Why The Metaverse Needs Crypto and NFTs

22 Jun 2024

Virtual reality and gaming are often the first things that come to mind when people think about the metaverse. Most people don’t really understand the relevance or importance of crypto and NFTs though, unless they’re already a part of the Web3 ecosystem

However, a recent study has noted that crypto is the top metaverse technology, just ahead of AI, Virtual Reality and Augmented Reality. This is because crypto assets, NFTs and other facets of blockchain technology will make up the infrastructure of the economy for the metaverse. 

The Creator Economy 

One of the major innovations that the metaverse will bring is the ability for users to generate their own content and sell it to others in ways that just aren’t possible in the real world or even in Web2. 

There’s just much more you can create and build in an infinite virtual space, because you aren’t limited by most material restrictions. The transactions that this innovation will generate will require blockchain infrastructure for a few reasons. 

A Virtual Society

The best possible future version of the metaverse is a virtual society where people are free to connect across the globe with very few restrictions, and where everyone has the ability to trade freely and hold their own assets. 

This is not possible on traditional financial rails, where people from different countries are walled off from one another and where centralized platforms have control of all the assets that their users hold. 

Somnia’s Vision

Somnia recognizes the importance of ownership and freedom for users will be essential to building the best possible metaverse, which will truly have the potential to change the world. This is why we’re building a blockchain that can handle hundreds of thousands of transactions in an EVM environment, along with a set of omni-chain protocols that will connect the metaverse into a unified Virtual Society. 

Learn more about what we’re building on our litepaper and join our community

Stay updated with Somnia