When it comes to digital currencies, what crypto will meta use? Bitcoin and Ethereum are built on the blockchain, which was designed by Satoshi Nakamoto. Blockchains are public digital ledgers that allow transactions to be peer-to-peer, removing the need for intermediaries. As a result, they will be faster and cheaper. However, the question remains, will these technologies become the standard currency? Let’s take a look at some of the possibilities.
A year ago, the cryptocurrency community was abuzz with the announcement of a new cryptocurrency, Meta. The company had previously tried to develop a cryptocurrency called Calibra. But its plans changed to creating multiple stablecoins, each backed by a local currency. Regulatory tangles caused several major players to walk away from the project, including Visa Inc., Mastercard Incorporated, and David Marcus. Meta has since sold its Diem Association to Silvergate Capital, which was originally a partner in the project. Nevertheless, the project is still expected to start a pilot project in 2021.
Although Diem was initially a purely hypothetical coin, today, it is backed by a stablecoin and will be used by Meta. Meta users will be able to use Diem with Uber drivers, and they will also be able to use it to transfer cash equivalents to other people. Moreover, companies such as Spotify, Shopify, and Uber may start accepting Diem payments. Meta has yet to announce whether Diem will be used to purchase Meta products. The company says it is planning to use Diem as a stablecoin, but it hasn’t disclosed how soon.
When it comes to cryptocurrencies, MANA is on the forefront. The company has already invested more than $1 billion, which is more than double the market cap of SAND. While the company will need to continue improving the platform to make it useful in other scenarios, it has a solid upside potential. Decentraland is one such project. It will allow users to create and explore individual spaces within the virtual world. Eventually, this concept could be adopted by many other companies, including Facebook.
The MANA coin is trading for just under $1 at the moment and has a market cap of over $1.86 billion. Most of this appreciation has happened over the past couple of months, and the company has rebranded itself as Meta to concentrate on the Metaverse. Ethereum, on the other hand, has a market cap of $225 billion. While the current price per token may be important, the bigger picture should be more relevant.
Terra Virtua Kolect
The cryptocurrency token Terra Virtua Kolect (TVK) has fallen by 50% since late November. The platform aims to merge the worlds of augmented reality and virtual reality through the use of non-fungible tokens and immersive collectibles. It is also built on Ethereum, allowing users to interact with other players and potentially earn money from trading NFTs. But does Terra Virtua Kolect actually live up to its potential?
The primary reason for the coin’s rapid decline is that the ecosystem is not designed to appeal to mainstream gamers. Its audience is made up of crypto traders and NFT users. It offers a reward-based system, whereby rewards are ranked by stake. To obtain the top reward, one must invest at least 125,000 TVK in order to receive a platinum prize. Bronze-tier rewards start at 5,000 TVK, and it takes up to a year to reach platinum.
In the metaverse, cryptocurrencies will serve as a universal medium of exchange. Users will be able to exchange value between peers using peer-to-peer interactions, which promise near-zero fees and instantaneous settlement of funds. These tokens will enable the creation of digital versions of real-world purchases. The development of this technology is underway. But what will these cryptoassets look like in the metaverse?
First, let’s take a look at a few of the most popular cryptos used in the metaverse. SAND, for example, is an ERC-20 crypto token used in the virtual world Sandbox. Sandbox is designed for gamers who want a more immersive experience in an online world. Players can purchase virtual land in the metaverse, develop it, and sell it as a fungible token. They can also develop their own games without coding skills, allowing for additional earning options. SAND is available on exchanges such as BITTREX, Binance, and UPbit.