- Metaverse might be the ‘most popular’ way to buy and sell cryptocurrency in the future.
- NFTs are expected to continue to grow according to a survey of 300 developers conducted by API provider Agora.
- The Metaverse, however, may continue to face privacy and security issues.
A recent survey focusing on developers shows that the Metaverse may one day overtake traditional cryptocurrency exchanges as the most popular means to acquire and sell cryptocurrency. According to the data, 57 percent of developers believe that the Metaverse would ultimately become the most popular platform for cryptocurrency trading.
The API provider Agora commissioned research polled 300 developers on their perceptions of the Metaverse and its views. Developers were also questioned whether the role of non-fungible tokens (NFTs) would continue to rise and if they would eventually become the most important type of money in the Metaverse. The majority of responders (53 percent) agreed, with just 24 percent disagreeing.
Additionally, according to the poll results, the majority of developers feel that crypto and blockchain innovation will be ‘important to Molding the future of the metaverse.” Notably, seventy percent of those who answered the survey thought that improvements in the blockchain and cryptocurrency sectors would substantially impact the Metaverse.
One out of every three respondents, on the other hand, feels that data privacy and security will be a significant difficulty for the Metaverse.
Several experts have calculated the magnitude of the Metaverse. Citi forecast last month that the Metaverse may have a $13 trillion potential with five billion users by 2030, based on current estimates. Meanwhile, financial giants Goldman Sachs and Morgan Stanley predicted that the Metaverse might shortly represent an $8 trillion potential.
A lounge in Decentraland was inaugurated in February by JPMorgan Chase, which said that “the metaverse would permeate every industry in some way or another in the years to ahead, with market potential anticipated to approach $1 trillion in annual revenue.”