Hype is building around the metaverse: Morgan Stanley called it “the next big theme” in investing. And with pundits touting crypto payments as foundational to the metaverse, payment incumbents should move quickly to forge the building blocks. As discussions shape the future of the metaverse, blockchain and cryptos are increasingly getting roped into the picture, and incumbents don’t want to risk disintermediation.
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Metaverse token prices are already reaping the benefits of the hype. Decentraland’s MANA and The Sandbox’s SAND were among the top 10 best-performing cryptocurrencies in 2021, according to analysis from CoinMarketCap as reported by Insider, reflecting growing consumer demand to get in early on the metaverse.
If the metaverse takes off, it could be what catapults crypto payments into the mainstream. Crypto assets could be traded, sold, and promoted through a metaverse marketplace tied to users’ blockchain-based payment wallets or something equivalent. Using cryptos in the metaverse would increase adoption and normalize crypto payments.