Charles Hoskinson, the founder of Cardano, has given his opinions on the metaverse, a rapidly emerging business.
The metaverse has been around for a while and is growing in popularity, particularly among gamers. It appeared inevitable that it would collide with the cryptoverse, and this proved to be true when metaverse ventures with crypto built-in debuted in the sector.
The news of Facebook’s rebranding has also given the sector a lift. The space appears to have erupted when the social media behemoth announced that it was changing its name to Meta in preparation for its imminent metaverse debut. MANA and SAND, two metaverse-related tokens, have skyrocketed in value.
As a result of this sudden popularity, talks regarding the future of the metaverse in connection to cryptocurrencies are taking place all over the crypto community, and Hoskinson appears to be optimistic.
The Metaverse Will Be ‘Humongous’
The creator is a well-known figure in the crypto industry, and host Tony Edwards took advantage of the chance to ask him about some key issues. The metaverse was one of the topics.
Hoskinson expressed optimism about the metaverse. For one thing, Cardano’s visionary founder stated that the metaverse is a real phenomenon. This appears to be in response to allegations that virtual reality is not genuine. Although it is believed that additional technology will be implemented in the future to allow for a more “genuine” experience.
“Metaverses are incredibly interesting; they’re not a gimmick; they’re genuine.” As you kind of physicalize the digital and digitalize the physical, you need crypto to essentially put a trust model into it and a scarcity model into it, and it’s going to become an enormous product category for cryptocurrencies in the next five-ten years, I believe.”
Bringing The Virtual And Physical Worlds Together
As previously said, it is believed that as the metaverse develops, it will begin to feel more like the actual world. On the podcast, Hoskinson expressed the same sentiment, claiming that developments in AI, interfaces and semantics mean that Web 3.0 is a vertical layer with the metaverse above it.
“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,” said Hoskinson.
Crypto is vital in the domain, according to the creator, since metaverses require a control layer. Things like scarce uniqueness, for example, may become metaverse forces in this way, and “that’s where NFTs come into play, these types of things.”
