the future of cryptocurrencies [Vídeo]

Decentraland the Blockchain-based virtual world

The concept of metaverse is gaining popularity in recent months and Facebook – whose parent company is now called precisely Meta – is not the only social network that is heading towards it its future. But not only the metaverse will come to the universe of social networks, because if you are a follower of cryptocurrencies, you should know that the metaverse will also affect digital currencies.

But what exactly is a metaverse and what does it have to do with cryptocurrencies? That’s what we’re going to look at in today’s video:

Basically, a metaverse is a virtual world where users from all over the world can meet and interact. It is not a new concept, as it has been explored tirelessly by all kinds of science fiction works: Matrix, Ready Player One, etc…However, current technological advances have made the metaverse no longer a fictional concept.

Virtual reality, augmented reality, higher bandwidth, blockchain and its associated technologies, etc, have ensured that the first metaverse worthy of the name (there have been earlier attempts, such as the Second Life platform) have begun to appear. And interestingly, the most famous ones have their own cryptocurrency, technically known as utility tokens.

This is the case of Decentraland, with its MANA coin, or The Sandbox, with SAND. Both platforms are metaverses in which there is a type of currency with an in-game utility (the aforementioned coins) that serve to buy items, virtual plots of land that even function as NFTs, and so on. The concept of currency within a virtual community is not new. Many massively multiplayer games have currencies that players can obtain and use to buy in-game items or services.

The twist with these meta-currencies is that the coins they use have real monetary value. And in fact, utility tokens like MANA or SAND have increased their price considerably, attracting more attention on metaverses.

Whether metaverses are here to stay or are a fad remains to be seen, but for now, cryptocurrency supporters seem to have found a new niche to thrive in.

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