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Understanding crypto and digital assets is key that unlocks metaverse

Understanding crypto and digital assets is key that unlocks metaverse
FRIDAY, August 19, 2022

Perhaps the best way to understand the metaverse is through the digital assets and cryptocurrencies that link the real and virtual world. Crypto and digital assets were previously seen only as standalone investments. However, the dawn of the metaverse has revealed their true and almost limitless scope.

The vast potential of digital coins, property and other assets is now waiting to be tapped by the public, said experts during the “Metaverse Expo Thailand”, organised by Nation Group in Bangkok on Friday.

Thai Digital Asset Association president Supakrit Boonsart said digital assets and currencies go beyond people’s expectations and are waiting to be taken advantage of.

“We cannot tell what the metaverse will be, but we know that for people with business ideas, it has rich opportunities to use technology to improve their products and services,” he said.

Natee Theppot, co-founder of digital lifestyle provider Om Platform, said people can use digital assets in many different ways, including by creating virtual cities to power urban development.

Tascha Punyaneramitdee, co-founder and CEO of metaverse ecosystem builder Alpha Venture DAO, discussed how cryptocurrencies enhance gameplay by allowing users to purchase items in games. However, their potential goes much further, as her company has proved by launching a crypto-lending service for farmers.

Sathapon Patanakuha, CEO of SmartContract Blockchain Studio, a decentralised finance (DeFi) company, said digital assets and cryptocurrencies are the transactional link between the virtual world and the real world.

“This is a new challenge that everyone must understand, but whoever understands it quickly will be able to adapt to the new world,” he said.

Understanding crypto and digital assets is key that unlocks metaverse

The experts also diagnosed the recent meltdown in the global crypto market as teething problems in demand and supply. The sudden collapse of popular cryptocurrencies and crypto-related companies wiped more than US$1 trillion off the market between May and July.

However, digital assets that meet the demand of consumers would remain healthy while less valuable assets disappear, Supakrit said.

The experts also advised that the government should supervise the crypto industry to ensure that investors know how to benefit while mitigating their risks in the market.