According to a new study, a majority of developers say that crypto and blockchain innovation will be “critical to shaping the future of the metaverse.” They also expect that the Metaverse will eventually get to be the “most popular” means to purchase and trade crypto.
Agora, an API provider sponsored the study. The study surveyed 300 developers about their perspectives on the Metaverse.
As per the survey, 57%of developers think that the Metaverse will become the most popular way to trade cryptocurrency in the future. One in three respondents, on the other hand, thinks that data privacy and security will be a major difficulty for the Metaverse.
Moreover, the surveyors questioned whether non-fungible tokens (NFTs) will continue to rise in value and eventually become the most widely used kind of currency in the Metaverse. A total of 53% of those surveyed agreed, while 24% disagreed.
Real-time participation, according to 72% of study respondents, will be critical in establishing a “connected experience” within the Metaverse. Additionally, 55% of responders predict that the Metaverse will soon replace real-life social interactions.
According to the study, the majority of developers believe that crypto and blockchain innovation will be essential to determining the future of the metaverse. There are 70% respondents agreeing that improvements in the blockchain and cryptosphere would have a substantial impact on the Metaverse.
Tony Zhao, Agora’s CEO and Founder, said “Since they will be positioned on the front lines of practically every development that takes place in the metaverse, their thoughts and opinions ultimately carry a great deal of weight.”
Companies began to set up shop in the Metaverse in March 2022. Companies have either launched or declared intentions to expand their operations into the virtual world. The Metaverse will be used for corporate meetings, as an innovation hub, and as a platform for user engagement, according to the firms.
For example, SCB 10x, Siam Commercial Bank’s venture arm, has announced plans to open a virtual office in The Sandbox. The office will start later in 2022, according to the statement. It will be utilized to engage with the worldwide community of builders. Visitors to the digital workplace will be able to attend events, participate in product demonstrations, and explore uniquely designed settings in addition to engaging with the community.
Another example is the establishment of a KuCoin office built on the Bloktopia Digital Space by the digital asset exchange KuCoin. The trading platform announced its KuCoin Meta Office in a press statement. Visitors to the workspace will have access to an immersive metaverse experience as well as interactive social communication.