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January 04, 2022

Azondo: The Role of Bitcoin and NFTs in the Metaverse

The current technological trends are showing a significant change in the coming future. Augmented reality and virtual reality will create a new frontier of products, services, and digital worlds. The Metaverse will likely be the ultimate form of entertainment for consumers.

However, it will also have applications in the business world and politics. As Metaverse adoption continues, cryptocurrencies will become even more critical. It’ll be another universe where people will pay for products and services using them.

Keep reading to satisfy your crypto curiosity, better understand what role bitcoin and NFTs have in the Metaverse growth and adoption, and how you can obtain bitcoin from exchanges like Azondo.

What is Metaverse?

The Metaverse is the development of new digital worlds where people can enter and have fun. Like in real life, the users will be able to work, trade, travel, explore virtual cities, enjoy various entertaining adventures, visit museums and do whatever they want.

The development of these projects is also known as the development of Web3. Web1 was the first internet that served to share information through various websites. Then with the development of social media networks, we saw what Web2 looks like.

Now, we’re to witness a new shift in how people use the world wide web. If you’re wondering why now? It comes down to several factors:

  • Hardware is ready - The first AR and VR headsets didn’t live up to their expectations. The low-resolution couldn’t create the immersive experience everyone was looking forward to.
  • There’s a foundation for everything - Creating a digital world means laying the foundation first. Unlike only a decade ago, the technology is there to deliver what’s needed. Every system needs an economy that works, and that’s where crypto enters to save the day.
  • People are seeking new experiences - People are ready for new sources of entertainment. That means they want to put on that VR headset and immerse themselves in a new world. There are no limits to fun in the metaverse.

Let’s take a closer look at how bitcoin and NFTs will help the adoption of the metaverse.

How Does Bitcoin Fit In?

Bitcoin is the first cryptocurrency and the most popular cryptocurrency out there. Given that it has reached a trillion-dollar market cap multiple times, it’s clear that people worldwide are placing faith in it.

Consumers are not the only ones. Enterprises around the world are already accepting payments in bitcoin. That shows that it’ll continue to be a part of the global economy, as it keeps penetrating the traditional market. Therefore, its importance will translate to the metaverse.

As in the real world, economies are the driving force of every country. The same principle applies to the metaverse, where people exchange goods and pay for services. There needs to be a common cryptocurrency that everyone will accept.

Given the current bitcoin adoption rate, it may be among the first cryptocurrencies accepted in the metaverse. Aside from bitcoin, which you can buy from exchanges such as Azondo, other cryptocurrencies will play important roles.

Why are NFTs Important?

While bitcoin will be the major cryptocurrency, there’s another foundational element to consider. That’s non-fungible tokens (NFTs). Their purpose is to streamline ownership rights of all digital goods in the metaverse.

So whether we’re talking about an image, a song, a piece of land, or the unique clothes of your avatar, NFTs will show who’s the owner of that particular item. Therefore, even though objects are digital, they will have clear ownership.

For example, when you purchase a piece of land in the metaverse, the NFT that stands for its ownership will be in your possession. All the data is recorded on the blockchain, and no one can rebuy the property unless you’re selling it.

That’s why many are already making investments in the NFTs. They are purchasing digital art so the investors can open digital museums to earn money from those who will visit them.

When you resolve the currency and ownership elements in the digital world, you can start building a system. That’s why bitcoin and NFTs first had to happen before we could move on to creating the metaverse.

We’re yet to see how it will look, as big players such as Facebook have entered the metaverse race. All big companies have a vested interest in the upcoming digital world.

Where Can You Get Bitcoin?

If you’re excited about the metaverse future, you’re not alone. Many investors are already purchasing bitcoin and playing around with the NFT space. Getting a hold of bitcoin is simple, and you can easily buy it on exchanges such as Azondo.

The platform is straightforward to use, and it’s available for European Union and Scandinavian countries. All you have to do is register, link your credit or debit card, and purchase BTC.

The registration process is easy, secure, and quick. You can go through it in a matter of minutes, including the identity verification process.

Once you make the payment, the platform automatically generates a BTC wallet where you receive bitcoin. You can then withdraw it to any other wallet you possess. That’s it. The process is seamless, so you can start slowly preparing for the metaverse expansion that’s coming soon.

Register on Estonian Bitcoin Exchange Azondo

If you’re eager to invest in bitcoin, then the Estonian exchange Azondo is the best pick due to its simplicity, speed, and reliability. To begin the whole process, simply sign up with the platform and connect your credit or debit card.

If you want to learn more about the platform, feel free to reach out. You can contact us via email and phone. We’re eager to help you acquire your first bitcoin using our exchange, so reach out today.

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