Binance Says Cryptocurrency is a ‘Great Fit’ for the Metaverse; Are They Making One?

Binance is a massive crypto trading platform, and it has recently been said that cryptocurrency is a "great fit" for the metaverse, as it is a next-generation reality where people could integrate themselves into.

Binance and the Metaverse

The current internet that people see now is two-dimensional (2D), as it is a flat surface where people read, watch, or integrate themselves. However, Binance said that the metaverse is like the internet but in three-dimensional spaces (3D), which can fully integrate a person into their own virtual space.

A lot have been referring to the metaverse as the future of the internet, and it is for a good reason because it is an online experience where people may come and go and have their life there. And by life, it means entertainment, social media and interaction, knowledge or education, leisure, e-commerce, and other useful life elements of the spectrum.

Binance highly regards the metaverse as the future of the internet, and it is something that would come not just for entertainment but also as a new space where people would come and go. That being said, the metaverse which people are currently experiencing now is only the surface, and it started with augmented and virtual reality technology.

Metaverse and Cryptocurrency

"Although not required, cryptocurrencies can be a great fit for a metaverse. They allow for creating a digital economy with different types of utility tokens and virtual collectibles (NFTs)."

--Binance, 2021

A cryptocurrency is a massive form of digital currency now, and it relies on blockchain technology for its sale and trade in the current market. Here, people can use cryptocurrency for investments, as well as buying shares or stocks with it.

On the other hand, it is also being used for secure transactions that have a digital footprint and can be traced once traded, which counteracts duplicates or fakes.

NFT Games now help in having jobs and generating money from initial investments, making it one of the futures of the metaverse. That being said, Binance attributes crypto to be a "fit" for the metaverse as it would be a shared space that would soon be a part of life for some.

This means that some people would have their lives revolve more on the metaverse, and crypto being integrated or incorporated would give them a chance to hold on to something real inside it.

Is Binance Making a Metaverse?

There are no releases as to whether Binance is also creating a metaverse like Facebook and other companies. Binance also said that there are already seemingly "metaverses" which use crypto now, with the likes of NFT Game "Axie Infinity" and others.

It may be so that Binance is only planning to be a crypto trading platform that can be integrated into the meta, especially the one where people would use most and would be the "meta for all."

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Written by Isaiah Richard