Cardano Founder Says Metaverse Is Important For Crypto

Cardano founder Charles Hoskinson has shared his thoughts on a growing industry, which is the metaverse. The metaverse has been around for a while and has been steadily gaining popularity, especially among gamers. Its cross with the cryptoverse seemed inevitable and this proved to be true when metaverse projects with crypto built into them began to debut in the space.

The announcement of Facebook’s name change has also boosted the space. When the social media giant announced that it was changing its name to Meta, in anticipation of its upcoming metaverse launch, the space seems to have exploded. Metaverse-related tokens like MANA and SAND had surged astronomically.

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In light of this newfound popularity, discussions are being had all across the crypto space about the future of the metaverse in relation to cryptocurrencies and it seems Hoskinson has high hopes.

Metaverse Will Be ‘Humongous’

Mathematician Charles Hoskinson was on the Thinking Crypto podcast on Tuesday to talk about the future of the crypto space. The founder is a well-respected voice in the crypto community and host Tony Edwards took advantage of the opportunity to get his thoughts on some important topics. One of those topics was the metaverse.

Hoskinson expressed bullish sentiment for the metaverse. For one, the visionary founder of Cardano expressed that the metaverse is actually a real thing. This would seem to be addressing comments around things like virtual reality that have been said to not be real. Although it is expected that as time goes on, more tech will be introduced that will enable a more “real” experience.

“Metaverses are really cool; they’re a real thing, it’s not a gimmick. You need crypto to basically put a trust model into it and scarcity model into it as you kind of physicalize the digital and digitalize the physical, and it’s going to become in the next five-ten years, I think a humongous product category for cryptocurrencies.”

Bridging The Virtual And The Physical

As mentioned above, it is expected that with time, development in the metaverse will make it feel like the physical world. Hoskinson shared the same thought on the podcast, where he said that advances in AI, interfaces and semantics imply that Web 3.0 is a vertical layer with the metaverse above it.

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“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.

The founder added that crypto is important to the space because a control layer is needed for metaverses. This way, things like scarcity uniqueness can be forces in the metaverse, and “that’s where NFTs come into play, these types of things.”

Featured image from CryptoGazette, chart from TradingView.com