year. Novi will be the first crypto that will work in the metaverse. Facebook's head of finance David Marcus has also suggested that Novi will support NFTs but he didn’t give details with regards to how it will work.

Bitcoin is going to keep growing bigger and I see it becoming a means of payment in the metaverse. It will work alongside Novi to give users options and I am sure entrepreneurs and brands that will offer services in the metaverse will have the means to accept any digital currency in the metaverse.

Ethereum is one of the top cryptocurrencies and I see it listed in the metaverse because of NFTs. Their blockchain is the most popular blockchain for minting and creating NFTs.

Feel free to list any cryptocurrency that you think will be accepted in the metaverse.

NFTs will Get Bigger in the Metaverse

Facebook executive Vishal Shah says that the metaverse will support NFTs and it will allow users to showcase those tokens. This statement was made in an announcement on the 28th of October.

“This will make it easier for people to sell Limited Edition digital objects like NFTs, display them in their digital spaces, and even sell them to the next person securely.”

It is not yet clear which blockchain NFTs will be drawn from. We can all agree that Ethereum will be supported in the metaverse because it is the most popular blockchain for NFT creation. Facebook can also extend its blockchain to support NFTs, or use a lesser-known blockchain. Well, it is still not clear as to which blockchain will be used to create NFTs in the metaverse. Suggest any blockchain that you think can be used to support NFTs in the virtual world.

A lot of things will be refined with the metaverse not just NFTs even virtual workplaces and concerts will become a norm in the virtual world. It will take a decade before the metaverse will achieve its full potential but the CEO of Facebook said they have the full list of applications that will work in the metaverse.

Cryptocurrency Virtual Projects

A lot of people have been trying to create a way in which we can travel into the virtual world. In 2020 Decentraland was created and it was one of the most anticipated virtual worlds in blockchain history. The project faded after its launch but its cryptocurrency MANA made a brief comeback and appreciated by 400% at the time Facebook announced metaverse.

Another project called CryptoVoxels is built on the Ethereum blockchain uses NFTs as deeds for the virtual land. Users also display their NFTs on the platform. The project doesn’t have its token which I feel is having an impact on the platform.

There is a Minecraft-like game on Ethereum called The Sandbox and it just closed a $93 million investment headed by Softbank. The game has its dedicated token.

This is just to give you a small idea of how NFTs will work in Facebook's metaverse and Facebook will have to learn from the failures of these brands to succeed. I am also sure that there are going to be a lot of virtual games in the virtual world.

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Very nice

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Glad you enjoyed it

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