JAKARTA - The growth of cyberspace or online will help advance the mainstream adoption of cryptocurrencies for payment transactions. But that won't be a game changer, according to Frédéric Chesnais, chief executive of French fintech firm Crypto Blockchain Industries.
In the blockchain-based 3D virtual world, often referred to as metaverses, users can buy and trade virtual assets and services using cryptocurrencies. Some analysts argue that the growing popularity of the metaverse will drive the digital token boom.
"I think it's going to be important, but I don't think it's a key turning point," Chesnais, CEO of videogame company Atari told a Reuters panel on Thursday, December 2.
Interest in the metaverse exploded after Facebook said in October that it was changing its name to Meta and would focus on building its own virtual world. Big companies and other small fintechs are also rushing to develop the digital world.
Crypto Blockchain Industries invests in blockchain projects and is developing AlphaVerse, a blockchain-based metaverse.
Chesnais said that mainstream adoption of cryptocurrencies will be driven by the more than one billion people globally who do not have access to bank accounts because they may not have legal addresses or identities.
"The only way for these people to have access to a better way of life and be part of the economic system is to have a wallet and get paid in cryptocurrency," he said. “This is the most important moment for crypto.”
On Wednesday, December 1, Yat Siu, chairman and co-founder of Animoca Brands -- which invests in and builds virtual worlds -- warned that while digital assets will grow as virtual worlds grow in popularity, investors in these technologies will face a "crash". on the road" as a mature technology..
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