Ethereum Is The Biggest Metaverse Crypto Currency ?

Blockchain technology and the metaverse. It seems like a marriage made in heaven for investors. Over the next ten years and beyond, both may have fantastic growth opportunities.

Interestingly, investors are already betting on the metaverse cryptocurrency race as it heats up. However, there can be a surprise competitor. Would Ethereum (ETH) become the largest cryptocurrency winner in the metaverse overall?

J. P. Morgan (JPM), a major provider of financial services, projects that the annual metaverse market will exceed $1 trillion. The business has also opened an office at the Metajuku mall in Decentraland (MANA).

Decentraland is undoubtedly viewed by J. P. Morgan as a promising metaverse contender. The large bank also named The Sandbox (SAND), Somnium Space (CRYPTO:CUBE), & Cryptovoxels as top Web 3.0 metaverse worlds in its “Opportunities in the Metaverse” study.

There are other gaming currencies that compete in the metaverse. Particularly noteworthy are Axie Infinity (AXS) & Enjin Coin (ENJ). There could be more to come. For instance, the creators of Shiba Inu (SHIB) have grand ideas for the metaverse.

All of these cryptocurrencies used in the metaverse have Ethereum as their one thing in common. There are native tokens for Decentraland, The Sandbox, Axie Infinity, Somnium Space, Enjin Coin, and Shiba Inu. On the Ethereum blockchain, though, they are all constructed. The Ethereum blockchain is also used for the construction of Cryptovoxels, and Ether tokens are used for trading.

Ethereum is a Metaverse Magnet ?

Ethereum Is The Biggest Metaverse Crypto Currency ?

Why is Ethereum so attractive to the metaverse? There are a number of probable causes.

Its enormous general acceptance is maybe the main reason why the Ethereum blockchain is being used by so many metaverse coins. The Ethereum blockchain powers and over 40 of top 100 cryptocurrencies by market capitalization. The majority of them are unrelated to the metaverse.

However, Ethereum is probably not being used by metaverse cryptocurrencies because of a virtual kind of peer pressure. The benefits of the Ethereum-supported smart contract capability are recognised by the creators of these coins. And they undoubtedly like the fact that Ethereum network has indeed been operational for a while.

Developers of metaverse cryptocurrencies are aware of the drawbacks of using Ethereum, chief among them the high transaction costs. They are aware, though, that Ethereum’s significant upgrade is in its second of three phases, which is scheduled for this year.

Why Ethereum Is The Biggest Metaverse Crypto Currency ?

Despite the fact that so many competitors use the Ethereum blockchain, there is no assurance that Ether token will emerge as the greatest metaverse coin victor. Over the past year, Ether has been easily outperformed by the majority of the leading metaverse cryptocurrencies. That pattern could persist.

However, picking a winner in the early phases of a new technology is notoriously difficult. For instance, when the Internet initially started to become popular, investors pumped millions into a lot of businesses. Many of them are no longer around, including ones that at first glance appeared extremely promising.

The metaverse, though, won’t become a zero-sum game as the Internet was. There will be several prize winners. The greatest winner overall might not be Ethereum. It appears to be a very pretty good bet to at minimum be one among the winners, though, considering so many metaverse coins use its blockchain.

Conclusion :-

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