The metaverse will drive the growth of the digital asset industry as well as the massive adoption of cryptos as a payment instrument, as stated by investment strategist Bank of America Haim Israel in a conversation with Business Insider. He added:
“I definitely believe this is a massive, massive opportunity. The metaverse is where we’re going to start using cryptocurrencies as currencies.”
Israel clarified the volatility of existing cryptocurrencies will prevent them from becoming the dominant means of payment. In his opinion, stablecoins will play this role.
The analyst has also noted traditional payment companies will show more interest in digital assets if they become widespread in the metaverse. According to him, there are many options for the interaction of these players with such projects.
Grayscale Investments has earlier predicted the growth of the annual revenue of the Web 3.0 metaverse industry to $1 trillion. The experts have noted virtual world platforms integrated with cryptocurrencies, DeFi services, NFT, decentralized governance and cloud storage have created “new online experiences” that attract users.