Metaverse, the new buzzword in the crypto sector, has a lot of promise and might be the niche that drives global acceptance of the crypto business, according to a Bank of America strategist, Haim Israel, in a recent interview.
Banking giant Bank of America believes that the metaverse has enormous prospects.
In Israel’s view, the metaverse presents a big opportunity for blockchain technology, and it might lead to the widespread usage of crypto assets in the mainstream financial sector in the near future. Stablecoins like Tether and USDC, which are more stable than private tokens, are expected to be more popular than tokens that are more volatile.
It’s how he put it:
There’s no doubt in my mind that this is a tremendous chance.” In order for this entire ecosystem to thrive, you need to have the necessary platforms in place. cryptocurrency will be used as a kind of currency in the future.”
As crypto assets become more widely accepted and used in the metaverse, huge traditional financial firms will begin to enter the market. A lot of collaboration will take place between the two of them, he said in his statement.
Exactly what is “Metaverse” all about?
After Facebook stated that it was changing its name to “Meta” and focussing its operations on the sector, the term “Metaverse” has recently attracted the curiosity of crypto aficionados and the globe at large.
The leading social media platform’s makeover has piqued the curiosity of the broader tech industry in the seemingly infinite possibilities of this area.
On the heels of that analysis, Grayscale said that the metaverse might become a $1 trillion-a-year enterprise. More and more investors from all around the world are putting money into blockchain businesses.
According to DappRadar’s own assessment, there has been a lot of interest in metaverse-related initiatives recently. More than $100 million was made in the previous seven days from virtual properties including land and real estate, according to a report from the company.