Cardano CEO Says Metaverse Will be a Humongous Product Category

Usha  |  Nov 17, 2021

Charles Hoskinson, the founder of Cardano (ADA), recently discussed his opinions on the Metaverse and how its connection to cryptocurrency has attracted his interest.

Hoskinson was asked about his Metaverse in light of the rising discourse about virtual reality in an exclusive interview with Tony Edward on the Thinking Crypto podcast, which aired on November 16.

He stated that interfaces are evolving; the oculus rift, the HTC Vive, and Apple's heavy investment in augmented reality are all examples. According to the Ethereum co-founder, Apple glasses will most certainly be available by 2025. When they are available, Samsung will produce their version, ushering in the AR mixed reality VR revolution.

The Metaverse will be Layered on Top of the Real World

As a result of these advancements in artificial intelligence, semantics, and interfaces, Charles asserted that Web 3.0 is not just a thin but also a vertical layer, with the Metaverse residing above it.

Hoskinson said:

"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 have a virtual reality experience."
He also added, "Where the cryptocurrency space comes into play, you need a kind of a control layer for the logic of these things and a database for these types of things to enforce scarcity uniqueness, so that's where NFTs come into play, these types of things."

Facebook and the Metaverse

There was a notable increase in value within a week of the Facebook announcement regarding the name change. Although it appears that crypto and non-fungible tokens (NFTs) would play a role in Meta's establishment of a Metaverse, the crypto community is not pleased.

Developers plan to expand beyond gaming into fields like fashion, architecture, virtual concerts, and performances. They use NFTs to represent ownership of assets in a virtual metaverse held by the people who use it. They want to build a blockchain-based metaverse! That will act as a community-driven marketplace for developers to sell digital products and gaming experiences.

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