The digital environment is growing rapidly and becoming the go-to venue of entertainment, work, shopping, gaming, and communication for modern online denizens. People massively migrate online, transferring virtually all of their activities into the digital environment. They are often called digital natives, or people who live in the online space more than in the real world.
A fitting environment was developed for the increasingly digitized modern lifestyle in the form of a holistic digital space containing all the functions and venues needed to carry out daily routines and activities. The advent of the metaverse heralded an entirely new era of online space development, including Web-3.0 solutions, such as blockchain-based connections, vast digital spaces, VR and semantics. These solutions provide communication, shopping, entertainment, and work facilitated by using Non-Fungible Tokens (NFT) that tether real-world assets to their digital counterparts.
With a predicted market size of $800 billion, the metaverse tends to become the next new thing in technology by 2024. In 2021, the global metaverse market was estimated at around $38.85 billion US dollars. In 2022, the global metaverse market is expected to rise to $47.48 billion US dollars. It will surge to $678.80 billion US dollars by 2030.
In other research, JP Morgan predicts that the metaverse market size will be worth $1 trillion by 2030. Goldman Sachs predicts that the metaverse market size will be worth $1-12 trillion by the same period. In contrast, the metaverse market was worth $46 billion in 2020, when $10 billion was invested in the metaverse by Meta’s Reality Labs segment. Such traction will result in 10,000 jobs being created over five years. The reason is that the metaverse is considered the ‘future’ by Meta (former Facebook) and many others.
Powering The Metaverse
The metaverse is a vast financial environment that will require digital funds for payment for goods and services. The prevalent use of fiat as the dominant form of payments across the internet is the defining reason behind its penetration into the metaverse. Digital currencies like Bitcoin and Ethereum are considered to be the leading forms of payments in metaverses. But it is logical to assume that the relatively low adoption of cryptocurrencies will mean the prolonged use of fiat as the dominant currency in the online space for a long time to come.
The deployment of virtual crypto bank cards has promoted the use of convenient financial gateways for payments for metaverse goods and services. Crypto bank card providers like Embily, allow to convert fiat into cryptocurrencies and vice versa to make payments in metaverses.
The conventional usability of crypto bank cards, like their traditional counterparts, makes them ideal instruments for use in metaverses. Integrating crypto merchant services into metaverse shops promotes the adoption of crypto bank cards as the leading form of payment.
Their versatility is an added convenience and significant value proposition of crypto bank cards. The Embily payment service allows users to take advantage of VISA gateways, worldwide accepted security protocol layers, OTC exchange services for business and zero withdrawal fees in ATMs in Europe.