In tonight’s crypto news wrap up, Justin takes a look at the current happenings in the crypto landscape, including Reddit’s newest partnership with FTX, Iran importing their first crypto-bought goods, and JP Morgan making the bold claim that crypto has hit its bottom.
0:19 Reddit/FTX Partnership
3:08 Iran’s Crypto Input
4:34 JP Morgan Calls Bottom
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Blockchain and the Metaverse Could Revolutionize Online Gaming
While some people are skeptical of blockchain and the Metaverse, others believe the technology could revolutionize online gaming. The Ethereum blockchain, for example, is a decentralized ledger system that keeps track of all activities without oversight. This technology has been used to power virtual worlds such as Decentraland. But the technology isn’t ideal. Its transactions are slow, insecure, and environmentally wasteful. It also requires real-time processing.
While blockchain is useful for ensuring security, the technology behind NFTs can make these virtual currencies more valuable to the users. Users can exchange their NFT assets for virtual goods and property. In addition to being used for trade, NFTs can also serve as an investment vehicle for metaverse crypto. Because NFTs can be exchanged for real-world currencies, Metaverse crypto has already been implemented by the biggest gaming websites. Users can invest metaverse crypto to earn interest, as well as sell it for profit. In addition, metaverse users can rent out their virtual land for passive income, develop stores and structures, and create other virtual assets.
The concept of the metaverse originated in the science fiction novel Snow Crash by Neal Stephenson. The idea is to connect people from all over the world in a digital world. The technology behind the metaverse allows users to create their own virtual communities, attend gatherings, and amass wealth. Because of this, it is also called crypto-based world. Many companies are already racing to get into this new world using cryptocurrency to build their own metaverse applications.