Charles Hoskinson, the founder and CEO of Input Output Global (IOG), the parent company of Cardano (ADA), shared his opinions on the developing Metaverse industry and its connection to the cryptocurrency space.
In an exclusive interview with Tony Edward on the Thinking Crypto podcast, which broadcast on November 16, the technology entrepreneur and mathematician said:
“Metaverses are really cool; they’re a real thing, it’s not a gimmick. You need crypto to basically put a trust model into it and scarcity model into it as you kind of physicalize the digital and digitalize the physical, and it’s going to become in the next five-ten years, I think a humongous product category for cryptocurrencies.”
“You can either overlay onto the physical world digital attributes like when you look at a building like a restaurant it shows you on your AR glasses what time does it open what time does it close or you can go completely into the digital world and actually have a virtual reality experience”
The cryptocurrency space comes into play, according to Hoskinson, when you need a kind of control layer for the logic of these things, as well as a database for these types of things to ensure scarce uniqueness, which is where NFTs come into play.
The metaverse promises to build an immersive, interactive, and shared digital environment that combines mixed reality – augmented reality (AR) and virtual reality (VR) – with 3D holographic avatars, Internet of Things (IoT), and digital twins to create an immersive, interactive, and shared digital world.
It is being lauded as the next massive leap in the internet’s evolution, with companies like Facebook (now Meta), Microsoft, and NVIDIA outlining their visions for this alternate universe.