What the metaverse means for crypto

The metaverse could seal the deal for decentralized digital currency

To be sure, the metaverse and cryptocurrencies are still in their infancy. Indeed, on the newly christened Meta Platforms CEO Mark Zuckerberg’s Q3 2021 earnings call. He stated that actual financial results for the metaverse (and, most likely, the accompanying crypto project) will not be substantial until much later this decade.

However, this idea is already undergoing testing. While Diem (along with its bank partner Silvergate Capital (NYSE:SI)) waits in the wings. Meta Platforms recently debuted Novi, a cryptocurrency wallet.

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The digital wallet pilot initiative will employ the stablecoin Paxos (CRYPTO:PAX). Additionally will collaborate with Coinbase Global (NASDAQ:COIN) to allow a small group of users in the United States and Guatemala to send money across borders. Novi seeks to speed up the process of moving money between family members, while also saving money in the remittance industry. Which handles hundreds of billions of dollars per year and is highly profitable. Novi will be free to use for the time being.

Cryptos and the metaverse are still in their early stages of development

Essentially, cryptos and the metaverse are still in their early stages of development. With Novi being one such attempt by the business once known as Facebook. However, if Meta Platforms achieves its goals, it might have one of the most complete computing platforms by the end of the 2020s. Spanning video games and apps, a payments and asset protection system, and all supporting infrastructure.

Meta Platforms may face competition from a patchwork of other interoperable blockchains (such as Ethereum), programs (such as those developed by Unity Software). And hardware (such as chips made by NVIDIA) based on truly decentralized principles.

To put it another way, Meta Platforms with its billions of monthly social media users have effectively sealed the deal. Digital currencies and assets are here to stay. The race to create the best metaverse with a supporting digital asset experience has officially begun.

Image credits: Shutterstock, CC images, Midjourney, Unsplash.

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