Bank of America calls metaverses an ‘enormous opportunity’ for the crypto industry

Metaverses will be a driver of growth for the digital asset industry and will contribute to the mass adoption of cryptocurrencies as a means of payment. Bank of America investment strategist Haim Izrael spoke about this in conversation with Business Insider.

“I definitely think they open enormous opportunities. […] The metaverse is where we will start using cryptocurrencies as money,” he said.

Izrael noted that the volatility of the existing cryptocurrencies will prevent them from becoming the dominant means of settlement. In his view, stablecoins will play that role.

The analyst also noted that traditional payments firms would show greater interest in digital assets if they are widely adopted in metaverses. In his words, there are many ways for these players to interact with such projects.

Earlier, Grayscale Investments forecasted the annual revenue growth of the Web 3.0 metaverse sector to $1 trillion. Industry specialists noted that platforms of virtual worlds, integrated with cryptocurrencies, DeFi services, NFT, decentralized governance and cloud storage have created ‘new online opportunities’ that attract users.

In November, The Sandbox launched the alpha version of the metaverse.