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Metaverse will be a ‘humongous product category’ for crypto, Cardano CEO says

Metaverse will be a 'humongous product category' for crypto, Cardano CEO says

The founder of Cardano (ADA), Charles Hoskinson, shared his thoughts on the metaverse and how its link to the cryptocurrency space has piqued his attention recently.

Speaking exclusively with Tony Edward on Thinking Crypto podcast that aired on November 16, Hoskinson was asked about what his metaverse would look like in light of the increased talk around virtual reality.

On this note, the mathematician indicated that interfaces are changing; there is now oculus rift, the HTC Vive, and Apple is investing heavily in augmented reality. According to the Ethereum co-founder, there will most likely be Apple glasses by 2025, and when that happens, Samsung will develop their own version, and the AR mixed reality VR revolution is on its way.

The Metaverse will overlay onto the physical world

Thus, Charles highlighted that these advances in artificial intelligence, semantics, and interfaces imply that Web 3.0 is not just a thin layer but also a vertical one, with the Metaverse living above it.

He said:

“You can either overlay onto the physical world digital attributes like when you look at a building like a restaurant it shows you on your AR glasses what time does it open what time does it close or you can go completely into the digital world and actually have a virtual reality experience.”

Hoskinson added:

“Where the cryptocurrency space comes into play, you need a kind of a control layer for the logic of these things and a database for these types of things to enforce scarcity uniqueness, so that’s where NFTs come into play, these types of things.”

Facebook and the Metaverse

Notably, within a week of Facebook, a subsidiary of Meta Platforms (NASDAQ: FB) announcing its name change, most Metaverse tokens increased in value. Although it seems that crypto and non-fungible tokens (NFTs) will play a role in Meta’s creation of a Metaverse, the crypto community is not pleased about it.

“Metaverses are really cool; they’re a real thing, it’s not a gimmick. You need crypto to basically put a trust model into it and scarcity model into it as you kind of physicalize the digital and digitalize the physical, and it’s going to become in the next five-ten years, I think a humongous product category for cryptocurrencies,” Hoskinson said.

With NFTs representing ownership of assets in a virtual metaverse held by the people who use it, developers intend to go beyond gaming into fields like fashion, architecture, virtual concerts, and performances to construct a blockchain-based metaverse that will act as a community-driven marketplace for developers to sell digital products and gaming experiences.

See the full interview: Charles Hoskinson on the Metaverse, Cardano, Africa, and more


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