Bank of America said the crypto metaverse is a huge opportunity for the sector and could spur wider adoption of the crypto industry as we are reading more today in our altcoin news.
A Bank of America strategist Haim Israel said in a recent interview that the new buzzword in the crypto space Metaverse brings a lot of potential for the crypto industry and could be the niche that will drive the global adoption of the space. Bank of America said the crypto metaverse will create a huge opportunity for blockchain technology and will lead to the use of crypto-assets and mainstream financial transactions but he added that stablecoins like USDC and Tether will enjoy a higher level of patronage than private tokens which are quite volatile. Israel said:
“I definitely believe this is a massive, massive opportunity. You need the right platforms… that are definitely going to be a big opportunity for this entire ecosystem…we’re going to start using cryptocurrencies as currencies.”
The strategies continued that he expects huge traditional financial companies to start entering the space right at the moment when crypto-assets start getting wider adoption and usage in the metaverse. He stated that there will be a lot of collaboration between the two. In recent times, the word Metaverse spiked interest from crypto enthusiasts and the world after Facebook revealed that it was changing its name to Meta and then focusing the business into the space. This rebranding from Facebook drew interest from the wider tech community as well to the limitless potential that the space holds.
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In one of the reports, we revealed that Grayscale stated that the metaverse has a strong potential of becoming $1 trillion industry but the number of institutional investors and retail investors worldwide started investing in the project’s space. DappRAdar confirmed that the metaverse-related projects were enjoying a lot of attention recently and also virtual properties like lands and real estates surpassed over $100 million in the past week.
As recently reported, Most of the cash invested in the metaverse land was spent on Ethereum projects but investors are looking to Solana as well. The interest in the metaverse land or virtual real estate is the latest trend in crypto and it seems to be exploding with over $100 million invested in the past week alone, according to DappRadar.
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