According to Coinbase’s Founder, Digital Currency Will Have Higher Demand In Virtual Reality
The founder of Coinbase Brian Armstrong is considering potential of digital currency in virtual reality. Armstrong started describing his hypothesis in his last blog entry headed “Digital currency may be widely used in virtual reality”, believing that the digital currency will cause a sensation in the world of virtual reality.
Virtual reality or virtual currency? Virtual reality is a way to create computer environment with the use of such virtual reality devices as Oculus Rift, Google Cardboard, HTC Vive and others. VR is mainstream now, its income will reach $26.89 billion by 2022. According to Armstrong , transactions were made with the use of various currencies in the virtual world. The idea of use of digital currencies will let people spend more time in digital world. He is referring to such books about virtual reality as Ready Player One and Cryptonomicon.
Talking about economy of the second life, he says what people can access in the virtual world. He claimed that this world will let people to buy almost everything, including transport, real estate, teleportation for immediate travelling and other sorts of entertainment. In addition, there are such firms as High Fidelity, Alt Space and VR Chat, they allow to create virtual worlds in virtual reality. His blow is telling about the developers and creators of virtual world and the ways to take advantage of the use of digital currency in virtual world. As he puts it, the developers can create their own centralized digital currencies. It is also possible to use existing cryptocurrencies – Ethereum and Bitcoin. Moreover, they can also create their own tokens of digital currency.
VR games are getting better. Although cryptocurrency in the virtual world may become a serious problem in the near future, virtual games with digital currency may become a popular business model. Moreover, he says that this will allow people to earn their leaving in VR, adding that the users will be able to convert their income to their local currency.