Metaverse won't be turning point in cryptocurrency adoption, investor Chesnais says
WASHINGTON : The growth of online virtual worlds will help
advance the mainstream adoption of cryptocurrencies for payment transactions
but it won't be a game-changer, according to Frédéric Chesnais, chief executive
of French fintech company Crypto Blockchain Industries.
In blockchain-based 3D virtual worlds, often referred to as
metaverses, users can purchase and trade virtual assets and services using
cryptocurrencies. Some analysts have argued the growing popularity of
metaverses will drive an explosion in digital tokens.
"I think it will be important but I don't think this is
the key turning point," Chesnais, who was until earlier this year the CEO
of videogame company Atari told a Reuters NEXT panel on Thursday.
Interest in the metaverse exploded after Facebook said in
October it was changing its name to Meta and would be focusing on building its
own virtual world. Other big companies and smaller fintechs are also rushing to
develop digital worlds.
Crypto Blockchain Industries invests in blockchain projects
and is developing AlphaVerse, a blockchain-based metaverse.
Chesnais said that the mainstream adoption of
cryptocurrencies will be driven by the more than one billion people globally
who do not have access to a bank account because they may not have an address
or an official identity.
"The only way for these people to have access to a
better way of life and be part of the economic system is to have a wallet and
to be paid in cryptocurrency," he said.
“This is the most important moment for crypto."
On Wednesday, Yat Siu, the chairman and co-founder Animoca
Brands - which invests in and builds various virtual worlds - cautioned that
while digital assets are set to grow as virtual worlds become more popular,
investors in these technologies will face "bumps in the road" as the
technologies mature.
No comments