TL; DR Breakdown
- Developers to benefit from trading activities in the Metaverse.
- 70% of respondents agree development impacts the Metaverse.
A study conducted by API Provider Agora suggests that the migration of trading activity from existing centralized exchanges to so-called “metaverses” could provide more significant opportunities for developers to create innovative decentralized applications (DApps). This is after LG Electronics recently announced the addition of a new area of concentration to its business in an exploration of crypto and blockchain.
We believe that they will have a very significant impact on how future constructions are built, be it positive or negative,..Because they will be placed in the forefront of almost every development that occurs in the metaverse, their thoughts and opinions will have a significant influence on how these platforms are designed.Tony Zhao, CEO of Agora
Metaverses are digital universes that use blockchain technology to enable secure ownership and exchange of virtual assets. The best-known examples are Decentraland and Cryptovoxels, which launched last year.
Agora surveyed 100 developers in the cryptocurrency space and found that nearly 57% believe that trading activity will move from centralized exchanges to metaverses over the next five years.
70 developers agree on the metaverse migration impact
Meanwhile, the survey asked developers if nonfungible tokens’ significance would continue to expand in the Metaverse and become the most common form of money. According to a poll, 53 percent of respondents agreed, whereas 24 percent disagreed.
The majority of the respondents, 72%, think that real-time engagement will be necessary for achieving a “connected experience” in the Metaverse. Furthermore, over half of the participants, 55%, feel that this will eventually replace actual-life social interactions.
43% think more people will spend time in VR
At the same time, 43 percent think that Metaverse development will lead to a future where people will spend more time in virtual reality (VR) than they do in the real world.
The study also found that developers are optimistic about the role of artificial intelligence (AI) in the Metaverse. Nearly two-thirds of respondents, 64 percent, believe that AI will play a “major role” in the Metaverse.
An exciting development related to Metaverse expansion is HSBC becoming the first worldwide bank to enter The Sandbox metaverse in March, purchasing a plot of land to interact with sports, e-sports, and gaming enthusiasts. According to research published this week by Citi, the metaverse economy’s market potential may be as large as $13 trillion by 2030.
At the Mobile World Congress in Barcelona earlier in February, Samsung’s Vice Chairman Han said that Metaverse is gaining a lot of attention in business settings these days so the firm will release a Metaverse product.