METAVERSE Could CBDCs rival crypto as a primary means of metaverse payment in the future ? How much purchasing power will crypto have in the metaverse ?
Crypto ’ s metaverse purchasing power For Monavate ’ s CTO , Mat Peck , “ sryptocurrencies will absolutely be the preferred method of payment as the metaverse grows .
“ In a completely virtual environment where all goods provided are nonphysical and the transfer of ownership is instantaneous , everything you might want to buy is technically a non-fungible token .”
Paysafe ’ s SVP of Wallet as a Service & Crypto / Web3 , Elbruz Yilmaz , expands on this , noting compatibility between crypto ’ s decentralised nature and the metaverse ’ s principles of user autonomy and ownership .
“ Programmable features of certain cryptocurrencies enable the creation of smart contracts and decentralised applications within the metaverse ,” he explains . “ For example , users can buy and sell digital assets such as virtual real estate or rare virtual items using cryptocurrencies such as Ethereum or users can hire virtual services from freelancers to design custom avatars or digital artwork .
“ Cryptocurrencies can also act as a unified currency for cross-platform transactions , enhancing interoperability .”
Despite the perks of cryptocurrency as a viable option for completing digital payments in the metaverse , Publicis Sapient ’ s Senior Director of Financial Services , Zack Michaelson , is not so convinced . fintechmagazine . com 87