Facebook rebranding itself as Meta is old news, right! While the topic seems a bit dated, the concept has snowballed in making the crypto space more inclusive. A realm that was ignored for trying to better the payment space suddenly started garnering holistic attention. Quite appropriate, isn’t it.
And even if you aren’t a crypto evangelist, you must have been hearing quite a bit about the Metaverse, DeFi, and NFTs, courtesy of their real-world benefits, inventive tech, and concepts that hinge on inclusivity. Also, with India’s leading crypto platforms like CoinSwitch Kuber periodically listing new coins with these use cases in mind, the crypto space has moved beyond quick payment facilitation.
New-Gen crypto use cases: Yay or Nay?
Virtual reality, digital art, and FinTech products have been around for a long time. But not many offerings were created by the people and mostly had centralized entities behind them. These new crypto use cases are enthusiastic blockchain-riders that are expected to develop the backbone of Web 3.0 or the latest generation of the Internet.
With these use cases awaiting global adoption, we might soon experience better content control. This would mean creators being in charge of their offerings, a transparent way of cross-border financial movements, and the development of virtual marketplaces that aren’t a lot different from those existing in the real world.
Metaverse: Why is it an important crypto use case?
How come a virtually interconnected space with collectibles, items, digital assets, land, and utilities can be such a big thing? With the Internet evolving into a more generous space, people are slowly getting used to working on their virtual identities.
Imagine attending a Taylor Swift concert in Los Angeles without having to book tickets and be present there, in flesh and blood. But can’t we just view the concert online, with Web 2.0 helping us with connectivity. While this is entirely possible, experiencing the same in a Metaverse ensures zero compromises with the virtual feel of the concert, not discounting the actual ambience.
And from a crypto-investing perspective, off-late Metaverse tokens, including MANA, GALA, and more, have been getting all the attention as these tokens work as the transactional entities relevant to their virtual marketplaces. As these metaverses grow, i.e., Decentraland for MANA and Gala Games for GALA, these tokens might see a further rise in popularity.
NFTs and the new era of ownership
Did you know that NFTs and Metaverse have turned virtually analogous in recent times? Confused?
Well, even though NFTs or Non-Fungible Tokens are supposed to represent an entirely new crypto use case, they do share quite a few similarities with the Metaverse.
Many metaverses, including the gaming-specific Sandbox and Gala Games, have quite a few people-creative digital assets floating around. And these assets and exclusives can be traded as NFTs over the ecosystems, often using the Metaverse-relevant coins.
Gamification projects across metaverses have reinvented the wheel when digital ownership is concerned. People want to own and flaunt specific entities, and the best way to go about the same is to get the concerned NFT.
And with NFTs in play, the creator of the digital piece, artwork, image, or anything exclusive is still in control of offering. It’s just the ownership that gets validated over the Blockchain ledger, thereby encouraging transparency and discouraging piracy and duplication.
ET Spotlight SpecialPut plainly, NFTs can be connecting links between the Metaverse and the real world, as the exclusive offering might even have some real-world benefits.
Imagine your favourite celebrity singer launching an NFT comprising the unedited portions of his popular song in a virtual space. And once 100 NFTs are sold, he throws in a complimentary meet-and-greet session each year to establish the real-world connect.
And when it comes to the relevance of the key crypto players, purchasing and selling an NFT in a metaverse might need you to trade in the native tokens.
And what’s interesting is that leading crypto exchanges have taken an aggressive stance in listing these Metaverse and NFT-relevant coins, thereby pushing the use cases through with urgency.
Unsure about NFTs and their utilities: Learn more right away with CoinSwitch Kuber
DeFi: FinTech transformed
Consider yourself in the Metaverse, Decentraland for now, and suddenly you feel like purchasing a piece of virtual land. Well, you turn to MANA, right. But then, how do you purchase MANA in the first place, especially if you do not want to play along with the Fiat currencies and the intermediaries like banks.
At this point, you turn to the DeFi Networks, which offer a wide range of possibilities, including support for native token trading across blockchains, Smart Contract-based lending and staking solutions, P2P transactions, and more.
Can these disparate concepts be interlinked?
Even though Metaverse, NFTs, and DeFi are projected as different crypto use cases, they are inherently linked, which makes each use case relevant to the other. For instance, in a Metaverse, crypto staking, on-chain payments, purchasing NFTs, and procuring other utilities require DeFi-specific insights. And it wouldn’t be wrong to state that a virtual realm does need its own decentralized economy, which can only be possible if it accommodates Decentralized Finance networks within the space.
Imagine a metaverse as an imaginary country, NFTs as specialized products and exclusive resources relevant to the country, and a DeFi network as the country’s economic fabric. Yes, it is as simple as it sounds. And yes, everything said is on the blockchain.
Confused about a few concepts! Read and learn more at CoinSwitch Kuber.
Fact Check: Solana is one of the few blockchains to support Metaverse (Star Atlas), NFT(Solarians), and DeFi (Mango) projects. And then there is the Ethereum Blockchain that offers something for everybody.
Wrap-up
The crypto realm has its eyes set on powering an open metaverse where user interaction and content creation aren’t regulated or centralized. However, for the virtual space to stay aligned with the real world, the concept of NFTs and DeFi must be accepted in their entirety. And this is why CoinSwitch Kuber and other leading crypto exchanges across the globe are steadily emphasizing these revelationary use cases by listing Metaverse, NFT, and DeFi-relevant tokens in the existing space.
And while people might not see their potential right now, these use cases, and the empowering tokens shall be hard to catch once the world welcomes the concept of Metaverse, NFTs, and Decentralized Finance with open arms. Precisely making the internet, art ownership, and finance more inclusive and transparent over time!
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