Metaverse will not be a turning point in cryptocurrency adoption, says investor Chesnais


A new 3D printed Facebook brand logo, Meta, is placed on a laptop keyboard in this illustration taken on November 2, 2021. REUTERS / Dado Ruvic / Illustration

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WASHINGTON, Dec. 2 (Reuters) РThe growth of online virtual worlds will help advance the widespread adoption of cryptocurrencies for payment transactions, but it will not be a game-changer, according to Fr̩d̩ric Chesnais, chief executive of the company French financial technology Crypto Blockchain Industries (ALCBI.PA).

In blockchain-based 3D virtual worlds, often referred to as metaverse, users can buy and trade virtual assets and services using cryptocurrencies. Some analysts have argued that the growing popularity of metaverse will cause digital tokens to explode.

“I think it’s going to be important but I don’t think it’s the turning point,” Chesnais, who until the start of the year was CEO of video game company Atari, told a Reuters NEXT panel on Thursday. .

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Interest in the Metaverse exploded after Facebook announced in October that it was changing its name to Meta and would focus on building its own virtual world. Other large companies and small fintechs are also rushing to develop digital worlds.

Crypto Blockchain Industries invests in blockchain projects and develops AlphaVerse, a blockchain-based metaverse.

Chesnais said that the widespread adoption of cryptocurrencies will be driven by more than a billion people around the world who do not have access to a bank account because they may not have an address or official identity.

“The only way for these people to have access to a better way of life and to be part of the economic system is to have a wallet and get paid in cryptocurrency,” he said.

“This is the most important time for crypto.”

On Wednesday, Yat Siu, chairman and co-founder of Animoca Brands – which invests in and builds various virtual worlds – warned that while digital assets are set to grow as virtual worlds become more popular, investors in these technologies will face “shocks down the road” as technologies mature.

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Reporting by Michelle Price Editing by Nick Zieminski

Our Standards: Thomson Reuters Trust Principles.


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